Mega Precious Metals Inc TSXV:MGP announced an updated NI 43-101 resource estimate for Monument Bay project in northeastern Manitoba. The project now has underground and open-pit measured and indicated resources of 1.05 million ounces gold; inferred resources of 1.73 million ounces.
President/CEO Jim Rogers stated, “This robust mineral resource estimate at Monument Bay is the result of a great team effort and over 12 months of very aggressive exploration. With just over 1 million ounces in [the] measured and indicated categories and 1.7 million ounces in the inferred category, we have established a very solid base in line with our goal of developing a significant deposit that is capable of mid-tier gold production. Completing the updated resource for Monument Bay is a very important step for our company. As more work has been completed our understanding of the Monument Bay deposit has greatly increased from the time of the previous resource estimate. This new resource has been calculated based on our reinterpretation of drill results, increased knowledge gained as a result of focused surface exploration and from the results of additional infill and step out drilling of the deposit. We are making significant investments in camp infrastructure and diamond drilling in 2012 in order to continue to convert resources. With three drills currently active on the property and multiple zones open for expansion, Mega will continue to deliver considerable upside in this resource.”
by Ted Niles