MegumaGold Corp. Completed Drilling Program at Caribou Gold Project in Nova Scotia
- Completed four drill holes targeting based on recent geological model- Core logged, sampled and sent to the lab for analysis
VANCOUVER, Aug. 25, 2021 - MegumaGold Corp. (CSE: NSAU) ("MegumaGold" or the "Company"), is pleased to announce that drilling has been completed at the Caribou gold project ("Caribou" or the "Project"). Maritime Diamond Drilling Ltd. of Brookfield, Nova Scotia has demobilized their EF-50 rig. Approximately half the drilling, in two NQ-sized diamond drillholes, twinned important historical drillholes, half were step-out and in-fill drillholes. These drillholes may also improve on the widths of quartz vein zones where previous drilling campaigns did not account for good grades within vein wall zones. A total of 4 diamond drillholes in 620 metres were completed on August 10th. The first shipment of samples were received on 17th August, with the remainder arriving soon at Activation Laboratories Ltd. Samples will be tested for gold by Fire Assay with a portion checking the presence of other elements by ICP.
The Caribou Project
The Project consists of 16 contiguous mining claims (256 hectares) located 80 km northeast of Halifax, Nova Scotia and is approximately 12 kilometers on existing roads from St Barbara Minerals Moose River Consolidated operating mill. (Figure 1). Nova Scotia government records for the Caribou Gold District indicate that the area produced slightly over 100,000 ounces of gold between 1869 and 1955.
The main styles of gold mineralization currently defined is in the area of the past-producing Holman Mine. This was the largest historical mine in the Caribou Gold District and was operated by Consolidated Mining and Smelting Ltd. (Cominco) between 1932 and 1947. The main source of gold production was a plunging quartz stockwork zone developed over a vertical distance of approximately 220 meters and along a length of approximately 400 meters. Subsequent exploration by Seabright Exploration Inc. in the 1980's identified additional parallel, gold-bearing stockwork zones that to date have not been fully delineated by drilling. A northwest-trending structural corridor that crosses the northeast-trending Caribou Anticline controls the location of the plunging stockwork zones. Cominco also mined several bedding-parallel quartz veins, the most notable of which was the "High Grade Vein". The reported average gold grade during Cominco's production period is ~14 g/t.
Theo van der Linde, President of the Company stated "Now that we have completed our first drilling program on Caribou Gold Project, I am excited to receiving the assay results which I believe will confirm that the Company was on the right track when it acquired this asset. I look forward to the next steps in advancing this great project."
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/71abe643-0d51-4405-9f31-e19451ec69bf
Qualified Person
The technical information in this news release was reviewed by Fred Tejada, P.Geo, an officer and a director of the Company, a qualified person as defined by National Instrument 43-101 (NI 43-101).
On behalf of Board of Directors
Fred Tejada
Chief Executive Officer and Director
MegumaGold Corp.
For more information contact, please contact Junita Thakorlal, Investor Relations, at info@megumagold.com or +1 (604) 687-2038.
About MegumaGold Corp.
MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2) is a Canadian junior gold exploration company engaged in the business of acquiring, exploring, and developing natural resource properties. MegumaGold has centered its exploration focus on the Meguma Supergroup of Nova Scotia that hosts the producing Touquoy Gold Mine plus several other advanced-stage gold deposits. As a result, MegumaGold has assembled a strategically positioned, district-scale tenure position of 151,633 hectares within the Meguma Gold District. For additional information, please visit MegumaGold's website: http://www.MegumaGold.com.
Forward-Looking Statements
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