MegumaGold Completes Ground Geophysics Program at Touquoy West Property - Seite 2

MegumaGold President Theo Van der Linde stated, “We are very pleased with the results from our ground geophysics program on the Touquoy West Property, especially the IP survey results, that have been interpreted as indicating presence of disseminated iron sulphide mineralization on the property along the main anticlinal trend that extends continuously northeastward to the Touquoy Mine area. We look forward to using these results plus those of our soil geochemistry program to select our 2020 core drilling targets. The purpose of planned drilling will be to confirm the presence of disseminated sulphide mineralization at depth and to assess potential for presence of associated gold mineralization.”

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/129ef71b-67c2-4e5b ...

Touquoy West IP Survey Results and Interpretation

Combined IP survey and geological compilation program results indicate that a well-developed chargeability anomaly coincides with the interpreted main anticlinal fold hinge zone trend on the Touquoy West property. This IP anomaly can be traced discontinuously for approximately 3.6 km across the Touquoy West survey grid and coincides with soil geochemistry anomalies at several locations along its length (Figure 2). The anticlinal fold hinge zone trend currently remains open beyond the western grid limit onto exploration licences optioned from Genius Metals Inc.

A second prominent chargeability anomaly occurs approximately 300 metres north of the main trend (Figure 2) and has a strike length of approximately 700 metres. This chargeability anomaly appears to coincide with anomalous 2019 soil geochemistry results and is associated with an interpreted argillite-bearing stratigraphic interval that may indicate a secondary anticlinal fold trend.

A third chargeability anomaly west of the detailed survey block has been tentatively correlated between three survey lines along an 800-metre strike length. This third anomaly parallels the southern margin of a thick unit of interpreted argillite stratigraphy and is supported locally by anomalous gold and arsenic soil survey values (Figure 2). Several lesser chargeability targets have also been identified (Figure 2).

Resistivity anomalies occur peripherally to all three main chargeability anomaly trends and may mark zones of bedrock silicification associated with mineralization (Figure 3).

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80db462a-4d5b-4836 ...