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AUMEGA Metals Ltd reports on mineral exploration across its Newfoundland portfolio, with recurring updates centered on the Cape Ray Gold Project, the Cape Ray Shear Zone and the Hermitage Flexure. The company’s news commonly covers diamond drilling, airborne electromagnetic targets, till geochemistry, geological mapping, historical core relogging and target generation across areas such as Cape Ray West, Isle aux Morts Granite, Bunker Hill, Cape Ray North, Intersection and Hermitage.
AuMEGA’s updates also discuss its established Cape Ray gold mineral resource, resource-corridor work, gold and base-metals targets, antimony indications at Hermitage, shareholder registry matters and capital-market disclosures for its ASX, TSXV and OTCQB traded securities.
AuMEGA Metals (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) has announced a trading halt on the ASX to commence a private placement financing aiming to raise up to $10 million. The placement is expected to include a mix of flow-through shares, premium flow-through shares, and hard-dollar shares. GBA Capital will serve as lead manager and bookrunner for the Australian portion, while it will be non-brokered in Canada.
The funds will primarily support AuMEGA's exploration program in Newfoundland and Labrador, including a planned 20,000-metre drill program at the Bunker Hill Project and Cape Ray. Additional investments will be made in early-stage exploration at Hermitage and Malachite, with remaining proceeds allocated to working capital and general corporate purposes. The placement's closing is subject to necessary approvals, including from the ASX and TSXV.
AuMEGA Metals (OTCQB: AUMMF) has completed a high-resolution airborne magnetic and VLF geophysical survey over its Bunker Hill Project in Newfoundland and Labrador, Canada. The survey, covering approximately 170 km2 and 3,140 line-kilometres, revealed significant geological complexity across the 25-kilometre strike length of Bunker Hill.
Key findings include:
- Alignment of geological structures with recent high-grade copper, gold, and silver samples
- Exposure of major second and third order faults throughout the property
- Similarities to Calibre Mining's Valentine Project, which hosts a five million ounce gold resource
The company is finalizing the geophysical data and defining its 2025 exploration plans for Bunker Hill. Assay results from summer till surveys and diamond drilling at Malachite are expected in the near term.
AuMEGA Metals reports initial high-grade assay results from prospecting at its Bunker Hill Project in Newfoundland and Labrador, Canada. Key highlights include:
- Identification of two large-scale intrusive units with potential porphyry mineralisation features
- Sample MR002477 (outcropping vein) contained 17.2% copper, 16.9 g/t silver, 0.41 g/t gold
- Sample MR002478 (outcropping vein) contained 12.4% copper, 19.1 g/t silver, 0.56 g/t gold
- Identified a large area of anomalous copper-gold-silver mineralisation with nearly a kilometre in strike
- Completed high-resolution airborne survey over Bunker Hill
The results align with historic high-grade samples in the area, including peak copper of 57%, peak gold of 17.05 g/t, and peak silver of 407.5 g/t. Additional prospecting and till samples are pending assays.
AuMEGA Metals (OTCQB: AUMMF) has announced positive results from its first phase of diamond drilling at the Central Zone in Newfoundland, Canada. The drilling has extended gold mineralization down plunge of the current high-grade mineral resources at Zones 04 and 41. Key highlights include:
- Drillhole CRD381 at Zone 04: 3.62 g/t gold over 7m, including 19.7 g/t gold and 1.6% copper over 1m
- Drillhole CRD380 at Zone 41: 1.94 g/t gold over 7.5m and 5.74 g/t gold over 1m
- Intersection of Window Glass Hill Granite (WGHG) in the footwall, extending the mineralized structure
- Potential for intrusive-related gold mineralization at Strawberry Hill Granite
The results demonstrate potential for mineral resource growth in previously untested areas within the resource corridor. The company is now evaluating next steps for exploration at Central Zone and other areas within the resource corridor.
