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MegumaGold reports encouraging drill results near historic workings at Caribou gold project, Nova Scotia

MegumaGold Corp has unveiled encouraging drill results from last year’s program at its Caribou gold project in Nova Scotia – the site of a past-producing mine. Four holes, for 620 metres (m), were sunk near the surface extension of historic workings that produced over 91,000 ounces of gold intermittently between 1869 and 1968 at an average grade of 13.27 grams per tonne (g/t). All four hit stratabound quartz as well as stockwork type veining, from which most of the historic gold output emanated, noted the company. Multiple high grades were seen in two holes, including 13.6 g/t gold over 0.50m from 45.05m depth in one and 1.4m at 8.06 g/t of the precious metal from 37.5m depth in another hole. There was also an intersection of 37.10g/t gold over 1.10m starting at 200.10m depth indicating gold potential at depth, highlighted MegumaGold. READ: MegumaGold drills thick, near-surface gold mineralization at Elmtree gold project The Caribou gold project consists of 16 contiguous mining claims (256 hectares) 80 kilometres (km) northeast of Halifax. It also lies around 10 km north of Atlantic Gold (TSX-V:AGB)’s Touquoy mine and Moose River mill site and is surrounded by Atlantic Gold (TSX-V:AGB) claims. MegumaGold said it was now planning an additional drill program to expand known gold-bearing structures and to test for potential extensions. Other targets include areas where disseminated gold occurs in sedimentary rocks not necessarily associated with quartz veining. MegumaGold is focused on exploring the Meguma Supergroup of Nova Scotia that hosts the producing Touquoy gold mine plus several other advanced-stage gold deposits. The company has assembled a strategically positioned, district-scale tenure position within the Meguma Gold District, in addition to the Elmtree project in New Brunswick. Contact the author at giles@proactiveinvestors.com