AuMEGA Metals Commences Diamond Drilling on Major Electromagnetic Target at Cape Ray
AuMEGA Metals (OTCQB: AUMMF) has begun diamond drilling at its Cape Ray Project in Newfoundland and Labrador to test a newly defined airborne electromagnetic (EM) conductor located in the hangingwall of the Central Zone.
The conductor measures approximately 500 m by 1,000 m, lies 500 m southeast of the Company's high-grade Central Zone deposits, and has never been drill tested. A historic heavy mineral concentrate sample of 111.5 g/t Au was collected on the conductor's flank. The program is fully funded, will start with one diamond rig and can scale to a second rig, and aims to progress through the pre-Christmas field window. Additional till geochemistry results from the Isle aux Morts Granite are expected in the near term and could refine further drill locations.
AuMEGA Metals (OTCQB: AUMMF) ha iniziato la perforazione con diamanti presso il Cape Ray Project a Newfoundland e Labrador per testare un conduttore elettromagnetico aereo (EM) recentemente definito situato nella parete appesa della Central Zone.
Il conduttore misura circa 500 m per 1.000 m, si trova a 500 m a sud-est della Central Zone ad alto grado dell’azienda e non è mai stato perforato. Una storica campionatura di concentrato di minerale pesante di 111,5 g/t Au è stata raccolta sul fianco del conduttore. Il programma è integralmente finanziato, inizierà con una perforatrice a diamante e può espandersi a una seconda perforatrice, e mira a progredire entro la finestra di campo pre-natalizia. Ulteriori risultati geochimici da till dall’Isle aux Morts Granite sono attesi a breve e potrebbero rifinire ulteriori posizioni di trivellazione.
AuMEGA Metals (OTCQB: AUMMF) ha iniciado la perforación con diamantes en su Cape Ray Project en Newfoundland y Labrador para probar un conductor electromagnético aéreo (EM) recién definido ubicado en la pared colgante de la Central Zone.
El conductor mide aproximadamente 500 m por 1.000 m, se ubica a 500 m al sureste de los depósitos de alta ley de la Central Zone de la Compañía y nunca ha sido perforado. Una muestra histórica de concentrado de minerales pesados de 111,5 g/t Au fue recogida en el flanco del conductor. El programa está completamente financiado, comenzará con una perforadora de diamante y puede escalar a una segunda perforadora, y tiene como objetivo avanzar dentro de la ventana de campo previa a Navidad. Se esperan resultados geochem de Till del Isle aux Morts Granite en un futuro cercano y podrían refinar aún más las ubicaciones de perforación.
AuMEGA Metals (OTCQB: AUMMF)는 뉴펀들랜드 및 라브라도 주 Cape Ray 프로젝트에서 다이아몬드 시추를 시작하여 중앙 구역의 매달린 벽에 위치한 새로 정의된 항공 EM(EM) 도체를 시험합니다.
도체는 대략 500 m × 1,000 m 크기로, 회사의 고등급 Central Zone 매장지에서 500 m 남동쪽에 위치하고 있으며 아직 시추된 적이 없습니다. 도체 측면에서 111.5 g/t Au의 과거 중금속 광석 농도가 수집되었습니다. 이 프로그램은 전액 자금 조달되었으며 다이아몬드 시추 하나로 시작해 필요 시 두 번째 시추로 확장할 수 있으며 크리스마스 이전 현장 창을 목표로 진행됩니다. Isle aux Morts Granite의 till 지질화학 결과도 조만간 발표될 예정이며 시추 위치를 더 다듬을 수 있습니다.
AuMEGA Metals (OTCQB: AUMMF) a commencé le forage diamant pour son Cape Ray Project à Terre-Neuve-et-Labrador afin de tester un conducteur électromagnétique aérien (EM) récemment défini situé dans le mur suspendu de la Central Zone.
Le conducteur mesure environ 500 m sur 1 000 m, se situe à 500 m au sud-est des gisements de haute teneur de la Central Zone de la société et n'a jamais été foré. Un échantillon historique de concentré de minéraux lourds de 111,5 g/t Au a été prélevé sur le flanc du conducteur. Le programme est entièrement financé, débutera avec une foreuse diamant et peut s’étendre à une seconde foreuse, et vise à progresser pendant la fenêtre de terrain pré-Noël. Des résultats géochimiques till du Isle aux Morts Granite sont attendus prochainement et pourraient affiner encore les emplacements de forage.
AuMEGA Metals (OTCQB: AUMMF) hat das Diamantbohren am Cape Ray-Projekt in Newfoundland und Labrador begonnen, um einen neu definierten luftgestützten elektromagnetischen (EM) Leiter zu testen, der sich in der Wand des Central Zone befindet.
Der Leiter misst ca. 500 m mal 1.000 m, liegt 500 m südöstlich der hochgradigen Central-Zone-Vorkommen des Unternehmens und wurde noch nie gebohrt. Eine historische Probe eines schweren Mineralienkonzentrats von 111,5 g/t Au wurde am Rand des Leiters gesammelt. Das Programm ist voll finanziert, beginnt mit einer Diamantbohranlage und kann auf eine zweite Bohranlage ausgeweitet werden, und zielt darauf ab, im Zeitraum vor Weihnachten Fortschritte zu erzielen. Weitere Till-Geochemie-Ergebnisse vom Isle aux Morts Granite werden in naher Zukunft erwartet und könnten weitere Bohrstandorte verfeinern.
