AuMEGA Metals Completes 2,559m Drilling and Expands Bunker Hill Footprint

Exploration Momentum Builds at Cape Ray

AuMEGA Metals Ltd has wrapped up the first phase of its 2025 diamond drilling campaign at the Cape Ray Project, completing 2,559.7 metres across nine holes. This program targeted resource extensions and newly identified anomalies along Newfoundland’s largest gold-bearing structure, the Cape Ray Shear Zone. Initial assay results are expected in mid-August, which will be closely watched by investors eager to see if the drilling confirms the potential for resource growth.

Alongside drilling, the company has initiated an extensive till geochemical sampling and mapping program at Cape Ray West, aiming to collect around 1,500 samples. This approach integrates geophysical data with geological mapping to sharpen drill targeting, a critical strategy given the region’s challenging glacial cover and complex geology.

Bunker Hill Expansion and Early Encouraging Results

At the Bunker Hill Project, AuMEGA completed a winter drilling program that included 147 reverse circulation holes and 15 diamond holes totaling over 5,000 metres. Notably, drill hole CRD396 intersected 1.84 grams per tonne gold over one metre, including a higher-grade section with significant silver and lead. While these early-stage results are exploratory, they highlight the geological promise of the Branch Fault and surrounding structures.

The company also strategically expanded the Bunker Hill footprint by staking 173 new mineral claims, adding 43 square kilometres to its project area. This expansion captures key structural corridors and cross-cutting faults identified in recent geophysical surveys, reinforcing Bunker Hill’s potential as a significant gold district.

Hermitage Project Poised for Major Campaign

AuMEGA’s Hermitage Gold-Antimony Project, covering 27 kilometres along the Hermitage Flexure, revealed significant geological complexity in a recent high-resolution airborne magnetic survey. The survey identified multiple fault systems correlating with previously reported high-grade surface samples, including gold and antimony. A large-scale surface exploration campaign is planned for late 2025, with over 1,700 till samples to be collected to refine drill targets.

Corporate Developments and Financial Position

On the corporate front, AuMEGA strengthened its leadership team with the appointment of James Withall as a Non-Executive Director, bringing nearly 30 years of international mining and exploration experience, and Michael Skead as President, who will lead exploration strategy and execution. These appointments signal a commitment to advancing the company’s exploration programs and value creation.

Financially, AuMEGA ended the quarter with C$9.2 million in cash, down from C$13.1 million, reflecting the ramp-up in exploration activities. The company remains fully funded to execute one of its largest and most systematic exploration campaigns to date, underscoring its readiness to capitalize on the promising geological settings within its district-scale land package.