Meaghers Gold Property
- 6 mineral licences totalling 100 claims (1,620 Hectares)
- The property is located in South-Central Nova Scotia within the Halifax County, 39 km NE of the Halifax-Dartmouth conglomeration
- The Meaghers Property is located < 10 km from St Barbara’s Touquoy Mine (Total Measured and Indicated Reserves of 10.1 Mt @ 1.48 g/t Au (479,000 oz.); Staples et al., 2018). The property reveals similar geological and structural characteristics to that of the Touquoy Mine, such as exposures of the gold-bearing Goldenville Formation, the presence of warped and folded anticlines and a comparable magnetic signature.
- The Meaghers property reveals Au-As prospects, several DDH sunk for Au-Pb-Zn, two abandoned pits in the vicinity and on strike with a discrete magnetic anomaly associated with Atlantic four gold mines. This suggest the mineralized zones are still present on the property.
On December 4, 2019, the Company has entered into an option agreement with MegumaGold Corp. (“MGC”), whereby MGC may earn a 70% interest in the Meaghers Property. Under the terms of the agreement the MGC may earn up to a 70% interest in 6 Genius Metals mineral exploration licences totalling 100 claims (1,620 Hectares).
Upon MGC fully exercising the option in its entirety to earn 70% of the Meaghers Property, Genius Metals shall have the option to convert its remaining 30% interest into a 2% net smelter royalty (“NSR”), resulting in MGC owning a 100% interest, and Genius Metals owning a 2% NSR on the Meaghers Property. MGC will have an option to acquire 50% of the 2% NSR for $1.0 million, leaving Genius Metals with a 1.0% NSR.
(see full press release)
The Meaghers property forms part of the Meguma Terrane of southeastern Nova Scotia. It is underlain by folded Cambro-Ordovician age sedimentary sequences of the Meguma Group and extensive areas of Mid-Devonian granitoids. These Lower Paleozoic metasedimentary rocks (Meguma Group), folded into long EW-trending, doubly plunging folds were regionally metamorphosed to greenschist and locally to amphibolite facies during the Devonian Acadian Orogeny (ca. 400 Ma). The Meguma Group consists of the Cambrian Goldenville Formation metagreywackes, which are approximately 6.7 km thick and is conformably overlain by black slates of the Halifax Formation. Gold mining in Nova Scotia within the Goldenville Formation (ex; the Moose River Gold District) takes place in quartz veins, typically associated with the limbs and hinges of anticlines. Current mining operation by Atlantic Gold at the Touquoy Mine occurs <10 km from Genius Metals’ Meaghers property and confirm the extensive gold mineralization in the Goldenville Formation associated with the Moose River–Fifteen Mile Stream Anticline which extends along a WSW-ESE corridor throughout the Meaghers property.