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  • MegumaGold plans to start core drilling in early August at the company’s Caribou Gold Project
  • Records indicate that the area produced over 100,000 ounces of gold between 1869 and 1955
  • Maritime Diamond Drilling has been retained to carry out a multi-hole diamond drilling program at Caribou to assess gold mineralization
  • Mercator Geological Services is also carrying out a digital geological modelling program for the project
  • MegumaGold is a Canadian junior gold exploration company
  • MegumaGold Corp. (NSAU) opened trading at C$0.05 per share

MegumaGold plans to start core drilling in early August at the company’s Caribou Gold Project.

The project consists of 16 contiguous mining claims (256 hectares) located 80 km northeast of Halifax, Nova Scotia. Nova Scotia government records for the Caribou Gold District indicate that the area produced over 100,000 ounces of gold between 1869 and 1955.

Caribou drilling program

Maritime Diamond Drilling Ltd. of Brookfield, Nova Scotia has been retained to carry out a multi-hole diamond drilling program at Caribou that will assess the main styles of gold mineralization currently defined in the area of the past-producing Holman Mine.

Exploration by Seabright Exploration Inc. in the 1980s identified additional parallel, gold-bearing stockwork zones that to date have not been fully delineated by drilling. A northwest-trending structural corridor that crosses the northeast-trending Caribou Anticline controls the location of the plunging stockwork zones. Cominco also mined several bedding-parallel quartz veins, the most notable of which was the “High Grade Vein”. The reported average gold grade during Cominco’s production period is ~14 g/t.

In 2007, previous operator Scorpio Gold Corp. disclosed a historical estimate for the Caribou Gold Project comprised of 350,305 tonnes grading 5.83 g/t gold (67,425 contained gold ounces) in the Inferred mineral resource category using a gold grade capping factor of 47 g/t. 

Geological modelling program

Mercator Geological Services Limited of Dartmouth, Nova Scotia is also carrying out a Seequent-Leapfrog® digital geological modelling program for the project. The project’s historical drilling database, underground sampling results, and a digital model of historical mine workings are being combined in a 3D geological model to determine drilling targets for the August diamond drilling program.

MegumaGold is a Canadian junior gold exploration company engaged in the business of acquiring, exploring, and developing natural resource properties.

MegumaGold Corp. (NSAU) opened trading at C$0.05 per share.

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