Mega Precious Metals (MGP.V) has announced it has started a 5,000 meter drill program at its Monument Bay project in Manitoba. The company currently has two drill rigs working at the site and is aiming to expand the currently known tungsten-gold resources.
MGP will also focus on getting a better understanding of the South Limb zone, where the drill program last fall encountered the same geological setting as at the Twin Lakes resource zone. If Mega Precious Metals can confirm tungsten-gold mineralization at the Southern Limb, the current resource estimate could expand quite fast.
As of the end of September last year, the company had a working capital of C$4M which should be sufficient to complete this winter’s drill program.
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Disclosure: The author holds no position in Mega Precious Metals. Please see our disclaimer for current positions.
