The firm holds around 107,000 hectares within the Meguma gold district and is focused on finding wide-spread, disseminated gold. The work is aimed at defining drill targets at the property.
Significantly, Touquoy West covers the southwest extension of the geological sequence that hosts St Barbara Ltd's currently producing Touquoy gold mine.
It covers 4.3 km strike length of "excellent exploration potential" along the Touquoy gold mine trend, immediately southwest of, and adjoining, St Barbara's land, the explorer said.
"Initiation of field programs on our Touquoy West property marks an important milestone in the progression of exploration on the company's extensive holdings in the Nova Scotia goldfields," Theo van der Linde, president of MegumaGold Corp told investors Thursday.
"The property's highly prospective strike extension location relative to the adjoining St Barbara Touquoy Gold Mine trend, combined with the lack of detailed historic exploration over this area, provides an excellent opportunity for the company to move rapidly forward through grid scale programs to early development of good quality core drilling targets."
van der Linde said the firm's field-work focus is on developing additional drilling targets late in the fourth quarter of this year.
Visible gold grains
Previously at Touquoy West, heavy mineral concentrates from six till samples were collected within 200 metres (m) of the St Barbara boundary by Acadian Gold Ltd and returned visible gold grains, noted MegumaGold.
Earlier till geochemistry by Seabright Exploration Inc in 1987 returned gold values in heavy mineral concentrate (HMC) samples from Touquoy West that ranged between the 2.5 parts per billion (ppb) gold detection limit and 3,350 ppb.
Shares surged 13% in Toronto to stand at C$0.17 each.
---Updates for share price--
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