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.