MegumaGold Expands Gold and Arsenic Anomalies on Strike of St Barbara’s Touquoy Mine

HALIFAX, Nov. 29, 2019 - MegumaGold Corp. (CSE: NSAU, OTC: NSAUF, FWB: 2CM2) (“MegumaGold” or the “Company”) is pleased to announce additional soil geochemical results with elevated arsenic and gold values for its Touquoy West Project (“Touquoy West”). These results, combined with the results disclosed earlier by the Company (see our press release dated November 19, 2019), define large gold-arsenic anomalies trending along the west extension of the Moose River anticline which hosts St Barbara Ltd.’s open pit Touquoy Gold Mine. This anticline can be traced along an aeromagnetic trend that extends across MegumaGold’s Touquoy West holding and continues through the Touquoy Gold Mine area located approximately 4 km to the northeast as shown in Figure 1.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/670439a1-9712-4c5f-b632-9aef3ba8bf71

MegumaGold President Theo Van der Linde commented: “It’s very exciting to see these large anomalies take shape. Many of the larger gold deposits in Nova Scotia are associated with arsenic haloes in surrounding rocks and soils. We’re seeing the proper geo-chemical indicators along a structure with proven ability to host large, low cost, disseminated gold deposits. The Touquoy West anomalies occur right over top of the magnetic trend that extends westward from the Touquoy Mine through the previously operating Higgins and Lawlor Mine, the Stillwater Mine and on to the Sheelite Mine.”

The combined geochemical results define two well-developed soil anomalies with elevated gold values ranging from 5 to 34 parts per billion (ppb) within a halo of anomalous arsenic values ranging from 30 and 900 parts per million (ppm). These anomalies overlie areas where the main aeromagnetic trend is intersected by northwest trending cross structures in a setting considered by the company to be similar to St Barbara’s Touqouy Gold Mine. The western geochemical anomaly is expanded to a strike length exceeding 2,000 m and a width ranging from 100 to 700 m. The western anomaly remains open along strike to the southwest as shown on Figure 2. This map also identifies areas of the survey grid for which analytical results are still pending but expected within the next two weeks.

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/37d49ce2-31f5-48f0-ac53-11d02068257b

Theo Van der Linde continues: “Receipt of additional anomalous arsenic and gold soil geochemistry survey results for Touquoy West is very encouraging and we’re eagerly awaiting receipt of remaining results. We are also revising current exploration plans for this area to include an expanded program of grid-based Induced Polarization (IP) surveying over a longer strike length to account for the sheer size of the soil anomaly trend. The Company’s intention is to accelerate exploration work on this very significant target area.”

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. MegumaGold’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 1725 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

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