MegumaGold Field Work Underway on Extensive Property Holding Along Regional Gold Corridors

Halifax, Nova Scotia--(Newsfile Corp. - July 30, 2019) - MegumaGold Corp. (CSE: NSAU) (OTC Pink: NSAUF) (FSE: 2CM2) ("MegumaGold" or the "Company") is pleased to announce that field programs are now underway on a priority basis within its extensive exploration holding in the eastern Nova Scotia goldfields. Ground geophysical and geochemical (till) surveys are the current focus of field work and will continue without interruption over the next 3 months. These programs have been designed to enhance geological interpretations developed to date for the regional gold corridors covered by the Company's holdings and further define high priority targets in the vastly under explored anticlinal structures which host St. Barbara's. (formerly Atlantic Gold) Touqouy, Beaver Dam, 15 Mile Stream and Cochrane hill deposits.

The till geochemistry program has been designed to provide a basic property-scale multi-element and gold data set that can be interpreted in combination with the extensive lithogeochemistry, till, stream and soil geochemistry datasets already compiled by the Company. The current till program includes approximately 250 sample sites and is being carried out by field crews operating from a field base located approximately 150 km east of Halifax, NS. Multi-element data from fine fraction till materials will be assessed using proprietary modelling approaches developed for the Company in 2018. These have provided lithogeochemical factor definition of bedrock alteration signatures associated with gold-prone structural corridors. The till sampling is being carried out in areas that typically have very low outcrop percentages and multi-element plus gold results from the program will augment the very large lithogeochemical database assembled to date by the Company. Till sample volumes are sufficient to support heavy mineral concentration processing plus subsequent gold grain analysis. It is anticipated that such work will be focussed in areas of interest identified by the alteration geochemistry assessment provided by the initial fine fraction multi-element (plus gold) analysis program.

Ground geophysical surveying is also being carried out on selected properties of the Company's holdings. Very Low Frequency Electro-magnetic (VLFEM) surveying and high resolution magnetic field surveying are being carried at two scales, these being, widely spaced transects (1km or more spacing) and grid scale (200m spacing) resulting in a total of 65km lines. The purpose of the widely spaced lines is to provide property-scale initial assessments of bedrock conductivity trends that may identify either contacts of thick argillite sequences or faulted/sheared anticlinal hinge zones. The grid scale work will be carried out in areas where historic survey data define trends of interest and will serve to spatially ground-truth such conductivity trends. Compilation of historic exploration data by the Company has shown that conductivity anomalies of various proportions commonly mark fold hinge zones and, in some instances, thick argillite package extents in important Nova Scotia gold deposit locations. Examples of this association are found in the Goldboro, Fifteen Mile Stream, Beaver Dam and Touquoy gold deposit areas.

Theo van der Linde, the President of MegumaGold Corp. stated; "We are pleased to see that the summer 2019 till geochemistry and ground geophysics programs are underway and progressing smoothly. Data generated by these programs will be integrated with existing datasets to further assess the Company's large land holding in eastern Nova Scotia and define gold bearing targets. We are continuing to separately develop 2019 exploration programs for properties that have already been identified as being of high priority. This includes properties that are favourably positioned along-strike from the Touquoy, Cochrane Hill and Fifteen Mile Stream gold deposit properties held by St. Barbara Ltd.as well as along strike from the Goldboro deposit property held by Anaconda Mining Inc."

Review and Qualified Person

This press release has been reviewed and approved by Regan Isenor, Chief Executive Officer of MegumaGold Corp.; Michael Cullen, P. Geo., of Mercator Geological Services Ltd., an "Independent Qualified Person" as defined under National Instrument 43-101, has reviewed and approved reporting of the composite rock sampling results included in this press release.

About MegumaGold Corp.

MegumaGold is a Canadian junior gold exploration company engaged in the business of acquiring, exploring and developing natural resource properties. During 2018, the Company has centered its exploration focus on the developing Meguma formation of Nova Scotia. As a result, the Company has assembled a strategically-positioned tenure of approximately 180,000 hectares within the Meguma Gold District.

For more information please contact
Mr. Regan Isenor, Chief Executive Officer
902-233-4381
info@megumagold.com
www.megumagold.com

Forward-Looking Statements

All statements in this presentation, other than statements of historical fact, are "forward-looking information" with respect to MegumaGold within the meaning of applicable securities laws including, without limitation economic estimates and any statements related to estimated mining costs. MegumaGold provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in MegumaGold's public filings under its SEDAR profile at www.sedar.com. Although MegumaGold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. MegumaGold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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