Mega Discovers Significant Mineralization within the Proposed Open Pit at the Monument Bay Gold Camp

Mega Discovers Significant Mineralization within the Proposed Open Pit at the Monument Bay Gold Camp

THUNDER BAY, Ontario--(BUSINESS WIRE)-- Mega Precious Metals Inc. (MGP:TSX-V) ("Mega") is pleased to announce the discovery of additional gold mineralization from 12 diamond drill holes totaling 5,378 m as part of its ongoing old core assay program (OCAP).

The OCAP program has been designed to assay previously unassayed mineralized core intervals from a library of over 75,000 m of historical core as the previous operators were testing only for narrow high grade veins. Material previously classified as waste is being converted into economic mineralization, subsequently increasing resource material and potentially grade within the proposed open pit. As such, each of these drill holes continues to enhance the open pit potential of this large gold bearing system and each of the zones remains open along strike and down dip.


Results from this OCAP program have not been included in the NI 43-101 resource which was released in February 2012 estimated to contain a NI 43-101 compliant Measured Resource of 1.4M tonnes grading 3.3 g/tonne for 143,785 ounces, plus an Indicated Resource of 11.6M tonnes grading 2.43 g/tonne for 902,225 ounces plus Inferred Resources of 14.2M tonnes grading 3.78 g/tonne for 1,726,674 ounces. Mega plans to continue the OCAP program by testing the remaining 70,000 m of core throughout 2012 and 2013 followed by an updated NI 43-101.

HIGHLIGHTS:

  • TL 11-369 pre OCAPintersected, 1.0metres at 6.34 g/t gold

    • Post OCAP intersected, 22.0metres at 0.71 g/t gold, 16.0 metres at 0.99 g/t gold

  • TL 11- 376 pre OCAP intersected, 15.0 metres at 2.06 g/t gold

    • Post OCAP intersected, 37.0 metres at 1.04 g/t gold

  • TL 11- 383 pre OCAP intersected 1.9metres at 5.00 g/t gold

    • Post OCAP intersected, 30.8 metres at 0.93 g/t gold, 27.7 metres at 0.94 g/t gold

  • TL 11-384 pre OCAP intersected No significant values

    • Post OCAP intersected, 67.0 metres at 0.45 g/t gold

  • TL 11-385 pre OCAP intersected 11.0 metres at 1.90 g/t gold

    • Post OCAP intersected 3 mineralized zones:

      • 15.0 metres at 0.47 g/t gold

      • 29.0 metres at 1.04 g/t gold

      • 3.31 metres at .87 g/t gold

  • TL 11-387 pre OCAP intersected 5.0metres at 2.29 g/t gold

    • Post OCAP intersected, 70.0 metres at 0.82 g/t gold

  • TL 11-389 preOCAPintersected, 10.0metres at 2.06 g/t gold

    • Post OCAP intersected, 49.4 metres at 0.83 g/t gold

A summary of the OCAP results are listed below.

Monument Bay Pre-OCAP
(as of February 2012)

Monument Bay Post-OCAP
(as of September 2012)

HOLE#

FROM

(m)

TO

(m)

INTERCEPT

(m)

Au

Grade

(g/t)

FROM

(m)

TO

(m)

INTERCEPT

(m)

Au

Grade

(g/t)

TL-11-367

288.5

319.5

31.0

1.29

273

328.9

55.9

0.95

211

217

6.0

0.91

361.4

374.4

13.0

0.30

TL-11-369

335

336

1.0

6.34

335

357

22.0

0.71

414

430

16.0

0.99

TL-11-370

139

144

5.0

1.78

139

144

5.0

2.19

280.7

282.2

1.5

4.08

180

195

15.0

1.15

296.7

301.1

4.4

2.99

279

282.2

3.2

2.34

299

302

3.0

2.35

TL-11-373

498

513

15.0

1.94

450

453

3.0

1.94

483

520

37.0

0.92

537

548

11.0

0.45

.

TL-11-376

275

290

15.0

2.06

257

294

37.0

1.04

TL-11-382

474

478

4.0

4.63

410.5

483

72.5

0.69

TL-11-383

447.7

449.6

1.9

5.00

433.2

464

30.8

0.93

543

570.7

27.7

0.94

TL-11-384

NSV

91

158

67.0

0.45

TL-11-385

473

484

11.0

1.90

415.9

430.9

15.0

0.47

471

500

29.0

1.04

566.7

570

3.3

1.87

TL-11-387

69

74

5.0

2.29

48

118

70.0

0.82

TL-11-389

109.7

119.7

10.0

2.06

108

157.4

49.4

0.83

TL-11-390

72

87

15.0

3.27

65

109.9

44.9

2.11

97.3

106

8.7

4.32