Mega Precious Metals Inc TSXV:MGP announced an updated resource for its North Madsen Project in Red Lake, Ontario. The 43-101 estimates 19.64 million tonnes grading 1.27 g/t for 803,886 gold ounces measured and 3.84 million tonnes grading 1.08 g/t for 133,281 ounces indicated, with a measured and indicated subtotal of 23.48 million tonnes grading 1.24 g/t for 937,167 ounces. The inferred estimate shows 11.49 million tonnes grading 1.03 g/t for 379,026 ounces.
President/CEO James Rogers commented, “This update represents a more than 2,700% increase in M and I over our previously reported resource and demonstrates the size and strength of gold mineralization within the mineralized structures. We are pleased that the modeling has extended known zones, upgraded the resource quality and substantially increased the quantity of gold resources. The extension of known zones and discovery of new zones continues to demonstrate the near-surface gold potential of the project and further supports my belief that open-pit potential exists in Red Lake.”
View Company Profile
by Greg Klein