AuMEGA Identifies Major New Anomaly at the Cape Ray Project
AuMEGA Metals (OTCQB: AUMMF) has identified a significant new untested anomaly at its Cape Ray Project in Newfoundland and Labrador, Canada. The discovery, located 500 metres southeast of the Central Zone deposits, was revealed through an Airborne Time Domain Electromagnetic (EM) survey.
The newly identified anomaly extends 1,000 metres along strike and is 500 metres wide, with characteristics matching the Central Zone deposits that currently host 420,000 ounces of Indicated gold resources and 141,000 ounces of Inferred resources. Notably, a historical sample near the anomaly returned 111.5 g/t gold.
The company plans to commence a fully funded drilling program in Q4 2025 to test this new target, along with several other newly identified EM anomalies across the property.
AuMEGA Metals (OTCQB: AUMMF) ha identificato una significativa nuova anomalia non testata nel Cape Ray Project, a Newfoundland e Labrador, Canada. La scoperta, situata a 500 metri a sud-est dei depositi della Central Zone, è stata rivelata tramite una rilevazione elettromagnetica a dominio temporale aerotrasportato (EM).
La nuova anomalia identificata si estende 1.000 metri lungo la faglia ed è larga 500 metri, con caratteristiche che corrispondono ai depositi della Central Zone che attualmente ospitano 420.000 once di risorse aurifere indicate e 141.000 once di risorse inferite. Da notare che un campione storico vicino all’anomalia ha restituito 111,5 g/t oro.
La società prevede di avviare nel quarto trimestre 2025 un programma di trivellazioni interamente finanziato per testare questa nuova target, insieme a diverse altre nuove anomalie EM identificate sull’intera proprietà.
AuMEGA Metals (OTCQB: AUMMF) ha identificado una anomalía nueva significativa no probada en su Cape Ray Project, en Newfoundland y Labrador, Canadá. El descubrimiento, ubicado a 500 metros al sureste de los depósitos de la Central Zone, se reveló mediante un levantamiento electromagnético de dominio temporal aéreo (EM).
La anomalía recién identificada se extiende 1.000 metros en strike y tiene un ancho de 500 metros, con características que coinciden con los depósitos de la Central Zone que actualmente alojan 420.000 onzas de recursos de oro indicados y 141.000 onzas de recursos inferidos. Cabe destacar que una muestra histórica cercana a la anomalía arrojó 111,5 g/t de oro.
La empresa planea iniciar un programa de perforación totalmente financiado en el 4to trimestre de 2025 para probar este nuevo objetivo, junto con varias otras anomalías EM recién identificadas en la propiedad.
AuMEGA Metals (OTCQB: AUMMF) 는 캐나다 뉴펀들랜드 래브라도 주 Cape Ray 프로젝트에서 중요한 새로운 미확인 이상을 확인했습니다. 발견은 Central Zone 매장지에서 남동쪽으로 500미터 떨어진 위치에 있으며, 항공 시효 영역 전자자기(EM) 탐사를 통해 밝혀졌습니다.
새로 식별된 이상은 스트라이크 방향으로 1,000미터 확장되며 폭은 500미터이고, 현재 420,000온스의 표시된 금 자원과 141,000온스의 추정 자원을 보유한 Central Zone 매장지의 특성과 일치합니다. 특히 이상 근처의 역사적 샘플은 111.5 g/t의 금을 나타냈습니다.
회사는 이 새로운 목표를 테스트하기 위해 2025년 4분기에 전액 자금 지원 드릴링 프로그램을 시작하고, 자산 전반에 걸쳐 새로 식별된 여러 EM 이상도 테스트할 예정입니다.
AuMEGA Metals (OTCQB: AUMMF) a identifié une anomalie neuve et significative non vérifiée dans son Cape Ray Project à Terre-Neuve-et-Labrador, Canada. La découverte, située à 500 mètres au sud-est des dépôts de la Central Zone, a été révélée via une prospection électromagnétique aéroportée à domaine temporel (EM).
L’anomalie nouvellement identifiée s’étend sur 1 000 mètres le long de la ligne et fait 500 mètres de large, avec des caractéristiques qui correspondent aux dépôts de la Central Zone qui abritent actuellement 420 000 onces de ressources aurifères indiquées et 141 000 onces de ressources présumées. Notamment, un échantillon historique proche de l’anomalie a retourné 111,5 g/t d’or.
