Gold exploration company MegumaGold Corp (CNSX:NSAU, OTCMKTS:NSAUF) said Wednesday that it has begun drilling at the Meguma gold property in Nova Scotia.
The Vancouver-based company said it’s working to confirm the presence of gold mineralization at 10 or more targets identified, which included using a helicopter-supported survey. That program led to more than 40 drilling targets.
Atlantic Gold Corp (CVE:AGB, OTCMKTS:SPVEF) reported last week that its Toquoy gold mining complex in Nova Scotia is on pace to produce 82,000 90,000 ounces at a cash cost of C$500 to C$560 per ounce in 2019.
"We are in the first wave of a new golden era in Nova Scotia,” MegumaGold President Theo van der Linde said in press release. “Megumagold is positioned as the second company to spend sufficient capital to do justice to its large and consequential land package.”
Shares of MegumaGold nudged up 2.50% to C$0.205 in Toronto. They eased 1.74% to $0.15 on the OTC market.
Contact Dennis Fitzgerald at [email protected]