Business
Mega Silver to Acquire 100% Option on the Headway Property, Red Lake, Ontario
Mega Silver to Acquire 100% Option on the Headway Property, Red Lake, Ontario
About this update from Lion Rock Resources Inc
[{"type":"text","content":"\nMega Silver to Acquire 100% Option on the Headway Property, Red Lake, Ontario\n\n\n Sep. 1, 2009 (Filing Services Canada) -- Mega Silver Inc. (MSR - TSX Venture), is pleased to announce that it has entered into a Letter of Intent to acquire a 100% interest in the \"Headway\" property in the Red Lake, Ontario area 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 the High Grade Zone, in the shadow of Goldcorp's Red Lake Gold Mines Headframes. 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. The Bonanza Replacement High Grade Zone 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. The range of diamond drill intercepts carried out under NI-43101 compliant guidelines by King's Bay in 2005 include 63.52 grams/tonne over 0.5 metres and 3.08 grams/tonne over 10.8 metres, true widths are unknown. Highlights of historical, none NI-43101 compliant exploration includes 0.61 oz/ton gold over 3.08 feet in drill core (H-13) and several surface grab samples exceeding 1.0 oz/ton 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 are deep-seated structures that are intruded 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 contains two east-west trending, gold-bearing structural zones in intersection with the deep-seated extension of the north east trending Madsen deformation zone. Currently, the Headway Joint Venture consists of King's Bay Gold Corporation as to an 85% interest and Richview Resources inc. (\"Richview\") as to a 15% interest of the mineral rights of the Headway Property. Subsequent to the signing of the...