MegumaGold Completes Ground Geophysics Program at Touquoy West Property

IP Survey Chargeability Anomalies at Touquoy West, Spatially Associated With Soil Geochemistry Anomalies, May Indicate the Presence of Disseminated Sulphide Mineralization

HALIFAX, Nova Scotia, March 02, 2020 (GLOBE NEWSWIRE) -- MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2) (“MegumaGold” or the “Company”) is pleased to announce the results of an extensive ground geophysics program on its Touquoy West Property along the Moose River Anticline in Nova Scotia, that included a high resolution, combined ground magnetometer and VLF-EM survey completed in late 2019, and an Induced Polarization (IP) survey completed in February 2020.

The Company completed approximately 80 line km of high resolution ground magnetometer and VLF-EM surveying over the same area as a soil geochemistry program completed by the Company in early 2019 (Figure 1). Based on the interpreted results of these geophysical surveys and the 2019 soil geochemistry program at Touquoy West (see Company press releases dated January 6, 2020, November 29, 2019, and November 20, 2019), the Company initiated an Induced Polarization (IP) ground geophysical surveying program over grid areas of highest priority. A total of 25.83 line km of IP surveying was completed over coincident soil geochemistry and ground magnetometer/VLF-EM anomalies in mid-February 2020. The purpose of the IP program was to identify areas in which disseminated iron sulphide mineralization is present in association with folded, highly favourable argillite-bearing stratigraphic intervals. Disseminated sulphides in the form of pyrite and pyrrhotite are evident in several prominent Nova Scotia gold deposits such as St Barbara Ltd.’s Touquoy Gold Mine, Fifteen Mile Stream, Cochrane Hill and Beaver Dam deposits, and Anaconda Mining Inc.’s Goldboro deposit.

The Company feels that the IP survey chargeability responses detected at Touquoy West, which are in part spatially associated with existing soil geochemistry anomalies, may indicate the presence of disseminated sulphide mineralization similar in style to that present adjacent to the Touquoy Gold Mine deposit, located a few kilometers to the east along the Moose River Anticline Trend. They therefore constitute high quality targets for a 2020 core drilling program on the property to assess mineralization potential along the trend and at depth.