AuMEGA Metals Reports 1.84 g/t Gold Intercept in Expansive 10,000m Drill Program
AuMEGA Metals has launched an ambitious diamond drilling program at its Cape Ray and Bunker Hill projects in Newfoundland, revealing encouraging early gold results that hint at a larger mineralised system.
- Up to 10,000 metres of diamond drilling planned across Cape Ray and Bunker Hill
- Notable intercept of 1.84 g/t gold over 1 metre including higher-grade zones at Bunker Hill West
- C$13.1 million cash position fully funds extensive 2025 exploration program
- Electromagnetic survey underway at Cape Ray to identify new targets
- Assay results pending from multiple drill holes and RC base-of-till samples
Exploration Momentum Builds at Cape Ray and Bunker Hill
AuMEGA Metals Ltd has kicked off one of its most comprehensive exploration campaigns to date, targeting the richly prospective Cape Ray Shear Zone in Newfoundland, Canada. With plans to drill up to 10,000 metres of diamond core, the company is aggressively pursuing new gold discoveries across its district-scale land holdings.
The early results from the winter drilling at Bunker Hill West are particularly encouraging. Drill hole CRD396 intersected 1.84 grams per tonne (g/t) gold over 1 metre, including a higher-grade interval of 5.58 g/t gold, accompanied by significant silver and lead values. This intercept lies near a historic high-grade gold outcrop and supports the presence of a larger mineralised system along the Branch Fault, a major structural feature first identified by AuMEGA last year.
Strategic Focus on Structural Targets
AuMEGA’s Managing Director and CEO, Sam Pazuki, emphasised the strategic importance of targeting major structural corridors off the main Cape Ray Shear Zone. The integration of reverse circulation (RC) and diamond drilling techniques is enabling the company to effectively hone in on high-potential zones that have been underexplored historically. This approach is designed to unlock new mineralised zones beyond the existing resource footprint.
Alongside drilling, an airborne electromagnetic (EM) survey is underway at Cape Ray West to map structural complexity and identify graphite-rich host rocks associated with gold mineralisation. Results from this survey, expected in June, will guide the next phase of drilling and help refine target selection in this underexplored area.
Robust Funding Supports Ambitious Program
With a strong treasury of C$13.1 million as of March 31, 2025, AuMEGA is well-positioned to execute its extensive exploration plans. The program includes not only drilling but also detailed geological mapping and systematic rock and soil sampling across high-priority targets. The company is actively integrating new assay data with historical information to refine its exploration strategy as results come in.
Assay results from nine diamond drill holes and 147 RC base-of-till holes remain pending, with expectations to receive these in the coming weeks. These data will be critical in shaping the summer drilling campaign, which will focus initially on Bunker Hill West and other newly generated targets.
Positioning in Canada’s Emerging Gold District
AuMEGA’s land package spans 110 kilometres along the Cape Ray Shear Zone, a significant geological feature hosting some of Newfoundland’s largest gold deposits, including Calibre Mining’s Valentine Gold Project. The company’s current Mineral Resource estimate includes 450,000 ounces of indicated gold and 160,000 ounces inferred, with ongoing exploration aimed at expanding these figures.
The combination of promising drill results, strategic targeting of structural corridors, and robust funding underscores AuMEGA’s commitment to unlocking value in what is shaping up to be Canada’s next major gold district.
Bottom Line?
As assay results and geophysical data unfold, AuMEGA’s exploration campaign could redefine gold potential along the Cape Ray Shear Zone.
Questions in the middle?
- Will upcoming assay results confirm the extent and grade continuity of mineralisation along the Branch Fault?
- How will the EM survey results influence drilling priorities at Cape Ray West?
- What is the potential scale of the mineralised system beyond currently defined resources?
