Mega Precious Metals (MGP.V) has announced it has identified several mineralized trends at its Monument Bay tungsten-gold project in Manitoba. Two important new structures with a cumulative strike length of in excess of 7 kilometers have been identified and approximately 25 exploration targets have been generated as they have the same magnetic signatures as the main deposit.
This means the additional exploration potential at Monument Bay is huge and the existing resource estimate could be expanded rather quickly. This could mean that Monument Bay is shaping up to be Canada’s newest gold-tungsten mine as a high-grade starter pit could reduce the initial capital expenditures to an acceptable level.
There’s obviously a lot more work to be done, but Mega Precious Metals could be an interesting speculative bet on both potential exploration success and an increase in the gold and tungsten price. The company’s share price recently got crushed because distressed Pinetree Capital (PNP.TO) was selling stock and obviously the lower gold and tungsten price didn’t really help either.
> Click here to go to the company’s website
Disclosure: The author holds a small long position in Mega Precious Metals. Please see our disclaimer for current positions.
