MegumaGold Expands Gold and Arsenic Anomalies on Strike of St Barbara’s Touquoy Mine
November 29 2019 - 5:00PM
MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2)
(“MegumaGold” or the “Company”) is pleased to announce
additional soil geochemical results with elevated arsenic and gold
values for its Touquoy West Project (“Touquoy West”). These
results, combined with the results disclosed earlier by the Company
(see our press release dated November 19, 2019), define large
gold-arsenic anomalies trending along the west extension of the
Moose River anticline which hosts St Barbara Ltd.’s open pit
Touquoy Gold Mine. This anticline can be traced along an
aeromagnetic trend that extends across MegumaGold’s Touquoy West
holding and continues through the Touquoy Gold Mine area located
approximately 4 km to the northeast as shown in Figure 1.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/670439a1-9712-4c5f-b632-9aef3ba8bf71
MegumaGold President Theo Van der Linde
commented: “It’s very exciting to see these large anomalies take
shape. Many of the larger gold deposits in Nova Scotia are
associated with arsenic haloes in surrounding rocks and soils.
We’re seeing the proper geo-chemical indicators along a structure
with proven ability to host large, low cost, disseminated gold
deposits. The Touquoy West anomalies occur right over top of
the magnetic trend that extends westward from the Touquoy Mine
through the previously operating Higgins and Lawlor Mine, the
Stillwater Mine and on to the Sheelite Mine.”
The combined geochemical results define two
well-developed soil anomalies with elevated gold values ranging
from 5 to 34 parts per billion (ppb) within a halo of anomalous
arsenic values ranging from 30 and 900 parts per million
(ppm). These anomalies overlie areas where the main
aeromagnetic trend is intersected by northwest trending cross
structures in a setting considered by the company to be similar to
St Barbara’s Touqouy Gold Mine. The western geochemical anomaly is
expanded to a strike length exceeding 2,000 m and a width ranging
from 100 to 700 m. The western anomaly remains open along
strike to the southwest as shown on Figure 2. This map also
identifies areas of the survey grid for which analytical results
are still pending but expected within the next two
weeks.
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/37d49ce2-31f5-48f0-ac53-11d02068257b
Theo Van der Linde continues: “Receipt of
additional anomalous arsenic and gold soil geochemistry survey
results for Touquoy West is very encouraging and we’re eagerly
awaiting receipt of remaining results. We are also revising
current exploration plans for this area to include an expanded
program of grid-based Induced Polarization (IP) surveying over a
longer strike length to account for the sheer size of the soil
anomaly trend. The Company’s intention is to accelerate exploration
work on this very significant target area.”
Review and Qualified Person
This press release has been reviewed and
approved by Regan Isenor, Chief Executive Officer of MegumaGold
Corp.; Michael Cullen, P. Geo., of Mercator Geological Services
Ltd., an “Independent Qualified Person” as defined under National
Instrument 43-101, has reviewed and approved technical information
included in this press release.
Technical Notes
B-horizon soil samples were submitted to Eastern
Analytical Ltd. (Eastern) in Springdale NL for preparation and
analysis. After drying and sieving, a 30 gram fine pulp split was
analyzed for gold using fire assay methods and atomic absorption
finish (FA-AA). A second fine pulp split was prepared for
multi-element analysis by Inductively Coupled Plasma (ICP) methods
after four acid digestion. MegumaGold’s Quality Assurance and
Quality Control protocol for the soil samples included systematic
analysis of certified reference materials, blank samples and
duplicate pulp splits. Eastern is a fully accredited commercial
analytical services firm registered to ISO 1725 standards for gold
and multi-element analysis
procedures.
About MegumaGold Corp.
MegumaGold is a Canadian junior gold exploration
company engaged in the business of acquiring, exploring and
developing natural resource properties. During 2018, the Company
has centered its exploration focus on the developing Meguma
formation of Nova Scotia. As a result, the Company has assembled a
strategically-positioned tenure of 107,114 hectares within the
Meguma Gold District.
For more information please contact Mr. Regan Isenor, Chief
Executive Officer 902-233-4381 info@megumagold.com
www.megumagold.com
Forward-Looking Statements
All statements in this presentation, other than
statements of historical fact, are "forward-looking information"
with respect to MegumaGold within the meaning of applicable
securities laws including, without limitation economic estimates
and any statements related to estimated mining costs. MegumaGold
provides forward-looking statements for the purpose of conveying
information about current expectations and plans relating to the
future and readers are cautioned that such statements may not be
appropriate for other purposes. By its nature, this information is
subject to inherent risks and uncertainties that may be general or
specific and which give rise to the possibility that expectations,
forecasts, predictions, projections or conclusions will not prove
to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
These risks and uncertainties include but are not limited to
exploration findings, results and recommendations, as well as those
risks and uncertainties identified and reported in MegumaGold’s
public filings under its SEDAR profile at www.sedar.com. Although
MegumaGold has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking information, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
such information will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. MegumaGold disclaims any intention or obligation
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise unless
required by law.
Neither the CSE nor its Regulation Services
Provider (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this
release.
MegumaGold (CSE:NSAU)
Historical Stock Chart
From Oct 2024 to Oct 2024
MegumaGold (CSE:NSAU)
Historical Stock Chart
From Oct 2023 to Oct 2024