Aug. 7, 2009 (Filing Services Canada) -- Mega Silver Inc. (MSR - TSX Venture), ("Mega") is pleased to announce that it is drilling on two of three high grade metal projects in Canada.
Mega, through its wholly-owned subsidiary Skybridge Development Corp., has commenced diamond drilling in the prolific Red Lake Ontario gold camp. Mega management believe that their Laverty and East My-Ritt properties are all part of a much larger gold system that encompasses the adjacent Howey, Hasaga and Gold Shore mines which historically produced approximately 640,000 ounces of gold. Mega has an option to acquire a 100% interest in both Laverty and East My-Ritt properties.
Previous exploration diamond drilling has intersected up to 18.2 g/t gold over 3.65m on the East My-Ritt Property and up to 7.74 g/t gold over 11.2m on the Laverty portion of the structure. The Laverty property contains a historical resource of 790,000 tons at 0.08 ounces per ton. Mega is not treating historic intersections or resources as compliant with NI 43-101 and such information should not be relied upon.
In early June, 2009 Mega initiated exploration on a 1.5km portion of a promising northeast-trending structure traversing the East My-Ritt and Laverty properties. During this field season, Mega has compiled historic geological and geophysical work on the East My-Ritt and Laverty Properties and is completing geological mapping, outcrop stripping, channel sampling and INSIGHT Geophysical Induced Polarization Surveys in preparation for this drill program. Diamond drill targets will include confirmation and extension of historic drill intercepts as well as new areas where there is interpreted potential for litho-structural traps that may host economic mineralization. A minimum of 4,000 metres of diamond drilling will be conducted under National Instrument 43-101 quality assurance and quality control reporting standards.
In Nunavut, ground geophysical surveys are being completed. The primary survey is testing for evidence of deep continuity down dip of the Copper zone, which to a maximum depth of 110 metres, hosts a NI43-101 compliant estimated inferred mineral resource of 2.77 million tonnes at a weighted average grade of 2.82% copper, 0.06% Molybdemun, 31.26 g/t silver and 0.20 g/t gold using a minimum true width of 2 metres and a 1% cut-off grade for the copper previously announced in a press release dated June 9, 2009). An airborne MEGATEM anomaly that is significantly larger than the high grade Copper Zone anomaly is also being surveyed.
Mega is optimistic that the increasing copper price (apx $2.75/lb), the 1 km long high grade Copper Zone resource that is open down dip and the potential for other deposits on the property is very encouraging. The regional level of exploration, discovery/expansion of resources being worked by other companies in the region and the Government support to generate wealth and jobs in Nunavut bodes well for the eventual development of infrastructure which can make Nunavut a lucrative place to make mines.
Mega has expanded the scope of its 2009 work program on its Eagle Project that is adjacent to Alexco's Bellekeno mine in the historic Keno Hill silver district that has produced over 200 million ounces of silver. In June Mega completed 1,728 metres of rotary air blast (RAB) drilling on the Eagle and Fisher properties. A second drill has been brought on to the property to ensure Mega can aggressively test the property before winter conditions begin in late September. Mega is currently drilling off geochemical and structural targets on both the Eagle and Fisher property areas for an estimated total drilling of roughly 5,000 metres.
The Eagle silver-lead-zinc vein structure is being tested to depth and along strike both to the west and east of previous drilling. The Eagle Property includes historic surface trenches and up to 33 historic diamond drill holes, most of which intercepted the strong transverse vein-fault hosted in Keno Hill Quartzite. The Eagle Vein varies from 0.6 to 4.9 metres wide with mineralized lenses of galena, tetrahedrite and sphalerite that assays up to 1,885.7 g/t silver, 12.8% lead and 4.2% zinc over an apparanent width of 2.1 metres (hole E64-13; 41.4-43.5m).
The Fisher drilling is testing deeper buried targets indicated by preliminary structural analysis work and interpretation of coincident soil geochemistry and airborne magnetic geophysical surveys completed in 2008. While an historic float sample grading 2.2% (717 O/T silver) was reported by Bema Gold, the favourable stratigraphy has been over-thrust and hidden below surface.
This press release is approved by Mr. Gord Yule, P.Geo., Qualified Person and Vice President - Exploration for Mega Silver Inc. Gord is a former Mineral Development Consultant with the Ontario Ministry of Northern Developemnt and Mines and regional exploration manager for Pentland Firth Ventures Ltd., a junior exploration company affiliated with Kinross Gold Corp. in Timmins, Ontario.
Jim Rogers, President and CEO, is former Chief Mine Geologist at the Dickenson Gold Mine, forerunner to the prolific Red Lake Mine complex and most recently Regional Exploration Manager for Goldcorp in the Red Lake gold camp.
Mega Silver Inc. is a well financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Nunavut and the Yukon. The Company is committed to an accelerated growth strategy and is backed by a team of experienced mining experts and a strong financial position. The Company is poised for rapid expansion through quick response to new opportunities and changes in the market. Mega's common shares trade on the TSX Venture Exchange under the symbol MSR.
For further information and presentation material, please review the Mega website at www.megasilver.ca.
For further information, please contact:
Mega Silver Inc.
Jim Rogers, President and Chief Executive Officer
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements are frequently identified by such words as "may", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable.. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing and as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Shares Issued: 35,333,972
Maximum News Dissemination by Filing Services Canada Inc. *