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Headway Group of Patented Claims Property in Red Lake, Ontario
Location - Between the Towns of Red Lake and Balmertown, Ontario. The property is intersected by Highway 105 and lies in the shadow of the Red Lake headframes. It is located southwest of Goldcorp’s Red Lake High Grade Zone.
Number of Claims & Acres – 6 patented claims and 1 unpatented claim for approximately 320 acres.
Exploration Target – Gold
Ownership Interests – 100 % King’s Bay Gold Corporation; Mega Precious Metals Inc. (TSX.V: MGP) of Thunder Bay, Ontario has a Definitive Acquisition Agreement with King’s Bay Gold Corporation to acquire a 100 % interest in the property upon the completion of a number of payment and exploration obligations as described herein.
Operator – Mega Precious Metals Inc.
Property Description & Exploration -
On October 5th, 2009, King’s Bay Gold Corporation entered into a Definitive Acquisition Agreement with Mega Precious Metals Inc. (TSX.V: MGP) (“Mega”) of Thunder Bay, Ontario so that Mega has the option to acquire a 100% interest in the Headway property upon the completion of its payment and exploration obligations as described herein.. At the present time, King’s Bay now holds a 100 % interest to the mineral rights of the property.
The Headway property is intersected by Highway 105, between the towns of Red Lake and Balmertown, Ontario, and is located southwest of Goldcorp’s Red Lake Mines High Grade Zone. The property consists of six (6) patented claims and one (1) unpatented claim totalling 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. Mega’s exploration target 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. This theoretical target could be a new Bonanza, Replacement Zone, similar to, but south of Goldcorp’s High Grade zone.
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