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Mega Precious Metals Intersects 38m of 4.43 g/t Gold Expanding Near Surface High Grade Gold Structure at Monument Bay

Press Release –

Thunder Bay, Ontario – August 6, 2014

Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce an additional seven (7) holes from its 29 hole, 4,784m winter drill program and nine (9) holes from its OCAP (Old Core Assay Program) on its high grade gold and tungsten (“WO3”) Monument Bay Project, located in Manitoba. The success of the winter drill program continues to expand multiple high grade gold/tungsten structures to surface within the porphyritic dyke host rock and associated shear zones at the Twin Lakes Deposit.

Highlights:

  • Mega’s 2014 drill program has now encountered multiple high grade gold and gold/tungsten structures near surface within broader gold mineralized zones with multiple occurrences of visible gold (“VG”)
    • TL-14-533 intersects 38.0m of 4.43 g/t gold including 8.60 g/t gold over 13.0m and 4.89 g/t gold over 5.7m   
    • TL-14-523 intersects 40.6m of 2.00 g/t gold including 3.60 g/t gold and 0.08% WO3over 15.6m
    • TL-14-528 intersects 33.0m of 1.02 g/t gold including 1.72 g/t gold and 0.11% WO3over 12.4m
    • TL-14-517 intersects 24.5m of 1.12 g/t gold including 2.31 g/t gold  over 10.5m
  • The OCAP program continues to define broad gold zones coupled with multiple gold/tungsten shear zones that were previously left unassayed
    • TL-05-275 intersects 59.1m of 1.10 g/t gold including 1.29 g/t gold and 0.19% WO3 over 16.9m
    • TL-05-286 intersects 44.0m of 1.08 g/t gold including 5.43 g/t gold and 1.11% WO3 over 2.8m
    • TL-03-121 intersects 43.0m of 0.90 g/t gold including 1.66 g/t gold and 0.10% WO3 over 9.0m  plus 0.68 g/t gold and 0.10% WO3 over 6.0M
    • TL-11-391 intersects 26.9m of 0.99 g/t gold and 0.12% WO3 including 1.46 g/t gold and 0.40% WO3 over 7.5m

The 2014 winter drill and OCAP program results continue to identify near surface high grade gold/tungsten mineralization, within a broader gold mineralized zone in the upper 100m of the deposit. Some of the gold and tungsten intercepts disclosed today are broader and higher grade compared to what was reported in our June 2013 Twin Lake Resource. Mega’s planned summer/fall drill and OCAP program will continue to focus on the expansion of these near surface high grade structures as they have the potential to identify additional high grade mineralization within and between the proposed high grade starter pits.

Holes TL-14-533, along with previously released TL-14-514 and TL-14-526 which intersected 61.0m of 3.44 g/t gold including 6.64 g/t gold over 30.0m plus 8.0m @ 0.21 WO3 continues to successfully extend multiple high grade gold and tungsten mineralized structures up to or near surface in the eastern portion of the potential Twin Lakes open pit. (See Figure 1, 2 and 3).

In the central and western portion of the proposed open pit, holes TL-14-517, TL-14-523, TL-41-528, TL-05-275, TL-05-286, TL-11-391 and TL-03-121 were focused on identifying additional near surface high grade gold/tungsten mineralization through the expansion of the high grade mineralized cores.

Glen Kuntz, P.Geo, President and CEO, stated “These drill and OCAP results are highly encouraging as they continue to further define the surface/near surface continuity of multiple high grade gold and tungsten intercepts both along strike and at depth with our 2014 and 2015 drilling program focused on expanding the high grade zones and identifying additional zones. Our objective is to include as much of the 2013/2014 drilling and OCAP program as possible into an updated gold/tungsten NI 43-101 resource estimate in the second half of 2014.”

Read more: http://www.megapmi.com/releases/content/releases/article/mega-precious-metals-intersects-38m-of-443-gt-gold-expanding-near-surface-high-grade-gold-structure-at-monument-bay-

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