L’entreprise prévoit de lancer au cours du Q4 2025 un programme de forage entièrement financé pour tester cette nouvelle cible, ainsi que plusieurs autres anomalies EM nouvellement identifiées sur la propriété.
AuMEGA Metals (OTCQB: AUMMF) hat eine bedeutende neue ungetestete Anomalie bei ihrem Cape Ray-Projekt in Newfoundland und Labrador, Kanada, identifiziert. Die Entdeckung, 500 Meter südöstlich der Central Zone-Vorkommen, wurde durch eine fluggestützte Zeitbereich-EM- Vermessung enthüllt.
Die neu identifizierte Anomalie erstreckt sich 1.000 Meter entlang der Streichtlinie und ist 500 Meter breit, mit Merkmalen, die mit den Central Zone-Vorkommen übereinstimmen, die derzeit 420.000 Unzen Indizierte Goldressourcen und 141.000 Unzen Abgeschätzte Ressourcen beherbergen. Bemerkenswert ist, dass eine historische Probe in der Nähe der Anomalie 111,5 g/t Gold ergab.
Das Unternehmen plant, im Q4 2025 ein vollständig finanziertes Bohrprogramm zu beginnen, um dieses neue Ziel zu testen, zusammen mit mehreren weiteren neu identifizierten EM-Anomalien auf dem Grundstück.
AuMEGA Metals (OTCQB: AUMMF) حددت أنموذجاً هاماً وجديداً غير مُختَبَر في Cape Ray Project بمقاطعة نيوفاوندلاند ولابرادور في كندا. الاكتشاف، الواقع على بعد 500 متر جنوب شرق مناطق Central Zone، كُشف عنه عبر مسح مغناطيسي كهرومغناطيسي جوي (EM) بنطاق الزمن.
يمتد الأنموذج الجديد 1.000 متر على طول خط الاستواء ويبلغ عرضه 500 متر، مع خصائص تتطابق مع رواسب Central Zone التي تستضيف حالياً 420.000 أونصة من الموارد الذهبية المؤشرة و141.000 أونصة من الموارد المقدرة. من الجدير بالذكر أن عينة تاريخية قرب الأنموذج أعادت 111.5 ج/طن من الذهب.
تخطط الشركة لبدء برنامج حفر ممول بالكامل في الربع الرابع من 2025 لاختبار الهدف الجديد، إلى جانب عدة أنماط EM جديدة مُحدّدة عبر الملكية.
AuMEGA Metals (OTCQB: AUMMF) 在加拿大纽芬兰与拉布拉多省Cape Ray项目识别出一个重要的未测试异常。该发现位于 距离Central Zone矿体东南方向500米，通过航空时域电磁（EM）调查揭示。
新识别的异常在走向上延伸 1,000米，宽度为 500米，其特征与目前容纳 420,000盎司 标示性金资源和 141,000盎司 推定资源的Central Zone矿床相匹配。值得注意的是，异常近旁的历史样本回收出 111.5 g/t 金。
公司计划在2025年第四季度启动一项全额资金支持的钻探计划，以测试这一新目标，以及在该矿区内新识别的若干EM异常。
- Discovery of major new anomaly with similar geophysical signature to existing gold deposits
- Historical sample near new anomaly returned exceptional grade of 111.5 g/t gold
- Project currently hosts 561,000 ounces of total gold resources
- Multiple additional EM anomalies identified with similar characteristics to known deposits
- Fully funded drilling program scheduled for Q4 2025
- New anomaly area is mostly undercover, making exploration more challenging
- No previous drilling in the target area despite promising indicators
Key Highlights
- Major, Untested Anomaly Identified: New anomaly located 500 metres southeast of the Central Zone deposits; never drill tested despite a historical sample of 111.5 g/t gold collected nearby1.
- Central Zone "lights-up": Largest gold deposit at the Cape Ray Project ("Cape Ray") exhibits extremely strong conductivity values that match gold-bearing host rocks.
- Pipeline of Opportunities Expands: Other conductive anomalies point to possible new gold-bearing trends in underexplored areas of Cape Ray.
- Near-term Drilling: Fully funded drill program to test the new anomaly scheduled for the fourth quarter 2025.
Edmonton, Alberta--(Newsfile Corp. - October 2, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to report results from its recently completed Airborne Time Domain Electromagnetic ("EM") survey at the Cape Ray, located along the Cape Ray-Valentine Shear Zone ("CRSZ") in Newfoundland and Labrador, Canada.
The survey successfully delineated known mineralisation at the Central Zone deposits and, importantly, identified several new highly conductive zones with the potential to represent previously unrecognised mineralised trends.