AuMEGA Metals (OTCQB: AUMMF) بدأت حفر الماس في Cape Ray Project في نيوفندلاند ولابرادور لاختبار موصل كهرومغناطيسي جوي (EM) تم تعريفه حديثًا يقع في الجدار المعلق لـ Central Zone.
يقيس الموصل حوالي 500 م × 1,000 م، ويقع على بُعد 500 م جنوب شرق من رواسب Central Zone عالية الجودة للشركة ولم يتم حفره من قبل. تم جمع عيّنة تاريخية من مركّز معادن ثقيلة بــ 111.5 ج/تونا من على جانب الموصل. البرنامج مموّل بالكامل، سيبدأ باستخدام حفر ماسي واحد ويمكن توسيعه إلى حفره ثانية، ويهدف إلى التقدم خلال نافذة الميدان قبل عيد الميلاد. نتائج كيمياء سطح till إضافية من Isle aux Morts Granite متوقعة في القريب العاجل وقد تُحسّن مواقع الحفر أكثر.
- EM conductor measures 500 m by 1,000 m
- Conductor located 500 m from Central Zone high-grade deposits
- Historic heavy mineral sample of 111.5 g/t Au on the conductor flank
- Drill program is fully funded with option to scale to a second rig
- Target is almost entirely undercover and untested, no prior drilling
- Program starts with one rig, limiting initial throughput until scaled
Edmonton, Alberta--(Newsfile Corp. - November 17, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce the commencement of a highly anticipated diamond drilling program at its Cape Ray Project in Newfoundland and Labrador, Canada - a major step in unlocking the next phase of discovery across its district-scale land package (Figure 1).
AuMEGA's systematic exploration strategy continues to generate compelling targets across the Cape Ray Shear Zone ("CRSZ"). This program will focus on a large, newly defined airborne electromagnetic ("EM") conductor located in the immediate hangingwall of the Central Zone - a proven high-grade gold system (Figure 2)1.
The conductor, measuring approximately 500 metres by 1,000 metres and open along strike, is located 500 metres southeast of the Company's high-grade Central Zone deposits, and yet has never been drill tested (Figure 2).
Figure 1: AuMEGA Metals Portfolio on the Cape Ray Shear Zone and Hermitage Flexure
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/274725_a7e43dc1846d9b58_001full.jpg
AuMEGA Metal's Managing Director and CEO, Sam Pazuki, commented:
"We are very excited about this drill program. Our extensive till geochemistry, high-resolution geophysics, and structural interpretation have converged to deliver a compelling new drill target located near our existing high-grade gold resource at Central Zone.
What makes this area so exciting is that it was historically overlooked due to no surface exposure, yet it sits on a similar structural network that hosts the Central Zone. The area historically delivered a standout 111.5 g/t gold heavy mineral concentrate sample2 on the flank of this new conductor, and now, with a significant EM anomaly mapped, we are stepping in with the first ever drill holes.
This fully funded drill program, the identification of several drill targets within the EM anomaly as well as the previously announced new multi-kilometre gold corridor identified at Cape Ray West marks the beginning of what we believe is a new chapter of discovery at the Cape Ray Gold Project."
Targeting a Potential New Mineralised Trend
The drill program will initially test priority structures interpreted within the EM anomaly, believed to represent a potential new gold-bearing trend parallel to Central Zone. With the target almost entirely undercover and unexplored, the opportunity to deliver a brand-new discovery is significant.
The program is fully funded. Drilling will begin with one diamond rig, with the option to rapidly scale up to a second rig as results warrant. The Company intends to advance aggressively and maintain momentum through the pre-Christmas field window.
Figure 2: Major Airborne Electromagnetic Anomaly Southeast of the Central Zone deposits3
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/274725_a7e43dc1846d9b58_002full.jpg
Additional Results Expected Soon
The Company also recently completed a till geochemical survey over the Isle aux Morts Granite, another high-priority target within the previously identified multi-kilometre gold corridor4 (Figure 3). Results from this program are expected over the near-term.
Upon receipt, AuMEGA will refine drill locations for Cape Ray West and plans to mobilize for additional drilling if weather and logistics permit. This program is also fully funded.
Figure 3: Cape Ray Project area, till results pending on the Isle aux Morts Granite
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/274725_a7e43dc1846d9b58_003full.jpg
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 6.2 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: 16 October 2025, 2 October 2025 and 30 May 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 square kilometres.
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 2 October 2025 & 30 May 2023 News Release
2 2 October 2025 News Release
3 2 October 2025 News Release
4 16 October 2025 News Release
5 News release dated 30 May 2023
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274725
FAQ
What is AuMEGA Metals (AUMMF) drilling for at Cape Ray on November 17, 2025?
How large is the EM conductor AuMEGA is targeting at Cape Ray (AUMMF)?
How close is the new target to AuMEGA's Central Zone deposits (AUMMF)?
Is the Cape Ray drilling program for AUMMF funded and how many rigs will be used?
What notable historical geochemical result supports AuMEGA's Cape Ray target (AUMMF)?
When will AuMEGA (AUMMF) release additional exploration results from Cape Ray?
