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Resource Clips


Posts tagged ‘Mega Precious Metals Inc (MGP)’

Mega reports Ontario Gold Assays including 15.65 g/t over 7m

April 23rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMega Precious Metals Inc TSXV:MGP announced results from its North Madsen Project in the Red Lake Mining District of northwest Ontario. Assays include

15.65 g/t gold over 7 metres (including 185.44 g/t over 0.5 metres)
2.74 g/t over 3.6 metres (including 13.64 g/t over 0.6 metres)
3.24 g/t over 8 metres (including 22.74 g/t over 1 metre)
1.99 g/t over 11.2 metres (including 18.49 g/t over 0.4 metres)
2.1 g/t over 23 metres
1.17 g/t over 41 metres

CEO Jim Rogers said, “Mega’s drill program at the North Madsen project continues to expand the mineralization on the Buffalo Extension area and has also discovered new high-grade targets such as the Malard Zone. Thanks to the focused efforts of our experienced technical team, the drilling is consistently returning high grades and we are confident that this trend can continue. These results will have a favourable impact on the next resource statement as we continue to prove that we have one of the top potential open-pit projects of its kind in Ontario.”

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Contact:
Jim Rogers
President/CEO
807.766.3380

by Ted Niles

Mega Precious reports Ontario Assays of 0.82 g/t Gold over 51m

March 7th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMega Precious Metals Inc TSXV:MGP announced results from the East My-Ritt Property of its North Madsen Project in the Red Lake Camp of northwest Ontario. Assays include

0.82 g/t gold over 51 metres
(including 1.14 g/t over 25 metres)
4.99 g/t over 4 metres
(including 60.81 g/t over 0.3 metres)
1.3 g/t over 10 metres
1.8 g/t over 7.2 metres
(including 26.11 g/t over 0.3 metres)

President/CEO Jim Rogers commented, “Mega is committed to finding and making mines. Red Lake and the North Madsen area have a rich history of underground mining. Mega’s approach to unlock the economic potential of the North Madsen Project is to compile and analyze the drilling and historic mining done throughout the years. I believe that when one steps back and considers the advances in mining technology, large-scale equipment and improvements to milling, metallurgy and recovery, the North Madsen property is very comparable to districts where open-pit mining is commonplace.”

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Contact:
Jim Rogers
President/CEO
807.766.3380
877.592.3380

Read feature story on Mega Precious Metals Inc.

by Greg Klein

Mega Precious reports Manitoba Monument Bay Gold Resource

February 23rd, 2012

Resource Clips - essential news on junior gold mining and junior silver miningMega 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.”

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Read more about Mega Precious Metals

Contact:
Jim Rogers
President/CEO
807.766.3380

by Ted Niles

Mega Precious reports Manitoba Results including 6.2 g/t Gold over 10m

November 17th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMega Precious Metals Inc TSXV:MGP announced assays from its Monument Bay Project in Manitoba. Highlights include

6.2 g/t gold over 10 metres
(including 28.77 g/t over 1 metre)
4.44 g/t over 7 metres
8.83 g/t over 3 metres
(including 25 g/t over 1 metre)
1.21 g/t over 20.5 metres
1.1 g/t over 20 metres
0.88 g/t over 25 metres

President/CEO Jim Rogers stated, “Drilling from Monument Bay continues to provide consistently strong results. The very high hit rate of the burn zone is an excellent indication of the persistent nature of the gold mineralization throughout the Monument Bay Gold Camp, for these results continue to expand the known resource both in size, quality and demonstrate the open-pit potential of the mineralized corridor at our Monument Bay Project in a relatively short period of time. The continuity of this gold deposit is well established and we are very confident that we will continue to achieve strong results as we further delineate the Monument Bay Camp. Our geological team is currently planning the next stage of drilling of approximately 50,000 metres, which is aimed to continue delineating mineral resources to form the basis of a mining reserve and a positive preliminary economic study in 2012.”

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Contact:
Investor Relations
807.766.3382
877.592.3380

by Greg Klein

Mega Precious reports ON Gold Resource: 937,167 Oz M&I, 379,026 Oz Inf

September 22nd, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMega 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

Contact:
Investor Relations
807.766.3382
877.592.3380

by Greg Klein

Mega Precious reports Ontario Gold Assays including 7.25 g/t over 12m

September 9th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningMega Precious Metals Inc TSXV:MGP announced results from its North Madsen Project in Ontario. Assays include 7.25 g/t gold over 12 metres (including 16.85 g/t over 4.8 metres), 0.69 g/t over 43.3 metres (including 0.92 g/t over 15 metres), 1.35 g/t over 19.5 metres (including 1.7 g/t over 12.1 metres), 2.43 g/t over 6.2 metres and 8.7 g/t over 1.5 metres.

President/CEO Jim Rogers stated, “We’re pleased with the result of this ongoing work program and the exploration upside continues. The drilling indicates that extensions to mineralization remain consistent with previously delineated mineralization of the deposit. Furthermore the deposit currently remains open in a number of directions, including the potential for additional resource expansion on four of the seven mineralized structures. In addition to the expanded resources, we anticipate ongoing announcements on additional project development milestones once we finalize an updated NI 43-101 report for the property.”