AuMEGA Metal's Managing Director and CEO, Sam Pazuki, commented:
"The EM survey delivered exactly what we wanted — clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies. Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature. It's a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray.
"With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada."
Figure 1: AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure
To view an enhanced version of this graphic, please visit:
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Overview
The Cape Ray Project currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources, based on a gold price of US
In July 2025, the Company completed an airborne EM survey across its mineral resource corridor at Cape Ray. The 930 line-kilometre survey successfully detected conductive zones beneath cover, including graphite and sulphide rich zones that are closely linked with gold mineralisation in the district.
At Cape Ray, the Central Zone deposits are hosted within a graphitic schist horizon in the Windsor Point Group sediments. The EM survey successfully delineated the known Central Zone deposit while identifying multiple new conductive zones that have potential to expand the mineralised footprint.
Many anomalies remain open along strike and at depth, indicating the mineralised system could extend well beyond current resource boundaries.
Major Anomaly Identified
The survey identified a major new EM anomaly with conductivity strength, scale and orientation that is comparable to the Central Zone deposits (Figure 2).
- Located only 500 metres southeast of Central Zone;
- Currently extends at least 1,000 metres along strike and approximately 500 metres wide;
- Remains open along strike, as the EM response continues beyond the edge of the survey limits; and,
- EM anomaly coincides with a significant north to east trending folded structure truncated by a second order splay structure from the CRSZ.
The anomaly is interpreted as a portion of Windsor Point Group sediments, including graphitic schist, thrust into the hangingwall stratigraphy. Most of the known Cape Ray Mineral Resource is hosted in the Windsor Point Group sediments and its graphitic schist horizon is a strong EM conductor. As a result, this target is now classified as a high priority drill target.
Figure 2: Major EM Anomaly Southeast of the Central Zone deposits
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This area, which is almost entirely undercover, has seen limited historical exploration due to its concealed geology, despite the Central Zone access road cutting directly through it. Past work was restricted to sparse soil and till sampling and a broad-spaced Heavy Mineral Concentrate ("HMC") survey, which returned a standout sample grading 111.5 g/t gold3. The very high-grade sample was collected near the EM source, adjacent to a major second-order hangingwall structure off the CRSZ. Importantly, no drilling has ever been completed in this target area (Figure 2).
With the EM survey now delineating a strong, large-scale conductor in this setting, the anomaly has become a top-priority exploration target. It has the potential to represent an entirely new mineralised trend, comparable to or larger than the existing Central Zone deposits.
Crews are currently on the ground conducting a till geochemical survey, sampling and geological mapping program, with drilling planned before year-end to test this high-impact target. This work is fully funded and markets a key step toward advancing a potential new discovery at Cape Ray.
Figure 3: Electromagnetic anomalies adjacent to the Central Zone resource areas.
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Several Additional EM Anomalies
In addition to the newly defined large-scale anomaly, the EM survey also delineated multiple additional conductive zones across Cape Ray and along the eastern boundary of the Long Range Project. These anomalies exhibit EM responses comparable to the Central Zone deposits and frequently align with major second- and third-order structures branching off the CRSZ. In several cases, the anomalies are further supported by coincident geochemical signatures, reinforcing their exploration significance and discovery potential.
Key anomalies include:
- Major EM Anomaly (Figure 3 & 4): Located south of Window Glass Hill Granite within Windsor Point Group sediments, the same host sequence that contains most of the Company's resources. This anomaly sits 300 to 1,500 metres along strike from historical drilling in a structural setting analogous to Central Zone.
- Anomaly B (Figure 4): Situated at Cape Ray West in a position comparable to Central Zone, along the interpreted southeastern boundary of the Windsor Point Group. The combination of strong EM conductivity (graphitic schist) and a favourable structure position mirror the Central Zone setting. First-pass mapping and geochemical sampling were completed in July 2025, with assay results pending.
- Anomaly C (Figure 3 & 4): Lies east of Central Zone, where previous drilling likely tested the wrong horizon. Historical gold-in-soil anomalism coincides directly with this EM response, making it a strong follow-up target.
- Anomaly D (Figure 4): Defined along the southwestern edge of the EM survey with approximately 800 metres of strike, representing a newly recognised trend with minimal historical exploration. The area is supported by a 550-metre-long historical gold-in-till anomaly and a 2023 float sample (MR001585) that graded 4.38 g/t gold, 49 g/t silver, and
1.38% copper4.
