Megumagold Corp. (CSE:NSAU, OTC:NSAUF) has said the metallurgical testing of core samples from the Elmtree project in New Brunswick is nearly complete, showing the promise of gold.
The Vancouver-based company said the metallurgical tests follow a diamond drilling program completed in December 2021, which resulted in thick core intervals ranging up to 3.46 grams/tonne (g/t) of gold over 23.28 metres, including samples grading up to 12.60 g/t gold over 1.35 metres. The drilling program was comprised of seven holes drilled into the West Gabbro Zone for a total of 707 metres.
After assays were completed, the samples were sent to Blue Coast Research, direct from the ALS Laboratory in Moncton, New Brunswick. The test work is expected to wrap up this month, according to MegumaGold.
READ: MegumaGold reports encouraging drill results near historic workings at Caribou gold project, Nova Scotia
The Elmtree Project is host to two significant gold deposits known as the West Gabbro Zone (WGZ) and the South Gold Zone (SGZ) drilled by previous workers in 1985 and 1986, the company said.
Those workers reported core intervals of pyrrhotite, pyrite, and arsenopyrite mineralization grading up to 7.61 g/t over 6.4 metres in hole ME85-04, and individual core samples grading up to 16.77 g/t over 1.28 metres in hole ME86-34, MegumaGold said.
A 2008 technical report filed by Stratabound Minerals (TSX:SB) Corp showed the total deposit at WGZ is estimated to contain 1,286,800 grams of gold, and as much as 3,129,560 grams. Meanwhile, the report said SGZ could contain up to 1,751,580 grams of gold, according to the report quoted by MegumaGold.
The WGZ is hosted mainly within claim 7923. The SGZ is entirely within claim 7923, the company said.
Claim 7923 is a two-unit mineral claim covering 44 hectares. Claim 7923 is one of 20 mineral claims wholly-owned by MegumaGold and covers 10,779 hectares spread over an area of prospective mineral land located 20 kilometres northwest of Bathurst, New Brunswick, according to the company.
MegumaGold is a Canadian junior gold exploration company focussing on the Meguma Supergroup of Nova Scotia that hosts the producing Touquoy Gold Mine plus several other advanced-stage gold deposits, plus the Elmtree project.
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