AuMEGA Metals Launches Drilling on Untested EM Target Near High-Grade Gold Zone

Exploration Enters a New Phase at Cape Ray

AuMEGA Metals Ltd has taken a significant step forward in its exploration efforts at the Cape Ray Project in Newfoundland and Labrador by commencing diamond drilling on a large, newly identified airborne electromagnetic (EM) conductor. This conductor, located just 500 metres southeast of the company’s established high-grade Central Zone gold deposits, represents a fresh and compelling target that has never before been drill tested.

The EM anomaly spans roughly 500 metres by 1,000 metres and remains open along strike, suggesting the possibility of an extensive mineralised system. What makes this target particularly intriguing is its position within the hangingwall of the Central Zone, a proven high-grade gold system, yet it has historically been overlooked due to the absence of surface exposure.

Strategic Targeting and Fully Funded Drilling

AuMEGA’s Managing Director and CEO, Sam Pazuki, highlighted the convergence of multiple exploration techniques; till geochemistry, high-resolution geophysics, and structural interpretation; that have pinpointed this new drill target. The company is moving quickly to test priority structures within the EM anomaly, which are interpreted to represent a potential new gold-bearing trend parallel to the Central Zone.

The initial phase of drilling will deploy one diamond rig, with the flexibility to add a second rig depending on early results. This aggressive approach aims to maintain momentum through the pre-Christmas field window, underscoring the company’s confidence in the prospectivity of the target.

Broader Exploration Context and Upcoming Catalysts

Beyond the new EM target, AuMEGA is also awaiting results from a recently completed till geochemical survey over the Isle aux Morts Granite, another high-priority target within the broader multi-kilometre gold corridor at Cape Ray West. These results could refine drill locations and potentially trigger additional drilling campaigns, further expanding the project’s footprint.

AuMEGA’s Cape Ray Shear Zone land package spans an impressive 110 kilometres and hosts a substantial existing mineral resource, including 450,000 ounces of indicated gold and 160,000 ounces inferred. The project sits within Newfoundland’s largest identified gold structure, which also hosts Equinox Gold’s Valentine Gold Project, the region’s largest gold deposit.

Supported by a diverse institutional shareholder base and strategic investment from B2Gold Corp, AuMEGA is well positioned to advance its exploration programs with robust financial backing and technical expertise.

Looking Ahead

As drilling progresses, the market will be watching closely for assay results that could confirm the presence of significant gold mineralisation within this newly targeted EM conductor. Success here could redefine the scale and potential of the Cape Ray Project, opening a new chapter in AuMEGA’s exploration story.