MegumaGold Corp said it has kicked off drilling at its Elmtree gold project in New Brunswick, where it plans to sink up to 2,000 metres.
Elmtree hosts two significant gold deposits on the property - the West Gabbro Zone and the South Gold Zone.
According to a 2008 technical report, West Gabbro hosts 525,000 tons of indicated gold for nearly 1.3 million gold grams, with another 1.6 million tons or 3.1 million grams in the inferred category. The South gold zone hosts 2.4 million tons or around 1.8 million gold grams.
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MegumaGold said it plans to drill approximately 12 holes in its current program.
Based on historical maps, West Grabbro is hosted mainly within claim 7923 owned by MegumaGold, but extends westward onto a claim held by another company. The South Gold Zone is entirely within the company’s property.
Claim 7923 is one of 20 mineral claims wholly-owned by MegumaGold and comprising the Elmtree project. The claims cover 10,779 hectares spread over an area of prospective mineral land located 20 kilometres northwest of Bathurst, New Brunswick.
MegumaGold is focused on exploring the Meguma Supergroup of Nova Scotia that hosts the producing Touquoy gold mine plus several other advanced-stage gold deposits. The company has assembled a strategically positioned, district-scale tenure position within the Meguma Gold District, in addition to the Elmtree project in New Brunswick.
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