AuMEGA Metals Plans 10,000m Drill Program at Bunker Hill in 2025 Following Strong Capital Raise

Exploration Momentum Builds at Bunker Hill

AuMEGA Metals Ltd (ASX: AAM) has set the stage for an aggressive exploration push in 2025, anchored by a substantial drilling campaign at its flagship Bunker Hill project in Newfoundland. Following a successful private placement that raised approximately C$16 million, the company plans to execute up to 20,000 metres of drilling this year, with half of that allocated to Bunker Hill alone.

The recent completion of high-resolution airborne magnetic and Very Low Frequency Electromagnetic (VLF-EM) surveys over a 170 km² area at Bunker Hill has revealed a structurally complex domain with multiple fault splays and dilation zones conducive to mineralising fluids. Complementing this, till sampling returned gold anomalies up to 148 parts per billion (ppb), nearly 40 times the crustal average, alongside elevated silver and lead values. These findings underscore Bunker Hill's potential as a high-priority greenfields target.

Expanding Footprint with Intersection and Cape Ray

Beyond Bunker Hill, AuMEGA's reconnaissance till program at the Intersection Project has identified four large zones of significant gold anomalism within the Windsor Point Group sediments, the host rocks for the company's Central Zone deposits. This geochemical signature, coupled with anomalous silver, copper, and bismuth, points to the presence of large, buried mineralised systems warranting further investigation.

At Cape Ray, the company plans to deploy airborne VTEM geophysics and ground prospecting to delineate new targets, particularly focusing on graphitic schists associated with gold mineralisation. These efforts aim to build on the district-scale land package that spans 110 kilometres along the Cape Ray Shear Zone, a major geological structure that also hosts Calibre Mining's Valentine Gold Project.

Hermitage Project Poised for Advancement

The Hermitage Gold and Antimony Project, covering 27 kilometres along the Hermitage Flexure, is set for geological mapping, prospecting, and an inaugural diamond drill program planned for the second half of 2025. The project’s geological setting is analogous to prolific gold districts globally, adding to its exploration appeal.

Financial Position and Corporate Developments

AuMEGA’s recent capital raise was well supported by existing shareholders, including strategic investor B2Gold Corp, which increased its stake to 9.9%. The proceeds will primarily fund the extensive 2025 exploration program, working capital, and general corporate purposes. As of 31 December 2024, the company held approximately CAD 15.7 million in cash, a significant increase from the prior quarter, positioning it well to execute its ambitious plans.

Operating cash outflows were modestly reduced quarter-on-quarter, reflecting disciplined cost management. Exploration expenditure remained robust at CAD 2 million, supporting ongoing surveys and preparatory work for the upcoming drill campaigns.

Strategic Outlook

AuMEGA’s systematic approach to exploration in a geologically complex and under-explored region is beginning to yield compelling targets. The upcoming drilling at Bunker Hill, combined with advancing work at Intersection, Cape Ray, and Hermitage, could materially enhance the company’s resource base and valuation. The company’s ability to attract global institutional capital underscores market confidence in its strategy and assets.