View Company Profile

Contact:
Mega Precious Metals Inc
807.766.3380
877.592.3380

by Greg Klein

Not Too Small At All

August 15th, 2011

Mega Precious Sees Mega Gold in Manitoba

By Ted Niles

Mega Precious Metals’ acquisition of the Monument Bay Project in December 2010 was, in Jim Rogers’ reckoning, a bit of a coup. Discovered in 1986 by Noranda, the project—located in northeastern Manitoba—eventually came into the hands of Bema Gold. Bema, Rogers says, “proceeded to spend a lot of money and do a lot of really good work. I think they were looking to move it forward, but then they were taken out by Kinross for their Russian asset [i.e. the Kupol Project]. At the time, Kinross felt Monument Bay was too small, so they rolled it out into a smaller company, Rolling Rock Resources, which is the company that we just took over in December.” Mega Precious Metals’ President and CEO believes that Monument Bay contains in the range of five to 10 million ounces of gold.

When Mega Precious acquired the 6,692-hectare property for $10 million, $28 million had already been spent on it. The company went to work straight away on an infill drilling program, and on June 27 announced an updated resource of 592,093 ounces gold in the measured and indicated categories and 1.19 million ounces inferred—an 47% increase. By the end of 2011, Rogers aims to grow the resource by a further 500,000 to 600,000 ounces. “At that point,” he says, “we’d have a total of over one million ounces measured and indicated, and we’d be able to put together a very good preliminary economic assessment. That will likely come January or February 2012.”

Mega Precious Sees Mega Gold in Manitoba

Mega Precious has drilled more than 15,000 metres at Monument Bay. Its summer/fall program will add another 15,000. August 3 assays include 3.27 grams per tonne gold over 15 metres (including 38.49 g/t over 0.7 metres), 7.91 g/t over 5.2 metres, 4.32 g/t over 8.7 metres (including 26.14 g/t over 0.8 metres), 1.44 g/t over 21 metres (including 11.45 g/t over 1 metre) and 2.06 g/t over 10 metres. Rogers comments, “Those are great widths. People think Monument Bay is just narrow veins, but it’s a big gold system. A lot of the initial work focused on the veins, but there’s more than that. Some of them will be mined as vein stopes, but others can be mined as large bulk mineable stopes, at say three to six grams. There’s awesome economics on that.”

Monument Bay is twice blessed in Rogers’ view. He believes the top 500 metres of the deposit contain in excess of two million ounces, and that its western part may be ideal for open-pit mining. He also sees considerable potential underground, so he plans to keep both options open. “If we find that we’ve got great numbers in the pit, we may step back and do more drilling there in the New Year. We’re planning to go underground next year. We’re submitting our advance exploration permit by the end of this month, and we’ve got our mine closure plan done. We’re doing everything we need to bring heavy equipment on a winter road, so we can do our test mining by, say, May or June next year. That would involve a ramp going underground about 160 to 180 meters and driving along some of the ore bodies to make sure that they’re actually lining up the way we hope they do.”

Rogers adds, “The thought that there’s a pit there basically doubles the project’s potential. You could grab 4,000 tonnes a day at 2 or 2.5 grams and 1,200 tonnes a day at seven to eight grams, and that would give you 170,000 to 200,000 ounces a year. That’s kind of our target model.”

Monument Bay is “infrastructure challenged”— accessible only by air, Rogers admits. He adds, however, “There’s a lot of incentives for roads to be built. The local First Nations have their reasons as well. And we’re 60 kilometres from a power line and already working with Manitoba Hydro to move that forward. Electricity is cheap in Manitoba.”

People think Monument Bay is just narrow veins, but it’s a big gold system —Jim Rogers

Rogers is philosophical regarding production. “If we get taken out along the way, that’s fine. But I think we have to be aggressive; we have to move it forward. I’m a production guy, and COO Glen Kuntz is a production guy. You have to do as much as you can as fast as you can; there has to be a sense of urgency to make it happen.”

Mega Precious is undervalued, according to Rogers. “At current prices, we’re at about $30 an ounce,” he argues. “Our peers are at $120.” He says the company has been undermarketed but declares this is about to change. “Things are coming together. We’ll have some regular news releases and a resource update in September. The news flow is going to be good, and I think people will start to see that Monument Bay is a big system with high production potential.” He concludes, “We are entertaining a few mid-tiers, and hopefully if one of them invests in us that will also show the market that we’re real.”

At press time, Mega Precious had 76.6 million shares outstanding at $0.83 for a market cap of $63.9 million. The company also has projects in Nunavut and Ontario’s Red Lake Mining district.

Mega Precious reports Ontario Gold Assays as high as 3.87 g/t over 30m

March 23rd, 2011

Mega Precious Metals Inc TSXV:MGP announced drill results from its North Madsen Project from the Laverty Corridor in Ontario. Assays include 2.25 g/t gold over 4 metres, 1.56 g/t over 7.5 metres, 1.21 g/t over 8 metres, 0.78 g/t over 26 metres (including 1.46 g/t over 8 metres), 3.87 g/t over 30 metres (including 6.04 g/t over 8 metres), 1.58 g/t over 61.2 metres, 2.01 g/t over 15 metres, 1.29 g/t over 6 metres and 2.13 g/t over 7.5 metres.

The North Madsen Project is contiguous with the historic Hasaga and Howey gold mine properties which produced approximately 640,000 ounces gold.

View Company Profile

Contact:
Jim Rogers
President/CEO
807.766.3380

by Ted Niles