RETRANSMISSION: MegumaGold Defines Soil Geochemistry Anomalies at Touquoy West Project; on Strike of the Touquoy Mine

Halifax, November 20, 2019 - MegumaGold Corp. (CSE: NSAU) (OTC PINK: NSAUF) (FWB: 2CM2) ("MegumaGold" or the "Company") is pleased to announce that it has received initial analytical results for a soil geochemistry program recently completed at its Touquoy West Project in Nova Scotia.

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Figure 2 presents summarized presentations of soil arsenic and gold analytical results received to date and also identifies the areas for which results are currently pending. While incomplete at present, the data set defines a soil arsenic anomaly in the western grid area that measures approximately 1.1 km in length and ranges between 100 m and 600 m in width. The trend is open to the west, where no analytical results are pending, and appears to be centred on an interpreted northwest trending fault corridor that disrupts the main, east-trending airborne anomaly in this area. This is significant, since a northwest cross-structure and arsenic anomalism association are interpreted by the Company as being present in bedrock in the vicinity of the Touquoy Gold Mine to the northeast, A second area of arsenic anomalism occurs at the eastern limit of the Touquoy West claim group, where it adjoins St. Barbara holdings. In that instance, anomalism occurs along a length of approximately 500 m and across a width range of 50 to 400 m. This trend remains open to the east, onto St. Barbara holdings, and also appears to be open to the south and west. Like the western arsenic anomaly, this feature coincides with an interpreted northwest trending fault that offsets the main airborne survey trend.

Anomalous soil gold values are also presented in Figure 2, along with compiled results of historic till heavy mineral concentrate (HMC) gold surveying from Nova Scotia government sources. In comparison to soil samples, HMC samples typically have much higher anomalism thresholds due to their concentrated nature and this is represented in the Figure 2 legend by a gold threshold of 100 ppb. Soil gold values greater than 5 parts per billion (ppb) are also presented in Figure 2 and show coincident, but spatially irregular association with the two main soil arsenic anomalies discussed above. Scattered anomalous gold values also form a spatial group in the north-central grid area where anomalous historic till (HMC) gold values (>100 ppb) have been reported.

The company is very pleased with the initial Touquoy West Project b-horizon soil survey results discussed above, particularly in the spatially extensive and strong development of coherent arsenic anomalism, which coincides with significant north west cross cutting structures. Although much less common and systematic in their occurrence, low level gold values are present within, and generally support, the main soil arsenic trends defined to date. When currently pending soil program analytical results are received, they will be combined with current results to provide a more complete understanding of existing trends. The entire multi-element soil geochemistry and soil gold datasets will be modelled in detail at that time.

Figure 2 (https://market-alert.com/meguma-gold/)

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MegumaGold President Theo Van der Linde stated; "We are very pleased and excited about the initial soil geochemistry survey results returned for the Touquoy West Project. Meguma has been operating under the realization that the entire Meguma formation has the potential to host broad anticlinal structures, which are relatively uniform in setting and geology. To see arsenic and gold anomalism along the trend of our main airborne survey anomaly in this area is indeed encouraging. The two main arsenic-gold soil anomaly areas will be tested by Induced Polarization (IP) geophysical surveying in the next few weeks and combined datasets will be used to define core drilling targets for early 2020."

Review and Qualified Person

This press release has been reviewed and approved by Regan Isenor, Chief Executive Officer of MegumaGold Corp.; Michael Cullen, P. Geo., of Mercator Geological Services Ltd., an "Independent Qualified Person" as defined under National Instrument 43-101, has reviewed and approved technical information included in this press release.

Technical Notes

B-horizon soil samples were submitted to Eastern Analytical Ltd. (Eastern) in Springdale NL for preparation and analysis. After drying and sieving, a 30 gram fine pulp split was analyzed for gold using fire assay methods and atomic absorption finish (FA-AA). A second fine pulp split was prepared for multi-element analysis by Inductively Coupled Plasma (ICP) methods after four acid digestion. MegumGold's Quality Assurance and Quality Control protocol for the soil samples included systematic analysis of certified reference materials, blank samples and duplicate pulp splits. Eastern is a fully accredited commercial analytical services firm registered to ISO 17025 standards for gold and multi-element analysis procedures.

About MegumaGold Corp.

MegumaGold is a Canadian junior gold exploration company engaged in the business of acquiring, exploring and developing natural resource properties. During 2018, the Company has centered its exploration focus on the developing Meguma formation of Nova Scotia. As a result, the Company has assembled a strategically-positioned tenure of 107,114 hectares within the Meguma Gold District.

For more information please contact
Mr. Regan Isenor, Chief Executive Officer
902-233-4381
info@megumagold.com
www.megumagold.com

Forward-Looking Statements

All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to MegumaGold within the meaning of applicable securities laws including, without limitation economic estimates and any statements related to estimated mining costs. MegumaGold provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in MegumaGold's public filings under its SEDAR profile at www.sedar.com. Although MegumaGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. MegumaGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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