MegumaGold Corp., a Canadian junior gold exploration company, reports that it expects to start core drilling in early August at the company’s Caribou Gold Project situated in Nova Scotia, Canada.
The project includes 16 contiguous mining claims (256 hectares) situated 80 km to the northeast of Halifax, Nova Scotia. Nova Scotia government records for the Caribou Gold District denote that the area produced a little more than 100,000 ounces of gold from 1869 to 1955.
Caribou Drilling Program
MegumaGold has retained Maritime Diamond Drilling Ltd. from Brookfield, Nova Scotia, to perform a multi-hole diamond drilling program at Caribou that will evaluate the primary styles of gold mineralization presently defined in the area of the past-producing Holman Mine.
This was the biggest historical mine located in the Caribou Gold District and was run by Consolidated Mining and Smelting Ltd. (Cominco) from 1932 to 1947.
The gold production’s primary source was a plunging quartz stockwork zone formed over a vertical distance of around 220 m and along a length of about 400 m. Successive exploration by Seabright Exploration Inc. in the 1980s determined further parallel, gold-bearing stockwork zones that have not been completely delineated so far by drilling.
A northwest-trending structural corridor crossing the northeast-trending Caribou Anticline controls the location of the plunging stockwork zones. Cominco even mined various bedding-parallel quartz veins, the most prominent of which was the “High Grade Vein.” The average gold grade noted during Cominco’s production period is approximately 14 g/t.
The previous operator, Scorpio Gold Corp., revealed in 2007 a historical estimate for the Caribou Gold Project, which included 350,305 tons grading 5.83 g/t gold (67,425 contained gold ounces) in the Inferred mineral resource category with a gold grade capping factor of 47 g/t.
This historical estimate has been explained in a NI 43-101 Technical Report authored by G. MacGillivray, P.Geo. titled, “NI 43-101 Technical Report for the Caribou Gold Property, Upper Musquodoboit, Halifax County, Nova Scotia, N.T.S. 11E/2B” dated September 25th, 2007. The technical report was filed on SEDAR under Scorpio Gold Corp. The mineral resource estimate was made by Scorpio Gold Corp. It is historical and should not be relied upon.
This historical estimate was formed using a database of 371 drill holes and 1,599 chip or channel samples and polygonal estimation techniques using Surpac® Vision software and was categorized as per the CIM definition standards at the time. Also, a gold grade capping factor of 47 g/t was employed.
A Qualified Person has not done adequate work to categorize the historical estimate as an existing mineral resource for MegumaGold, and the company does not consider this historical estimate as an existing mineral resource estimate.
Validation of the related database together with all facets of the modeling methods employed by a Qualified Person would be essential to make this historical estimate current. This work has not been performed so far by MegumaGold.
Geological Modeling Program
Mercator Geological Services Limited of Dartmouth, Nova Scotia, is also performing a Seequent-Leapfrog® digital geological modeling program of the project. The project’s underground sampling results, historical drilling database, and a digital model of historical mine workings are being integrated into a 3D geological model to find drilling targets for the August diamond drilling program.