AuMEGA Metals (ASX: AAM, TSXV: AUM, OTCQB: AUMMF) provides an update on its Hermitage Gold and Antimony Project in Newfoundland. Key highlights include:
1. Ongoing prospecting and mapping have identified large areas of hydrothermal alteration with quartz-dominated breccias.
2. The North Limb Fault comprises numerous subparallel fault splays, potentially forming a massive permeability network.
3. High-resolution airborne magnetic and VLF geophysical survey planned for Canadian autumn 2024.
4. New mineral licence staked adjacent to the south of existing claims.
5. Historic data shows Hermitage has the largest antimony anomaly in the province.
6. Phase one diamond drilling assays expected soon, with phase two drilling underway.
The project shows potential for gold and antimony discoveries, with multi-gram gold in outcrop over 7 kilometers of strike and high-grade antimony samples.
AuMEGA Metals (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) has appointed Rick Greenwood as Vice President of Exploration, effective October 1, 2024. Greenwood brings over 20 years of Canadian gold exploration experience, most recently serving as Exploration Manager for Kinross Gold. He was previously part of the discovery team at Great Bear Resources, which grew from a C$5 million to C$1.8 billion market cap before being acquired by Kinross in 2021.
CEO Sam Pazuki expressed excitement about attracting such an accomplished geologist, highlighting Greenwood's experience with major gold discoveries. Greenwood stated that AuMEGA's landholding in Newfoundland reminds him of Great Bear Resources' early potential, and he looks forward to working with the team to unlock significant shareholder value.
AuMEGA Metals (ASX: AAM, TSXV: AUM, OTCQB: AUMMF) has commenced phase two of diamond drilling on the Cape Ray Shear Zone in Newfoundland, Canada. The focus is on Greenfield targets at Malachite, with plans to drill 2,000-3,000 meters. Key highlights include:
1. Drilling targets at Malachite based on large, mineralized zones identified in the winter RC drill program.
2. Phase one diamond drilling completed in July 2024, with assays expected soon.
3. Till survey completed at the Intersection Project.
4. Airborne magnetic survey underway at Bunker Hill Project.
5. Airborne survey planned for Hermitage in autumn 2024.
The company is particularly excited about the O-2 West area, where RC drilling found 627 ppb gold and 1.99% copper in bedrock just seven meters below surface.
AuMEGA Metals (ASX: AAM, TSXV: AUM, OTCQB: AUMMF) has completed the first phase of its 2024 diamond drilling program, with approximately 1,900 metres drilled in the Central Zone area. The company has also begun its first-ever field exploration work at the highly prospective Intersection Project. Key highlights include:
1. Completion of the deepest drill hole ever at Central Zone
2. Commencement of Greenfield till-surveying at Intersection Project
3. Upcoming airborne magnetic surveys over Bunker Hill
4. Phase two diamond drilling planned for Malachite Project
CEO Sam Pazuki expressed optimism about the program's progress and the potential of the Intersection Project, located at the convergence of two major gold structures in Newfoundland. The company expects assay results in the coming weeks and is finalizing plans for the second phase of diamond drilling.
AuMEGA Metals released its Quarterly Activities Report for the period ending June 30, 2024. The company highlighted successful exploration activities, including completing a winter RC drilling program in Canada which defined three large mineralized zones. Key results include 627 ppb gold and 1.99% copper from six meters at O-2 West. They also identified a 1.2 km anomalous trend at O-2 East. A technical workshop outlined 37 exploration targets, with nine new early-stage targets.
Corporate updates include a strong cash position of $6.2 million, listing on the Toronto Venture Exchange, a rebranding to AuMEGA Metals, and management changes. A notable business development is the completion of an Option Agreement to acquire the Blue Cove Copper Project.
The press release notes the completion of the first phase of a 2024 diamond drilling program, targeting high-priority zones within the resource corridor. The company remains focused on its comprehensive exploration program and strategic growth.