AuMEGA Metals Commences Diamond Drilling at Cape Ray and Announces Partial Diamond Drill Results from Bunker Hill
AuMEGA Metals (AUMMF) has launched its spring exploration program at the Cape Ray Project while receiving partial assay results from its Bunker Hill winter drilling campaign in Newfoundland and Labrador, Canada. The company's diamond drill hole CRD396 at Bunker Hill West yielded notable results of 1.84 g/t gold over 1.0 metres, including 5.58 g/t gold, 96 g/t silver, and 3.64% lead over 0.3 metres.
With a strong treasury of C$13.1 million, AuMEGA plans to execute up to 10,000 metres of diamond drilling across high-priority targets. The company awaits assays from nine diamond holes and 147 RC base-of-till holes, with results expected in the coming weeks. An electromagnetic survey is underway at Cape Ray, with results anticipated in June to guide future drilling efforts.
AuMEGA Metals (AUMMF) ha avviato il suo programma di esplorazione primaverile presso il progetto Cape Ray, mentre riceve i primi risultati parziali delle analisi dal suo programma di perforazione invernale a Bunker Hill, situato a Terranova e Labrador, Canada. Il foro diamantato CRD396 a Bunker Hill West ha prodotto risultati significativi con 1,84 g/t di oro su 1,0 metro, inclusi 5,58 g/t di oro, 96 g/t di argento e 3,64% di piombo su 0,3 metri.
Con una solida cassa di 13,1 milioni di dollari canadesi, AuMEGA prevede di eseguire fino a 10.000 metri di perforazioni diamantate su obiettivi ad alta priorità. L'azienda attende i risultati delle analisi di nove fori diamantati e 147 fori RC alla base del deposito tillitico, con esiti previsti nelle prossime settimane. È in corso un'indagine elettromagnetica a Cape Ray, con risultati attesi a giugno per indirizzare le future attività di perforazione.
AuMEGA Metals (AUMMF) ha iniciado su programa de exploración de primavera en el proyecto Cape Ray, mientras recibe resultados parciales de los ensayos de su campaña de perforación invernal en Bunker Hill, Newfoundland y Labrador, Canadá. El taladro diamantado CRD396 en Bunker Hill West mostró resultados notables de 1,84 g/t de oro sobre 1,0 metro, incluyendo 5,58 g/t de oro, 96 g/t de plata y 3,64% de plomo sobre 0,3 metros.
Con una sólida tesorería de 13,1 millones de dólares canadienses, AuMEGA planea realizar hasta 10,000 metros de perforación diamantada en objetivos de alta prioridad. La compañía espera los resultados de los ensayos de nueve perforaciones diamantadas y 147 perforaciones RC en la base del till, con resultados previstos para las próximas semanas. Se está llevando a cabo una encuesta electromagnética en Cape Ray, con resultados esperados en junio para guiar los futuros esfuerzos de perforación.
AuMEGA Metals (AUMMF)는 캐나다 뉴펀들랜드 래브라도의 Cape Ray 프로젝트에서 봄 탐사 프로그램을 시작했으며, Bunker Hill 겨울 시추 캠페인에서 부분적인 분석 결과를 받고 있습니다. Bunker Hill West의 다이아몬드 시추공 CRD396은 1.0미터 구간에서 1.84 g/t 금이라는 주목할 만한 결과를 보였으며, 그 중 0.3미터 구간에서는 5.58 g/t 금, 96 g/t 은, 3.64% 납이 포함되어 있습니다.
1,310만 캐나다 달러의 탄탄한 자금을 보유한 AuMEGA는 우선 순위가 높은 목표지점에서 최대 10,000미터의 다이아몬드 시추를 수행할 계획입니다. 회사는 9개의 다이아몬드 시추공과 147개의 RC 베이스 오브 틸 시추공의 분석 결과를 기다리고 있으며, 결과는 앞으로 몇 주 내에 나올 예정입니다. Cape Ray에서는 전자기 탐사가 진행 중이며, 6월에 결과가 발표되어 향후 시추 작업에 참고될 예정입니다.
AuMEGA Metals (AUMMF) a lancé son programme d'exploration de printemps sur le projet Cape Ray, tout en recevant les résultats partiels des analyses de sa campagne de forage hivernale à Bunker Hill, Terre-Neuve-et-Labrador, Canada. Le trou de forage diamant CRD396 à Bunker Hill West a donné des résultats notables de 1,84 g/t d'or sur 1,0 mètre, incluant 5,58 g/t d'or, 96 g/t d'argent et 3,64 % de plomb sur 0,3 mètre.
Avec une trésorerie solide de 13,1 millions de dollars canadiens, AuMEGA prévoit d'effectuer jusqu'à 10 000 mètres de forage diamanté sur des cibles prioritaires. La société attend les résultats des analyses de neuf trous diamantés et 147 trous RC à la base du till, avec des résultats attendus dans les semaines à venir. Une enquête électromagnétique est en cours à Cape Ray, avec des résultats prévus en juin pour orienter les futurs efforts de forage.
