AuMEGA Metals Accelerates Exploration with Strategic Expansion and New Leadership

Exploration Momentum at Bunker Hill

AuMEGA Metals Ltd (ASX: AAM) has made significant strides in its exploration activities during the first quarter of 2025, particularly at its flagship Bunker Hill Project in Newfoundland, Canada. Despite milder weather shortening the winter drill program, the company completed nearly 5,000 metres of drilling, including 14 diamond drill holes and 147 reverse circulation holes across key targets such as Nitty Gritty and Bunker Hill West. The winter campaign’s assays are eagerly awaited, with results expected to provide critical insights into the project's mineral potential.

Looking ahead, AuMEGA plans to resume diamond drilling in July to fulfill its original target of 10,000 metres. The summer program will prioritise the high-potential Bunker Hill West target, leveraging existing infrastructure to support an expanded exploration effort throughout the season.

Strategic Expansion and District-Scale Potential

In a strategic move to bolster its land position, AuMEGA staked 173 new mineral claims covering an additional 43 square kilometres along the southern margin of the Bunker Hill Project. This expansion secures the full strike extent of the primary shear zone and captures several cross-cutting brittle structures identified in a 2024 geophysical survey, enhancing the project's geological potential.

Beyond Bunker Hill, the company’s district-scale land package spans 110 kilometres along the Cape Ray Shear Zone, Newfoundland’s largest identified gold structure. This corridor hosts multiple high-potential targets and is adjacent to Calibre Mining’s Valentine Gold Project, which is nearing production. The regional gold district is gaining momentum, underscored by ongoing mergers such as Equinox Gold and Calibre Mining, highlighting the strategic importance of AuMEGA’s holdings.

Hermitage Project: Unveiling Structural Complexity

AuMEGA’s Hermitage Gold-Antimony Project also saw notable progress with the completion of a high-resolution airborne magnetic survey covering 234 square kilometres. The survey revealed a complex network of fault systems along the 27-kilometre Hermitage Flexure, a major crustal suture zone with strong analogies to globally significant gold camps.

Importantly, the geophysical data correlate with previously reported high-grade surface samples, including gold assays up to 7.31 g/t, silver up to 193 g/t, and antimony concentrations reaching 2,044 ppm. These findings underscore the project's potential to host a significant gold-antimony system. AuMEGA is currently interpreting the data to refine drill targets, with diamond drilling planned later in 2025.

Blue Cove: New Gold Highs and Copper Potential

At the Blue Cove Project on Newfoundland’s Burin Peninsula, reconnaissance prospecting returned the highest-ever gold assay for the property at 2.57 g/t. The samples were collected from quartz veins within mafic volcanic rocks, suggesting promising mineralization. Upcoming fieldwork will focus on the historical copper-silver showing, which previously yielded assays up to 10.6% copper and 106 g/t silver, a target yet to be fully evaluated due to access constraints.

Financial Position and Leadership Strengthening

Financially, AuMEGA ended the quarter with a solid cash balance of CAD 13.1 million, reflecting disciplined expenditure primarily on exploration activities. Operating cash outflows increased slightly due to performance bonuses, while exploration spending remained robust but slightly below the previous quarter.

Post-quarter, the company appointed Mike Skead as President, bringing over 30 years of international exploration and development experience. His expertise across multiple deposit types and leadership roles at major mining companies positions AuMEGA to accelerate its exploration strategy and value creation.

Supported by strategic investment from B2Gold Corp and a diverse institutional shareholder base, AuMEGA is well-positioned to capitalize on the emerging gold district in Newfoundland, with ongoing regional consolidation adding further context to its growth prospects.