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Drilling by Mega Precious Metals Inc. resumes at Kings Bay Gold Corporation's wholly optioned Headway Project in Red Lake, ON
Jan. 14, 2011 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG)("King's Bay Gold"...
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nDrilling by Mega Precious Metals Inc. resumes at Kings Bay Gold Corporation's wholly optioned Headway Project in Red Lake, ON\n\n\n Jan. 14, 2011 (TheNewswire.ca) -- King's Bay Gold Corporation (TSX.V: KBG)(\"King's Bay Gold\") has been informed by Mega Precious Metals Inc. (OOTC:MPRXF) (TSXV:MGP) (TSX: MGP)(\"Mega\") that, following a December 16th, 2010 shutdown, drilling has resumed on King's Bay Gold's optioned Headway Project in Red Lake Ontario. On October 5th, 2009, Mega signed a definitive option agreement to acquire a 100% interest in the Headway Project from King's Bay Gold.In a Mega news release dated January 13th, 2011, Mega reported the following progress on the drilling program at the Headway Project:\"The Headway drilling to date has confirmed the geological model and Mega will continue to push both drill holes to the deep target horizon. On November 2, 2010, Mega announced that MH1002 had passed through the unconformity and was in Balmer mafic volcanics at 1,952m and MH0901 was at a depth of 2,603m in an inter-bedded mixture of variably altered mafic to felsic volcanics that are commonly called \"Rhyolitic-Andesite\". This is an aluminosilicate altered mine unit commonly found in the Hanging wall of high grade zones. As we approach the target horizon at MH0901, there has been an increasing presence of black line faults, biotite and silica altered mafic inter-beds and sporadic quartz-tourmaline ± ankerite (iron carbonate) veins containing arsenopyrite and pyrite.\"\"The Headway program is based on the presumption that the Red Lake Gold Mines mineralized horizon continues down plunge to the south west within the deep rooted north east extension of the Madsen Trend. The alteration described above is geological evidence that MH0901 has entered the upper portion of the mineralized target horizon. The overall confirmation of the model geometry and the presence of increasing structure in this hole support the theory that a high grade zone may be present.\"\"Operationally, both drills have made little progress since the November update due to technical drilling issues that include the increase in structure at the bottom of MH0901 and methane in MH1002. These rock properties further support the structural and ore fluid genetics of the geological model. Since their return in January, the drillers have made excellent...