AuMEGA Metals (AUMMF) hat sein Frühlings-Explorationsprogramm im Cape Ray Projekt gestartet und erhält gleichzeitig erste Teilergebnisse der Analyse aus seiner Winterbohrkampagne in Bunker Hill, Neufundland und Labrador, Kanada. Das Diamantbohrloch CRD396 bei Bunker Hill West ergab bemerkenswerte Ergebnisse von 1,84 g/t Gold über 1,0 Meter, darunter 5,58 g/t Gold, 96 g/t Silber und 3,64 % Blei über 0,3 Meter.
Mit einer soliden Kasse von 13,1 Millionen kanadischen Dollar plant AuMEGA, bis zu 10.000 Meter Diamantbohrungen an hochprioritären Zielen durchzuführen. Das Unternehmen erwartet die Analyseergebnisse von neun Diamantbohrlöchern und 147 RC-Bohrlöchern am Basis-Till, mit Ergebnissen, die in den kommenden Wochen erwartet werden. Eine elektromagnetische Vermessung läuft derzeit in Cape Ray, deren Ergebnisse im Juni erwartet werden, um zukünftige Bohrungen zu steuern.
- Strong cash position of C$13.1 million as of March 31, 2025, fully funding exploration programs
- Encouraging drill results at Bunker Hill West with 1.84 g/t gold over 1.0m including high-grade interval
- Extensive exploration program planned with up to 10,000 metres of diamond drilling
- Multiple pending catalysts with assays from 9 diamond holes and 147 RC base-of-till holes
- Winter diamond drill program was shortened
- Three drill holes at Nitty Gritty target did not return significant mineralization
Key Highlights
- Diamond Drilling Recommences: Planned up to 10,000 metres of diamond drilling (success dependent) along with mapping, and sampling across high-priority targets at Cape Ray and Bunker Hill.
- Encouraging Early Drill Results at Bunker Hill West: Diamond drill hole CRD396 intersected 1.84 g/t gold over 1.0 metres including 5.58 g/t gold, 96 g/t silver, and
3.64% lead over 0.3 metres-supporting the presence of a larger mineralised system along the Branch Fault. - Multiple Catalysts Ahead: Assays pending from nine diamond holes and 147 RC base-of-till holes - results expected in coming weeks.
- New Targets Emerging at Cape Ray: Electromagnetic (EM) survey underway targeting structural complexity and graphite-rich rocks; results expected in June to guide Cape Ray West drilling.
- Strong Treasury of C
$13.1 Million in Cash1: Fully funded to deliver one of the largest and most systematic exploration campaigns in AuMEGA's history.
Edmonton, Canada--(Newsfile Corp. - May 26, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce the launch of its spring field exploration program at the Cape Ray Project, alongside the receipt of partial assay results from its winter diamond drill campaign at Bunker Hill, both located along the Cape Ray Shear Zone (CRSZ) in Newfoundland and Labrador, Canada.
With a strong cash position of C
AuMEGA Metal's Managing Director and CEO, Sam Pazuki, commented:
"Our spring exploration program is now in full swing, and the results from these activities will further sharpen our understanding of this underexplored yet highly prospective gold district. Initial diamond drilling at Bunker Hill West, particularly hole CRD396, has delivered an encouraging intercept that underscores the potential scale and strength of the mineralised system along the Branch Fault. Combined with historical high-grade outcrops and structural data, these results point to a potentially large and generally untested gold system.
"These early successes validate our strategic focus on major structural targets off the Cape Ray Shear Zone and demonstrate the value of integrating RC and diamond drilling to effectively vector into high-potential zones. These are areas never tested, and in many cases never explored. Most previous explorers focused exploration efforts on the main CRSZ and within the current mineral deposit zones at Cape Ray.
"Drilling is now active testing for new discoveries along strike of those existing resources at Cape Ray, while also advancing new targets at Cape Ray West with support from airborne geophysics. We continue to plan for up to 10,000 metres of drilling however, the amount of metres drilled will be strictly based on success and weather. The Company may elect to drill more or less as the program evolves.
"With a strong treasury of C
Figure 1: AuMEGA Metals Bunker Hill Project
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Partial Diamond Drilling Results
During the shortened winter diamond drill program, AuMEGA Metals completed 15 drill holes totaling 3,673 metres. Drilling focused on two key areas: six stratigraphic drill holes were drilled at the Nitty Gritty target, while the remaining holes tested the structural corridor extending between Nitty Gritty and Bunker Hill West (Figure 2). This includes follow-up diamond drill holes that tested encouraging Reverse Circulation (RC) drill anomalies-most notably hole CRC0284, which previously returned a significant insitu gold anomaly of six metres at 0.42 g/t on a major second order structure off the CRSZ2 (Figure 2).
The Company has now received assay results from seven diamond drill holes with the remaining nine drill holes expected to be returned over the coming weeks. One of these drill holes confirmed anomalous gold mineralisation associated with the Branch Fault, a major geological structure first identified and reported by the Company in 20243 (Figure 2).
A standout result came from diamond drill hole CRD396, which intersected 1.84 g/t gold over 1.0 metre, including a higher-grade interval of 5.58 g/t gold, 96 g/t silver, and
The Company plans to initiate inaugural drilling at Bunker Hill West in mid-2025, leveraging these results to refine its targeting along the Branch Fault.
