It’s a province with a rich history of gold mining: Nova Scotia, with its first gold rush in 1861. Perhaps not as famous as the gold rushes in California and South Africa – but the gold frenzy gave birth to several communities in the Canadian province.
Most of the gold mining in the Nova Scotia has taken place south of what is called the Minas Fault Zone, bisecting the province in the region known as the Meguma Terrance.
Taking its name from the region, MegumaGold Corp (CSE:NSAU, OTCMKTS:NSAUF, FSE: 2CM) is aiming to establish the premier gold exploration opportunity base within Nova Scotia’s swiftly developing Meguma Gold Belt.
“MegumaGold continues to expand its mineral tenure position in Nova Scotia with the objective of capitalizing on an emerging disseminated-gold district,” Regan Isenor, CEO of MegumaGold, said at a recent conference.
“Nova Scotia’s Meguma gold district has similarities to the development of Nevada’s Carlin Gold District, as we continue to understand the disseminated gold model and its relation to past producing high-grade nuggety style gold occurrences across the province.
Meguma’s land position keeps expanding
In May 2018, the company acquired 3,888 claims in the emerging Meguma Gold belt, becoming one of the largest gold claim holders in Nova Scotia.
MegumaGold said it has worked to continuously build that land position through acquisition, to 11,205 claims.
The company’s 11,205 mineral claims represent more than 179,200 hectares, equivalent to about 1,792 sq/km of exclusive exploration opportunities.
The company is focused on its land acquisition activities, which are clustered around structures bearing known gold occurrences with the correct geology to host disseminated style bulk tonnage deposits which have not been explored for in the past.
MegumaGold says it believes it now controls the largest anticlinal coverage position within Nova Scotia, and estimates it holds approximately 466 km (total strike-length) of gold-prospective anticlines. In geology terms, anticlines are folds in rock that are convex up (think, a frowning face) and has its oldest beds at its core.
Financing in place
In January the company raised C$2,205,000 of flow-through at $0.20, while in April of 2018 the company has raised C$2,016,500 at $0.20.
In May the company raised C$3,565,410 of flow-through at $0.30.
Company completes airborne study this summer
This summer, the company completed one of the largest airborne survey programs in Nova Scotia’s recent exploration history.
In August, MegumaGold conducted a 12,342 km helicopter-aeromagnetic and radiometric survey and acquired 1,110 square kilometers of data.
"We are in the first wave of a new golden era in Nova Scotia,” MegumaGold President Theo van der Linde said in a recent release. “MegumaGold is positioned as the second company to spend sufficient capital to do justice to its large and consequential land package.”
MegumaGold has started drilling
In November 2018, MegumaGold began drilling to confirm the presence of gold mineralization at 10 or more targets, including those from the helicopter-supported survey.
“We just started drilling last week,” said Isenor. “It’s going well, and we have a plan to go further with 40 targets that are being permitted. For now, we’re drilling out the top 10 permits. The next program will include both RC and diamond drilling.
The first phase of drilling of the RC Program started at Moser Lake, which is on strike and contiguous to the east end of Atlantic Gold’s 15 Mile Stream project.
The company said it has positioned itself strategically and plans to capitalize on the potential of a major gold camp in the making.
“Nova Scotia’s vast mineral potential has been understated but has incredible potential,” says Isenor.
“It’s beginning to see a lot more attention and people are beginning to recognize that it could represent one of the more compelling precious metals areas in Canada going forward, as the disseminated style bulk tonnage model continues to prove its economic viability."