AuMEGA Hits 1.85 g/t Gold Over 13.5m, Expands Exploration at Cape Ray

Exploration Breakthrough at Cape Ray

AuMEGA Metals Ltd has announced a promising extension of gold mineralisation at its flagship Cape Ray Project in Newfoundland, Canada. The highlight comes from diamond drilling results at the Central Zone, where hole CRD412 intersected 1.85 grams per tonne (g/t) gold over 13.5 metres, including a higher-grade segment of 4.79 g/t over 0.85 metres. This intercept extends the mineralisation down plunge of the Z04 deposit, which remains open in multiple directions, suggesting further upside potential.

The Central Zone is the cornerstone of AuMEGA’s mineral resource, currently hosting over 420,000 ounces of indicated gold and 141,000 ounces inferred. The new drilling results reinforce the company’s view that there is significant scope for resource growth, particularly with mineralisation open both along strike and at depth.

Largest Surface Program to Date

Complementing the drilling success, AuMEGA has completed its most comprehensive surface exploration program ever at Cape Ray West. This included systematic geological mapping and an extensive till geochemical sampling campaign, with 91 rock and 1,082 till samples collected across a 16 square kilometre area. While assay results are still pending, the scale and quality of this dataset are expected to generate new drill targets and refine existing ones.

In parallel, a project-wide electromagnetic (EM) survey has identified several discrete anomalies with magnetic signatures consistent with the known Central Zone deposits. These geophysical insights will be integrated with geochemical data to build a layered targeting model, enhancing the precision of future drilling efforts.

Strong Financial Position Fuels Ambitious Campaign

AuMEGA’s exploration activities are underpinned by a robust treasury, with C$9.2 million in cash reserves. This financial strength supports one of the largest and most systematic exploration campaigns in the company’s history, including ongoing work at other high-potential targets along the Cape Ray Shear Zone such as Bunker Hill and Hermitage.

At Bunker Hill, the company has initiated an expansive till geochemical and mapping program covering approximately 75 square kilometres, aiming to systematically define drill targets in one of the most prospective yet underexplored areas of the shear zone. Meanwhile, Hermitage is preparing for its largest surface exploration campaign, building on previous high-grade gold anomalies and recent airborne magnetic surveys.

Strategic Positioning in a Growing Gold District

AuMEGA’s land package spans 110 kilometres along the Cape Ray Shear Zone, a major geological feature recognized as Newfoundland’s largest gold structure. The company’s projects lie along strike from the multi-million-ounce Valentine Gold Project, which is nearing production. Recent regional transactions, including acquisitions by Equinox Gold and New Found Gold, highlight growing interest from major gold producers in this district.

Managing Director and CEO Sam Pazuki emphasised the company’s confidence in the district’s potential and the comprehensive nature of the 2025 exploration program. He highlighted the importance of integrating geological, geochemical, and geophysical data to unlock new discoveries and expand the mineral resource base.

Looking Ahead

AuMEGA anticipates a steady flow of news through the remainder of 2025, with key upcoming milestones including final assay results from the Cape Ray drilling and till sampling programs, processed EM survey data, and the launch of the Hermitage surface program. Additional drilling campaigns are planned at Cape Ray and Bunker Hill, all aimed at advancing resource expansion initiatives.

While the true widths of mineralisation remain to be confirmed and assay results are pending, the current data points to a compelling exploration story. Investors and analysts will be watching closely as AuMEGA continues to build on its promising foundation in one of Canada’s most exciting gold districts.