At the Nitty Gritty target, diamond drill hole CRD392 returned one metre at 0.33 g/t gold from 63 metres within a fault zone, confirming the presence of mineralising fluids within the system (Figure 2). Three other drill holes at Nitty Gritty did not return significant mineralisation, however, it has provided valuable structural and geological context that will inform upcoming drill plans within the broader Nitty Gritty target area.
Figure 2: Bunker Hill Drill Program Overview
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Figure 3: Cross Section of reverse circulation (CRC0284) and diamond (CRD396) drill hole traces
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Figure 4: RC Results Overview and Bunker Hill West Target Area
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Bunker Hill Next Steps
Assay results remain pending for nine diamond drill holes and all 147 RC base-of-till (BOT) holes completed during the winter program. The Company is actively reviewing received assay data and integrating it with historical datasets to refine its targeting strategy for the upcoming summer drill program, scheduled to commence in mid-2025.
When drilling resumes at Bunker Hill, the initial focus will be on Bunker Hill West, a high-priority target area that hosts multiple major geological structures - including the Branch Fault - and is the site of historic high-grade gold samples, including 18.7 g/t gold from outcrop5 (Figure 4).
In addition to Bunker Hill West, the Company intends to drill several new targets generated from the winter bottom-of-hole (BOH) program, as well as conduct follow-up drilling at Nitty Gritty, where further structural and lithological targets are being refined.
The summer field program will also include detailed mapping and systematic rock and soil sampling across underexplored areas of high prospectivity, including the full 20 kilometres of strike the Company holds along the Branch Fault. The recently staked ground south of the CRSZ at Bunker Hill will also be assessed. Both areas of interest have received limited historical exploration6.
Cape Ray Field Exploration
AuMEGA has officially launched its spring and summer exploration program at the Cape Ray Project, with a dual focus on expanding the existing resource base and identifying new mineralised bodies along strike several kilometres from current deposits. Diamond drilling along strike of the existing mineral resource has commenced. The total drill program planned for Cape Ray is up to 5,000 metres of drilling.
Figure 5: Cape Ray Project Exploration Program Overview
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As part of this effort, the Company is conducting an EM geophysical survey aimed at delineating structural complexity and identifying graphitic schists-host rocks associated with current mineral resources7 (Figure 5). Results from this airborne EM survey are expected in June, and will be integrated with ongoing geological mapping and sampling efforts, particularly across the Cape Ray West area. This zone remains underexplored yet highly prospective, with the potential to host significant new mineral discoveries.
In parallel, field teams have been deployed to map and sample regions where prior exploration returned promising results that were never followed up. These efforts are designed to uncover new targets and deepen the Company's understanding of the broader mineralized corridor.
RC drilling is expected to commence shortly while heli-supported diamond drilling at Cape Ray West is scheduled for later in June.
With a robust cash position of C
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This announcement has been authorised for release by the Company's Board of Directors.
This release aligns with the requirements of the National Instrument 43-101. A JORC Table 1 is not required under National Instrument 43-101. The Company has included a JORC Table 1 in the ASX version of the news release which can be found on the ASX website at www.asx.com.au or AuMEGA Metal's website at www.aumegametals.com.
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 Calibre Mining's Valentine Gold Project, which is the region's largest gold deposit (+5 million ounces), 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 leading, multi-million-ounce a year 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 of ore grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes of ore grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources8.
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 ASX 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: Mineral Resource estimate announced on 30 May 2023, Bunker Hill announcements on 16 May 2025, 28 April 2025, 10 April 2025, 25 February 2025, 22 January 2025, 25 November 2024, 15 October 2024, 24 September 2024, 6 April 2023, 22 March 2023,14 April 2021 and 29 October 2020. Cape Ray announcements on 22 January 2025, 11 September 2024, 20 August 2024, 31 July 2024. General announcement dated 3 July 2024.
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
The information contained in this announcement that relates to exploration results is based upon information reviewed by Mr. Giles Dodds, Exploration Manager for AuMega Metals. Mr. Giles Dodds is a Member of the Australian Institute of Geoscientists (AIG) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr. Dodds consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears.
For the purposes of the TSXV, the information contained in this announcement that relates to exploration results is based upon information reviewed by Mr. Shamus Duff, P. Geo., Project Geologist, Exploration for AuMEGA Metals. Mr. Duff is a Member of the Professional Engineers and Geoscientists of Newfoundland and Labrador (PEGNL) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration. Mr. Duff consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears.
1 As at 31 March 2025
2 News release dated 6 May 2025
3 News release dated 4 July 2024
4 News releases dated 16 May 2025, 10 April 2025, 15 October 2024, 6 April 2023, 22 March 2023 and 14 April 2021
5 News releases dated 16 May 2025, 10 April 2025, 15 October 2024, 6 April 2023, 22 March 2023 and 14 April 2021
6 See ASX Announcement 10 April 2025
7 News release dated 30 May 2023
8 News release dated 30 May 2023
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FAQ
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