These anomalies underscore a growing pipeline of untested targets across Cape Ray that share the same geophysical, geological and structural characteristics as existing deposits, providing multiple pathways for future resource growth.
Figure 4: Several EM Anomalies Identified at Cape Ray
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AuMEGA is developing detailed work plans to advance these targets in 2025, including:
- Priority surficial geochemical sampling programs on high-priority EM anomalies, highlighting gaps in historical surveys;
- Detailed mapping and rock sampling to refine structural and lithological controls; and,
- Reverse circulation or diamond drilling.
Other
In August 2025, AuMEGA completed an extensive till geochemical survey across the Cape Ray West area, collecting 1,082 till samples and 91 rock samples over 16 km². Historical data confirms a strong correlation between till anomalies and known gold deposits at Cape Ray (Figure 5), underscoring the significance of this dataset.
Pending assay results, expected in the near term, will be integrated with EM and magnetic data to build a multi-layered targeting model supporting the next round of drilling at Cape Ray.
Figure 5: Cape Ray West Till and Rock Sampling Program
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< END >
This announcement has been authorised for release by the Company's Board of Directors.
To learn more about the Company, please visit www.aumegametals.com, or contact:
Sam Pazuki, Managing Director & CEO
Canada Phone: +1 780 665 4925
Australia Phone: +61 8 6117 0478
Email: info@aumegametals.com
About the Company
AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) is utilising best-in-class exploration to explore on its district scale land package that spans 110 kilometers along the Cape Ray Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Equinox Gold's Valentine Gold Project, a multi-million-ounce deposit which is the region's largest gold project, along with AuMEGA's expanding Mineral Resource.
The Company is supported by a diverse shareholder registry of prominent global institutional investors, and strategic investment from B2Gold Corp, a significant, intermediate gold producer.
Additionally, AuMEGA holds a 27-kilometre stretch of the highly prospective Hermitage Flexure and has also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland, which exhibits strong potential for copper and other base metals.
AuMEGA's Cape Ray Shear Zone hosts several dozen high potential targets along with its existing defined gold Mineral Resource of 6.1 million tonnes grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources5.
AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada.
Reference to Previous Announcements
In relation to this news release, all data used to assess targets have been previously disclosed by the Company and referenced in previous JORC Table 1 releases. Please see announcements dated: 30 May 2023, 24 August 2023 as well as Newfoundland and Labrador Mineral Assessment Report #011O/0326 submitted by Dolphin Exploration LTD in 1988.
In relation to the Mineral Resource estimate announced on 30 May 2023, the Company confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Competent Person's Statements
Geophysics
AuMEGA contracted Axiom Exploration Group Ltd. in conjunction with RPM Aerial Services and Breton Air to fly a TDEM survey using Axiom's proprietary 30Hz XciteTM TDEM system which collected both time domain electromagnetic and magnetic data simultaneously. Flight lines were spaced 100 metres apart at an orientation of 152-332° with tie lines spaced at 1000 metres at an orientation of 62-242°. The survey covered a total area of 59.5 kilometres2.
Historic Results
Some data disclosed in this news release is related to historical sampling. The company has not independently analyzed the results in order to verify the results; however, the Company considers these historical results relevant as the Company is using this data as a guide to plan exploration programs. The full results of the historical work referenced in this release can be accessed online.
Qualified Person
The scientific and technical information in this press release was reviewed and approved by Shamus Duff, P. Geo., Project Geologist. Mr. Duff is a Qualified Person as defined under National Instrument 43-101 and a Professional Geologist registered with Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL). Mr. Duff consents to the publication of this press release and certifies that the information is provided fairly and accurately represents the scientific and technical information disclosed within it.
1 Newfoundland and Labrador Mineral Assessment Report #011O/0326 submitted by Dolphin Exploration LTD in 1988
2 News release dated 30 May 2023
3 Newfoundland and Labrador Mineral Assessment Report #011O/0326 submitted by Dolphin Exploration LTD in 1988
4 News release 24 August 2023
5 News release dated 30 May 2023
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/268850
FAQ
What did AuMEGA Metals (AUMMF) discover at the Cape Ray Project in October 2025?
How much gold resources does AuMEGA's Cape Ray Project currently contain?
What were the results of the historical sampling near AUMMF's new anomaly?
When will AuMEGA begin drilling the newly discovered anomaly at Cape Ray?
What other exploration targets did AuMEGA identify at Cape Ray?
