Untested Cape Ray Anomaly Could Redefine AuMEGA’s Gold Resource Outlook
AuMEGA Metals has identified a significant new electromagnetic anomaly near its Central Zone deposits at the Cape Ray project, setting the stage for a fully funded drilling campaign in late 2025.
- Major new EM anomaly located 500m southeast of Central Zone deposits
- Historical sample near anomaly graded 111.5 g/t gold
- Anomaly extends at least 1,000m along strike and remains open
- Fully funded drilling program planned for Q4 2025
- Additional conductive anomalies expand exploration pipeline
New Discovery at Cape Ray
AuMEGA Metals Ltd has announced the identification of a major new electromagnetic (EM) anomaly at its Cape Ray gold project in Newfoundland, Canada. Situated just 500 metres southeast of the company’s high-grade Central Zone deposits, this anomaly has never been drill tested despite historical evidence of exceptionally high-grade gold nearby. A sample collected in 1988 returned a remarkable 111.5 grams per tonne (g/t) gold, underscoring the prospectivity of this newly delineated target.
Geophysical Survey Success
The discovery follows a comprehensive airborne Time Domain Electromagnetic survey completed in July 2025, covering 930 line-kilometres across the mineral resource corridor. This survey not only confirmed the known mineralisation at the Central Zone but also revealed multiple new conductive zones with geophysical signatures comparable to existing gold-bearing host rocks. The major anomaly extends at least 1,000 metres along strike and approximately 500 metres wide, remaining open beyond the survey limits, suggesting a mineralised system potentially larger than current resources.
Expanding the Pipeline of Opportunities
Beyond the standout anomaly, the survey identified several additional conductive zones across Cape Ray and adjacent projects. These anomalies align with key structural features of the Cape Ray Shear Zone and are supported by coincident geochemical signatures, reinforcing their exploration significance. AuMEGA is advancing detailed geological mapping, surficial geochemical sampling, and plans to drill test these targets in 2025, aiming to expand the mineral resource base.
Fully Funded Drilling Program
With a fully funded drill program scheduled for the fourth quarter of 2025, AuMEGA is poised to test the new major anomaly and other high-priority targets. The company’s Managing Director and CEO, Sam Pazuki, expressed optimism about the potential for a new mineralised trend at Cape Ray, which could significantly enhance the project’s value. The Cape Ray project currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources, based on a gold price of US$1,750 per ounce.
Strategic Positioning in a Growing District
Located along the Cape Ray–Valentine Shear Zone, one of Newfoundland’s largest identified gold structures, the project benefits from proximity to Equinox Gold’s Valentine Gold Project, a multi-million-ounce deposit. AuMEGA’s extensive land package and strategic exploration approach, supported by institutional investors and B2Gold Corp, position it well to capitalize on the district’s emerging potential. The company’s ongoing work at Cape Ray West and Bunker Hill further diversifies its exploration pipeline.
Bottom Line?
As AuMEGA prepares to drill test this compelling new target, the Cape Ray project could be on the cusp of a significant resource expansion.
Questions in the middle?
- Will the upcoming drilling confirm the high-grade gold potential suggested by the EM anomaly and historical sampling?
- How might the new anomalies reshape AuMEGA’s resource model and project valuation?
- What are the timelines and expected milestones for assay results and subsequent exploration phases?
