MegumaGold Completes Ground Geophysics Program at Touquoy West Property - Seite 3

Figure 3 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee975d94-35ef-49d3 ...

The Company considers areas of coincident soil geochemistry, magnetometer, VLF-EM and chargeability anomalism defined to date on the Touquoy West grid as high quality targets for a 2020 core drilling program on the property, with the main anticlinal trend anomaly being highest in priority, followed by the two anomalous trends further north on the grid that parallel the main trend.

Technical Notes

The Induced Polarization (IP) survey was completed by Eastern Geophysics Ltd. of West Pubnico, Nova Scotia between January 13 and February 7, 2020 using a dipole-dipole survey array (a=25m or a=50m and N=6). IP survey data was processed using inversion methods to produce interpreted sectional and plan presentations of apparent resistivity and chargeability responses. Surveying at 100 metre line spacing was carried out for a distance of 1.7 km westward from the adjacent St Barbara Ltd. claim boundary and broadly spaced lines were surveyed further to the west over discrete soil anomaly areas.

The combined ground magnetometer and VLF-EM surveys were completed by Mercator Geological Services Ltd. field staff between July and November 2019. The surveys were carried out using a GEM system GSM-19 DGPS magnetometer with integrated VLF-EM and GPS capabilities over 100 metre spaced lines that trended north-south across the main structural and stratigraphic trends interpreted from existing regional and/or property scale airborne geophysics surveys. The survey magnetometer measured magnetic field parameters at a frequency of one reading per second and VLF-EM readings were taken at 20 metre intervals. A second GEM system GSM-19 magnetometer serving as a base station was time synchronized with the survey unit to facilitate correction of survey data for effects of diurnal magnetic field fluctuation. The combined magnetometer and VLF-EM survey results were merged with compiled historical survey results from the adjacent St Barbara Ltd. Touquoy gold mine and the resulting dataset was independently processed to maximize definition of stratigraphic trends. These results were then used to interpret strike extensions of the main argillite-bearing stratigraphic intervals and anticlinal fold structures that host gold mineralization on the adjacent Touquoy gold deposit onto the Company’s Touquoy West property (Figures 4 and 5). The VLF-EM results define a conductivity trend coincident with the faulted axial zone of the main gold-focusing anticlinal fold in this gold district (Figure 6). This is interpreted to represent the presence of sheared argillite in the hinge zone of the anticline and can be traced southwestward from the Touquoy gold mine area for at least 6 km to the western boundary of MegumaGold’s Touquoy West survey grid, where it remains open. This VLF-EM anomaly is also coincident with a series of magnetometer survey anomalies that are interpreted as marking favourable bedrock argillite units that extend onto the MegumaGold property from the adjacent Touquoy deposit.