Mega Precious Metals has Identified Potential New Mineralization at Its Monument Bay Gold Camp and Recommences Drilling3 minutes ago by Business Wire
Mega Precious Metals Inc. (MGP:TSX-V) ("Mega") is pleased to announce that the company has commenced its 2013 exploration & drill program and discovered high grade concentrations of Tungsten at its high grade multimillion (see resource table below) ounce gold deposit at the Monument Bay Gold Camp, in Manitoba.
In mid-2012, Mega's geological team, in conjunction with the University of Manitoba, determined that the gold mineralized zones have highly elevated concentrations of tungsten in the form of a mineral called Scheelite. The Gold/Scheelite association was determined using a UV light and has outlined the mineralized zones to be broad and continuous. These Scheelite veins occur within the current gold mineralized footprint at Monument Bay and could become a significant economic by-product (University of Manitoba Presentation Nov 2012). Mega's geological team has been reviewing in excess of 130,000 m of drill core to continue to outline these mineralized structures.
Mega is pleased to announce its first preliminary analytical Tungsten assay results for core previously assays in 2011 only for Au mineralization has shown the potential for an economic by-product credit. The initial results have indicated Tungsten values in excess of 2.01% over 1m with a broad lower grade halo. A grade of 2.01% Tungsten equates to 20.1 kg of Tungsten per tonne. The current average January spot price of tungsten is $52.90/kg. As a point of reference, current Tungsten only mines have resource grades between 0.09 and 1.1% Tungsten with the average being ~0.49% Tungsten http://www.itia.info/minerals-deposits.html. There are currently over 17 holes with over 600 Tungsten assays pending for the initial program.
A summary of the 2013 Tungsten assaying results are listed below with previously released gold grades.