Mega Precious Metals Releases Resource Estimate for Monument Bay

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Mega Precious Metals Inc. (TSXV:MGP) announced an updated gold and initial tungsten mineral resource estimate for its Manitoba-based Monument Bay project.

Mega Precious Metals Inc. (TSXV:MGP) announced an updated gold and initial tungsten mineral resource estimate for its Manitoba-based Monument Bay project.

Highlights include:

  • Overall Measured and Indicated resources of 2.13 million ounces @ 1.51 g/t gold and 253,000 mtu (Metric Tonne Unit) of WO3; an increase of 9% in grade.
  • Overall Inferred resources of 0.63 million ounces @ 1.62 g/t gold and 99,000 mtu of WO3; an increase of 27% in grade.
  • Potential ‘starter pit’ is identified and is based on higher-grade, near-surface mineralization
    • Measured and Indicated resource of 1.07 million ounces @ 2.89 g/t gold representing an increase of 60% in ounces and an increase of 7% in grade.
    • 305,000 Inferred ounces at 2.46 g/t gold.
  • Conservative estimate utilizing a 20% reduction in gold price to $1,092 USD, 4.7% less gold recovery, 20% increase in pit constrained costs and a 31% reduction in gold grade cap (compared to the June 13, 2013 Resource Estimate).
  • 13,500m of infill drilling, 11,000m OCAP sampling with the inclusion of separate gold and gold/tungsten wireframes were utilized compared to the previous estimate.
  • The Indicated and Inferred tungsten resource is an initial resource and the ongoing OCAP sampling program will continue to build upon this tungsten resource in the coming months. Only one-quarter of the OCAP core has been sampled for tungsten.

Click here to read the full Mega Precious Metals Inc. (TSXV:MGP) press release.

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