AuMEGA Metals Provides Exploration Update
AuMEGA Metals Provides Exploration Update
Key Highlights
Fully funded
with a strong treasury to execute a discovery-focused 2026 exploration program
Three strategic initiatives:
Cape Ray resource growth;
New major discoveries;
Continual generation of drill-ready targets across the district-scale land package.
Three priority focus areas:
Cape Ray West & Isle aux Morts Granite - high-priority discovery target and initial drill
focus
[1]
;
Bunker Hill - rapidly advancing new drill targets ahead of drilling later in 2026
[2]
;
Cape Ray Resource Corridor - relogging of historical drill core to identify new drilling targets.
Largest diamond drill program
since 2021 planned with flexibility to scale based on
success
:
Up to 5,000 metres at Cape Ray West / Isle aux Morts Granite;
Up to 5,000 metres at Bunker Hill;
Cape Ray Resource Corridor drilling program to be scoped over the coming months once
the relogging program is completed;
Antimony story continues to evolve at Hermitage:
High-resolution till sampling (891 samples)
returned values up to 200 ppm antimony, significantly exceeding regional benchmarks (~40.9 ppm
at Beaver Brook) and defining a coherent anomaly extending at least 620 metres and open along
strike.
[3]
Edmonton, Alberta--(Newsfile Corp. - April 28, 2026) -
AuMEGA Metals Ltd (ASX: AAM) (TSXV:
AUM) (OTCQB: AUMMF)
("AuMEGA" or "the Company") is pleased to outline its fully funded
exploration program for 2026 and provide an update on results from its 2025 field activities.
The 2026 program represents the Company's largest and most focused exploration campaign to date
and is designed to advance three key priorities across its district-scale land package along the Cape
Ray Shear Zone ("CRSZ"):
Cape Ray West & Isle aux Morts Granite:
a newly emerging, high-priority discovery opportunity
that will be the initial focus of drilling
[4]
;
Bunker Hill:
advancing multiple new drill targets ahead of drilling later in the 2026 field season
[5]
;
Cape Ray Resource Corridor:
ranking and prioritising diamond drilling based on relogging of
historical drill core, and reinterpretation of mineralisation controls, aimed at identifying new drill
targets surrounding the Company's Mineral Resources
[6]
.
The Company has a strong balance sheet following its recent $30 million
[7]
financing and plans a
scalable drilling program of approximately 10,000 metres, with flexibility to increase or reduce drilling
based on results.
Initial drilling is expected to include up to 5,000 metres at Cape Ray West / Isle aux Morts Granite and up
to 5,000 metres at Bunker Hill, with additional drilling to be allocated based on results.
A drilling program
targeting extensions to known mineralisation within the Cape Ray resource corridor is being planned
and will be scoped over the coming months.
AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented:
"We are entering 2026 with a clear focus on discovery and resource growth across our district-scale
land package.
Our program is centred on three priority areas. Within the resource corridor, we are advancing work to
support a potential resource update, with resource extension drilling to be scoped over the coming
months as we continue to refine our geological understanding. At Cape Ray West, including the Isle
aux Morts Granite, we believe we have identified a highly compelling new discovery opportunity, and
this will be the first area we drill. At Bunker Hill, we are rapidly advancing a growing pipeline of new drill
targets ahead of drilling later in the year.
Importantly we have a strong treasury having recently closed on a $30 million financing allowing us to
execute one of the most expansive exploration programs on the Cape Ray Shear Zone to date. Our
planned drill program is intentionally flexible — we will allocate capital to success and scale drilling
where we see results that confirm our models.
At Hermitage, the results from our geochemical survey have furthered the antimony opportunity with
antimony-in-till values exceeding known benchmark values at the only operating antimony mine
(Beaver Brook) in Newfoundland. This demonstrates the polymetallic and diversity of our business.
With over 110 kilometres of strike along a major gold structure that continues to deliver new
discoveries nearby, our focus is on systematically building and testing high-quality targets with the
goal of making a meaningful new discovery."
Figure 1.
AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage Flexure.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_002full.jpg
2026 Exploration Program
The 2026 exploration program is designed to systematically advance high-priority targets across the
CRSZ through a combination of drilling, geological refinement and ongoing target generation (Figure 2).
Drilling will be the central focus of the program, with an initial plan for approximately 10,000 metres
across the Company's highest-priority targets. The program is intentionally scalable, with capital
allocation driven by results.
