viewMegumagold Corp.

MegumaGold confirms discovery of three arsenic-gold targets at Touquoy West project, Nova Scotia

The final assays from the 6,230-hectare property showed a third large target area, the firm said

Megumagold Corp. -
The resource group holds 107,114 hectares within the well-known Meguma gold district in Nova Scotia

MegumaGold Corp (CSE:NSAU) revealed it had discovered three main arsenic-gold targets so far at its Touquoy West project in Nova Scotia and the firm has now received all sampling results from 2019. 

The final assays from the 6,230-hectare property showed a third large target area, which lies along the interpreted trend, which is host to the Touquoy deposit (part of St Barbara Ltd's (ASX:SBM) Touquoy gold mine. 

The most recent soil geochemistry results come mainly from the east and northeast areas of the 70 line kilometer survey grid area, from around 2.5 km from the gold mine, MegumaGold said. 

READ: MegumaGold continues to expand land position on Moose River anticline

"We’re very pleased to see these large arsenic and gold anomalies taking shape and believe there is similarity of the grade and size of these large arsenic and gold anomalies to the adjacent mine," said the company's president Theo Van der Linde.

"The significance of arsenic in the surrounding rocks and soils of many of the major deposits in Nova Scotia is well documented and we now have three such anomalies on an anticlinal corridor which has the proven ability to host multiple large, low cost gold deposits.”

In November last year, the firm described a further two large geochemical anomalies, supported by low-level, anomalous gold, also found at the Moose River anticline, which plays host to the Touquoy gold mine.

"Soil samples across the entire survey grid were collected at 50 m intervals along survey lines nominally spaced at 100 m intervals," the firm noted in Monday's statement.

"Gold values returned for the 2019 program that define anomalous trends are generally similar in magnitude to b horizon soil sample gold values returned from historic surveying by Seabright Exploration Ltd (Seabright, 1988) on what is now the adjacent St. Barbara property," it added.

Option agreement

Last month, MegumaGold struck an option agreement with Genius Metals Inc (CSE:GENI) to acquire up to a 100% interest in six licences for 100 claims on 1,620 hectares directly adjoining the Touquoy West licences to the east.

Notably, the firm said today that the western-most anomaly remains open onto the adjacent ground that was optioned.

Shares in Toronto nudged up 3.3% to C$0.16 each.

---Updates  for share price---

Contact the author at [email protected]

Quick facts: Megumagold Corp.

Price: 0.095 CAD

Market: CSE
Market Cap: $12.95 m

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