ONTARIO – The updated resource estimate for the North Madsen gold project owned by Mega Precious Metals of Thunder Bay, ON, contains over 1.0 million oz of the yellow metal. The company said it is increasingly confident in the project, even at a US$1,200/oz gold price.
The North Madsen project lies in the Red Lake gold camp. It contains 22.96 million measured and indicated tonnes at 1.20 g/t Au in all zones. That works out to 888,752 contained oz. The total inferred resource is 10.14 million tonnes at 1.18 g/t Au, or 383.936 contained oz. A cut-off of 0.6 g/t was used in the calculations.
Mega is considering an open pit mine for what it describes as near surface quartz tourmaline and shear hosted Archean gold deposit.
Please see MegaPMI.com for additional information.