MegumaGold Corp revealed that it has hit thick, near-surface gold mineralization from drilling at its Elmtree gold project in New Brunswick, Canada.
One hole hit 23.28 metres (m) starting from 3.47m depth, which graded 3.46 grams per ton (g/t) gold. Another hit 6.04m from 29.96m depth at 6.14 g/t of the precious metal. Other highlights included 10.92 g/t of gold over 2.2m, starting from 82.3m depth.
"We are very excited about the drilling results from the Elmtree Project, particularly the broad near-surface gold intercepts as they confirm historical results," said Theo van der Linde, president of the company.
"We plan to conduct additional drilling to better define the mineralization and a review of the historical resource. We look forward to the outcome of the program we plan to put in place," he added.
READ: MegumaGold starts drilling at its Elmtree gold project in New Brunswick
The results come from seven holes, which were drilled into the West Gabbro Zone (WGZ) for a total of 707 metres (m).
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.
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.
Contact the writer at giles@proactiveinvestors.com