AuMEGA’s C$16M Exploration Push Risks Weather Delays but Targets Major Discoveries

A Fully Funded Ambition

AuMEGA Metals Ltd (ASX: AAM) has announced a major exploration initiative for 2025, underpinned by a robust C$16 million capital raise completed in late 2024. This financial backing empowers the company to embark on its largest drilling program since 2021, targeting some of its most promising assets in Newfoundland and Labrador, Canada.

Managing Director and CEO Sam Pazuki emphasized the strategic importance of this program, noting that it represents a mandate from global investors to aggressively pursue high-value discoveries. The company’s focus is clear: leverage three years of target generation to unlock shareholder value and position AuMEGA as a key player in the region’s gold and base metals landscape.

Bunker Hill: The Crown Jewel

The centerpiece of the 2025 program is the Bunker Hill project, where AuMEGA plans to execute a winter drill campaign comprising 10,000 to 12,000 metres of drilling starting in early February. This project has emerged as the highest-grade target in the company’s portfolio, with recent sampling revealing exceptional copper and silver grades, up to 17.2% copper and 19.1 g/t silver.

The exploration strategy combines approximately 7,500 metres of Reverse Circulation (RC) drilling with 5,000 metres of diamond drilling, focusing on the Nitty Gritty Granite and Bunker Hill West zones. The program’s design allows flexibility to scale up follow-up drilling in the latter half of 2025, contingent on assay results expected within six weeks of sample dispatch.

Expanding the Footprint: Cape Ray and Hermitage

Beyond Bunker Hill, AuMEGA is advancing its Cape Ray Gold Project with a planned 5,000-metre diamond drilling campaign targeting new zones outside existing mineral resources. This effort will be informed by an airborne electromagnetic survey scheduled for early 2025, aimed at identifying conductive graphitic schists linked to gold mineralization.

Meanwhile, the Hermitage Gold-Antimony Project is set for its inaugural drill program in the second half of the year, with up to 3,000 metres planned. This project, notable for hosting Newfoundland’s largest antimony anomaly, shares geological similarities with world-class gold deposits in Australia, underscoring its exploration potential.

Strategic Positioning in a Growing District

AuMEGA’s land package spans 110 kilometres along the Cape Ray Shear Zone, a major gold structure that has attracted significant attention following recent acquisitions and developments by peers such as Calibre Mining and Eldorado Gold. The company’s strategic investor, B2Gold, has increased its stake, signaling confidence in AuMEGA’s growth trajectory.

The company’s exploration approach benefits from extensive preparatory work, including high-resolution airborne magnetic surveys and detailed geological mapping, positioning it to efficiently target concealed mineralization beneath glacial cover.

Looking Ahead

With mobilization underway and drilling expected to commence imminently, AuMEGA’s 2025 program promises a steady flow of assay results and exploration updates throughout the year. The company’s flexible capital allocation strategy allows it to pivot quickly in response to emerging data, maximizing the potential for breakthrough discoveries.