• Thick near surface gold mineralization intersected in all the seven holes
• High-grade gold of 2.20m @ 10.92g/t gold and 1.35m @ 12.60g/t gold intersected at ET21-05
• Thick mineralized intervals from 23.28m @ 3.46g/t gold and 71.10m @ 2.18g/t gold

MegumaGold Corp. (CSE: NSAU) is pleased to announce that it has drilled thick core intervals ranging up to 3.46 grams/tonne gold over 23.28 metres, including samples grading up to 12.60 g/t gold over 1.35 metres at the Elmtree Gold Project located in New Brunswick, Canada. All seven holes were drilled into the West Gabbro Zone for a total of 707 metres with results shown on the following table:

*Drill core interval; not true width.

All seven holes were drilled into the WGZ over a strike length of 70 metres and to a down-hole depth of 120 metres as shown on the following map:

Map is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/bb881377-0de3-41e3-bf4f-c047cf8b00a1

Theo van der Linde, President of the Company stated, “We are very excited about the drilling results from the Elmtree Project, particularly the broad near-surface gold intercepts as they confirm historical results. 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.”

QA-QC Procedures: Core was secured in trays and delivered to a facility in Bathurst, New Brunswick where it was logged and marked for sampling. Sample lengths range from 0.4 to 1.5 metres and core marked for sampling was sawn in half. One half was retained in the core trays for reference and the other half placed in sample bags. Blanks and standards were inserted in the sample sequence. The sample bags were delivered to the ALS Chemex laboratory in Moncton, New Brunswick for gold analysis using ALS Chemex code Au-AA23. The previous drilling data results mentioned above in this news release are based on historical data that predates NI43-101 procedures. Conversion factor 34.286 g/t = 1 ounce per ton.

The Elmtree Project

The Elmtree Project is host to two significant gold deposits known as the WGZ and the South Gold Zone drilled by previous workers in 1985 and 1986. They reported core intervals of pyrrhotite-pyrite-arsenopyrite mineralization grading up to 7.61 grams/tonne (g/t) gold over 6.4 metres (hole ME85-04) and individual core samples grading up to 16.77 g/t gold over 1.28 metres (hole ME86-34). A technical report “Technical Report on Mineral Resource Estimate – Elmtree Gold Property” was filed February 12, 2008 on SEDAR and can be found at https://www.sedar.com/. In this report, indicated and inferred resources are estimated as follows:

The WGZ is hosted mainly within claim 7923. The SGZ is entirely within claim 7923. Claim7923 is a 2-unit mineral claim covering 44 hectares. Claim 7923 is one of 20 mineral claims wholly-owned by MegumaGold and comprises 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.

Qualified Person

The technical information in this news release was reviewed by Mike Taylor, P.Geo, a director of the Company and a qualified person as defined by National Instrument 43-101 (NI 43-101).

About MegumaGold Corp.

MegumaGold Corp. is a Canadian junior gold exploration company engaged in the business of acquiring, exploring, and developing natural resource properties. MegumaGold has centered its exploration focus on the Meguma Supergroup of Nova Scotia that hosts the producing Touquoy Gold Mine plus several other advanced-stage gold deposits. As a result, MegumaGold has assembled a strategically positioned, district-scale tenure position within the Meguma Gold District. MegumaGold also controls the Elmtree Gold property located in an emerging potential gold district in New Brunswick.