MegumaGold expands exploration holdings at Touquoy mine
MegumaGold (CSE: NSAU, FSE: 2CM) announced Friday that it has expanded its exploration holdings by acquiring an additional 47 claims (761 hectares) to the northeast of St Barbara’s Touquoy Gold mine in Nova Scotia.
The strategic acquisition provides the company with an expanded and now continuous land position along the northern side of the Moose River Corridor.
The newly acquired claims provide infill between MegumaGold’s existing Touquoy West project area, that adjoins to the west of St Barbara’s Touquoy Gold Mine holdings, and its extensive holdings in the vicinity surrounding that company’s Beaver Dam gold deposit.
Both of these gold deposits occur within a common, broad, mineralized/structural corridor and were central to the St. Barbara take over of Atlantic Gold for $722 million in 2019, MegumaGold said in a press release.
The effects of a major northwest trending fault corridor in this northeast area are also apparent in airborne survey results and increase local structural complexity. Multiple structural complexity influences plus local potential for favourable argillite-bearing stratigraphy combine to make the new holding an attractive exploration target, MegumaGold said.
The company is initiating a detailed compilation of historic geological, geochemical and geophysical survey results for the area to specifically assess prospectivity and potential for near-term drilling target development, it said.
At market close Friday, MegumaGold’s stock was up nearly 8%. The company has a C$13.5 million market capitalization.