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Mega Precious Metals Acquires 100% Option on the Headway Property, Red Lake, Ontario
Mega Precious Metals Acquires 100% Option on the Headway Property, Red Lake, Ontario
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nMega Precious Metals Acquires 100% Option on the Headway Property, Red Lake, Ontario\n\n\n Oct. 5, 2009 (Filing Services Canada) -- Mega Precious Metals Inc. (MGP - TSX Venture), (\"Mega\") is pleased to announce that it has signed a definitive agreement to acquire a 100% interest in the \"Headway\" property in the Red Lake, Ontario from King's Bay Gold Corporation (\"King's Bay\"). The Headway property is located adjacent to Hwy 105, between the towns of Red Lake and Balmertown, Ontario, 2 km southwest of Goldcorp's Red Lake Mines High Grade Zone. The property consists of six (6) patented claims and one (1) unpatented claim totaling approximately 320 acres. The property appears to have all of the essential geological elements including a well-developed intersection pattern of stratigraphic, shear/deformation zones that are associated with the high grade gold system on the adjacent mine properties. Mega's exploration target is postulated to be hosted in Balmer age rocks occurring below the unconformity with the Confederation age rocks at 1,500 to 2500 metres deep. This theoretical target could be a new Bonanza, Replacement Zone, similar to, but south of Goldcorp's High Grade zone. The range of historic shallow diamond drill intercepts carried out under NI 43-101 compliant guidelines by King's Bay in 2005 include 63.52 grams / tonne (g/t) gold over 0.5 metres (m) and 3.08 g/t over 10.8 m. True widths are unknown. Highlights of historical exploration include; 20.9 g/t gold over 0.94 m in drill core (H-13) and several surface grab samples exceeding 34 g/t gold. Gold is developed within quartz-carbonate tourmaline arsenopyrite veins associated with quartz-feldspar porphyry dykes that intrude altered and sheared mafic volcanics. These quartz-feldspar porphyry dykes appear to be intruded along deep-seated structures during the late stages of ore emplacement. This is evidenced by their structural relationships adjacent to and within the \"ESC\" and \"High Grade\" zones of Red Lake Gold Mines. The property appears to contain two east-west trending, gold-bearing structural zones in intersection with the deep-seated extension of the north east trending Madsen deformation zone. King's Bay Gold Corporation now holds a 100% interest to the mineral rights of the Headway Property. Initial payment obligation at signing of the Definitive Agree...