MegumaGold Corp (CSE:NSAU) (OTCMKTS:NSAUF) told investors it was "very pleased" with the ground geophysics work at its Touquoy West property in Nova Scotia.
Some of the results "indicate the presence of disseminated sulphide mineralization similar in style" to the adjacent Touquoy gold mine deposit, a few kilometers to the east, along the Moose river anticline trend, the resource group said on Monday.
The work has included a high resolution, combined ground magnetometer and VLF-EM survey completed late last year, and an induced polarization (IP) survey completed in February 2020.
"We are very pleased with the results from our ground geophysics program on the Touquoy West property, especially the IP survey results, that have been interpreted as indicating presence of disseminated iron sulphide mineralization on the property along the main anticlinal trend that extends continuously northeastward to the Touquoy Mine area," said Theo Van der Linde, MegumaGold president.
der Linde said these results along with those from soil geochemistry will be used to select this year's main drilling targets.
"The purpose of planned drilling will be to confirm the presence of disseminated sulphide mineralization at depth and to assess potential for presence of associated gold mineralization," he said.
25.83 line km of IP surveying
A total of 25.83 line km of IP surveying was completed over coincident soil geochemistry and ground anomalies in the middle of last month.
It's a busy spell for the firm. On February 20, it said it believes there was "significant potential" for new gold discoveries at its Killag project in Nova Scotia and has kicked off a geological study there.
Four days later, it revealed it had made a move into the currently hot palladium space with the acquisition of five mineral claims in the Similkameen mining division of British Columbia.
The company aims to immediately begin surface work, mapping and sampling there and planning for a bigger work program.
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