Can AuMEGA Metals Unlock New Gold Discoveries with Latest Cape Ray Drilling?

Comprehensive Exploration Momentum

AuMEGA Metals Ltd has provided a detailed update on its 2025 exploration activities, highlighting the completion of the first phase of diamond drilling at its flagship Cape Ray Project in Newfoundland, Canada. The 2,559.7-metre drill program focused on testing resource extensions and newly identified anomalies along the Cape Ray Shear Zone, a major gold-bearing structure that hosts significant mineralisation.

Initial assay results from this drilling phase are expected in mid-August 2025, a key milestone that could validate the company’s strategy of targeting underexplored extensions beyond existing pit shells. This approach reflects a shift from previous exploration efforts that largely concentrated within known resource boundaries.

Expanding the Footprint with Geochemical Sampling

Complementing the drilling, AuMEGA has mobilised what it describes as the largest field program in its history, deploying nearly thirty geologists and technicians to conduct extensive till geochemical sampling and mapping. At Cape Ray West alone, the company aims to collect approximately 1,500 till samples over a 16 square kilometre area, integrating geophysical and geological data to refine drill targets.

Similar sampling campaigns are underway or planned at the Bunker Hill and Hermitage projects. At Bunker Hill, winter drilling identified gold mineralisation in secondary structures such as the Branch Fault, prompting a strategic pause on further diamond drilling until late Q3 or early Q4 2025. Instead, a large-scale till sampling program involving over 3,500 samples is designed to guide more precise and cost-effective drilling later in the year.

Hermitage is set for its most expansive exploration effort to date, with over 1,700 till samples planned to target high-grade gold anomalies identified through previous airborne surveys and sampling.

Strong Financial Position and Strategic Focus

AuMEGA’s exploration campaign is underpinned by a robust treasury of C$9.2 million, ensuring the company is fully funded to execute one of its most systematic and data-driven exploration programs. Managing Director and CEO Sam Pazuki emphasised the company’s commitment to disciplined, purpose-driven exploration aimed at making significant discoveries in Newfoundland.

The company’s strategy leverages a comprehensive review of historical and recent data, employing a suite of modern techniques including diamond drilling, reverse circulation bottom-of-hole drilling, till geochemical sampling, and airborne geophysics. This integrated approach aims to reduce reliance on broad scout drilling and enhance targeting precision, thereby maximising the return on investment and shareholder value.

Outlook and Next Steps

With assay results from Cape Ray drilling imminent and extensive sampling programs progressing at multiple sites, AuMEGA is poised to refine its drill targets and potentially expand its mineral resource base. The deferral of further diamond drilling at Bunker Hill reflects a strategic pivot to data-led exploration, which could yield higher-value discoveries in subsequent phases.

As the company advances its exploration across the Cape Ray Shear Zone, a region already hosting multi-million-ounce deposits such as Equinox Gold’s Valentine Project, AuMEGA’s efforts could significantly enhance its standing in Newfoundland’s gold exploration landscape.