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MegumaGold poised to start diamond drilling at Caribou gold project in Nova Scotia next month

MegumaGold Corp (CSE:NSAU) (OTCMKTS:NSAUF) (FRA:2CM2) told investors that it expects to start drilling at its 256 hectares (Ha) Caribou gold project in Nova Scotia, Canada in early August this year.  The multi-hole diamond drill program will be carried out by contractor Maritime Diamond Drilling to assess the main styles of gold mineralization currently defined in the area of the past-producing Holman mine, which churned out the yellow metal between 1932 and 1947 at a reported average grade of around 14 grams per ton (g/t).  READ: MegumaGold completes geochemical sampling at its Murchyville South option project in Nova  Subsequent exploration by Seabright Exploration in the 1980s, identified additional parallel, gold-bearing stockwork zones but these have not yet been fully delineated by drilling, noted MegumaGold.  According to the Province’s government records, the Caribou gold district produced slightly over 100,000 ounces of gold between 1869 and 1955. In 2007, previous operator Scorpio Gold Corp put out a historical resource estimate for the Caribou asset, showing 350,305 tonnes grading 5.83 g/t gold with 67,425 of contained gold ounces in the inferred category using a gold grade cut-off of 47 g/t. Also in the statement, MegumaGold said that Mercator Geological Services was carrying out a Seequent-Leapfrog digital geological modeling program of the project. The historical drilling database, underground sampling results, and a digital model of historical mine workings will be combined in a 3D geological model to determine drilling targets for the drilling program. MegumaGold has assembled a strategically positioned, district-scale ground position of 151,633 hectares within the Meguma gold district of Nova Scotia. Contact the author at giles@proactiveinvestors.com