Mega Precious Metals (CVE:MGP) announced the completion of an updated NI 43-101 compliant resource estimate for the North Madsen project, Red Lake, Ontario.
Mega Precious Metals (TSXV:MGP) announced the completion of an updated NI 43-101 compliant resource estimate for the North Madsen project, Red Lake, Ontario.
The press release is quoted as saying:
•Sensitivity analysis indicates robust economics, excellent potential to improve resource grades at lower gold prices and higher cut off grades;
•resources remain open at depth and along strike; and
•potential for further resource additions in nearby areas is excellent
Mega Precious Metals’ President and CEO, Jim Rogers commented:
“This update represents a more than 2,700% increase (in M & 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. Mega continues to be one of the most exciting advanced gold exploration companies in Canada with excellent potential to continue to add high quality gold ounces at our projects. Our success in growing gold resources over the past 18 months is depicted below in our resource graph (figure 1).”