Initial drilling allocations are expected to include:
Up to 5,000 metres at Cape Ray West / Isle aux Morts Granite, where drilling will commence;
Up to 5,000 metres at Bunker Hill, following target refinement.
A drilling program targeting extensions to known mineralisation within the Cape Ray resource corridor is
expected to be scoped in the coming months as ongoing relogging and geological work is completed.
Supporting work programs, including geological mapping, relogging and targeted sampling, are
underway to refine drill targeting and strengthen the Company's geological understanding across key
areas.
In parallel, the Company will continue to build its pipeline of targets across the broader land package,
including Cape Ray North, Intersection and Hermitage, ensuring a continuous pipeline of opportunities
for future drilling.
Figure 2.
Surficial geochemistry overview for 2026.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_003full.jpg
Cape Ray West & Isle aux Morts Granite
Cape Ray West, including the Isle aux Morts Granite ("IMG"), has emerged as one of the most
compelling exploration opportunities within the Company's portfolio (Figures 3 and 4).
Recent work has identified multiple high-priority target areas associated with favourable structural
settings and geophysical features, supporting the potential for a large-scale mineralised system
[8]
(Figures 3 and 4).
The Company is now advancing toward a focused 2026 exploration program, with work to include:
Extension of till sampling and geological mapping across the full extent of the IMG;
Detailed 1:5,000-scale mapping and channel sampling over priority target areas;
Execution of an initial targeted diamond drilling program with up to 5,000 metres.
This approach reflects an objective of maximising drill success and advancing the most prospective
areas within the Cape Ray West corridor.
Figure 3.
Target areas for detailed geological mapping, channel sampling and infill till geochemistry
to expedite drill targets for 2026. The image is of the reduced to pole - first vertical derivative
(greyscale) over a digital elevation model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_004full.jpg
Figure 4.
Target areas within the Isle aux Morts Granite. The image is of the reduced to pole - first
vertical derivative (greyscale) over a digital elevation model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_005full.jpg
Bunker Hill
At Bunker Hill, the Company has defined a growing number of high-quality drill targets, including a multi-
kilometre gold trend associated with the Branch Fault Corridor
[9]
(Figure 5).
On a go-forward basis, the Company plans to:
Extend till sampling and mapping north of the Branch Fault Corridor to evaluate continuity;
Conduct additional regional-scale surveys to the east toward the Intersection Project to assess
district-scale connectivity;
Complete detailed 1:5,000-scale geological mapping and channel sampling over the highest-
priority anomalies; and
Advance a focused diamond drilling program of up to 5,000 metres, prioritising a smaller number
of high-conviction targets rather than broad early-stage coverage.
The scale of the system and limited historical drilling highlight the potential for new discoveries.
Figure 5.
Anomalous areas from the 2025 till geochemistry programs requiring expedited follow-up
work in 2026. The image is of the reduced to pole - first vertical derivative (greyscale) over a digital
elevation model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_006full.jpg
Cape Ray Resource Corridor
Within the Cape Ray resource corridor, the Company is undertaking relogging and work refining the
geological model to support identifying new drill targets focused on extensions to known
mineralisation
[10]
(Figure 6). The drilling program is expected to be scoped over the coming months,
subject to further technical review and program design.
Figure 6.
Long section of the Central Zone deposits (Z04, Z41, Z51 and H-Zone) looking towards the
northwest (azimuth 320
o
)
To view an enhanced version of this graphic, please visit:
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Pipeline Growth Opportunities
Building on the Company's success in 2025, additional regional, target-generative till geochemistry and
geological mapping programs are planned to further advance and expand the Company's exploration
pipeline
[11]
. These programs are designed to systematically evaluate underexplored areas and generate
new targets across key project areas on a network of underexplored second- and third-order structures
associated with the CRSZ. Generally, in Newfoundland, the second and third-order structures have had
limited exploration work despite the largest deposit on the island (Valentine) has its deposits and new
discoveries on multi-order structures.
2025 Hermitage Surficial Geochemistry Program Results
Recent surficial geochemical work at Hermitage has identified a coherent antimony anomaly that
compares favourably with known benchmarks in the province. Publicly available Newfoundland
Geological Survey data over the Beaver Brook Antimony Mine indicate peak till values of approximately
40.9 ppm Sb from a regional one-kilometre by one-kilometre sampling grid (Open file report:
NFLD/3273). In contrast, AuMEGA's inaugural, higher-resolution survey at Hermitage (160 m by 80 m
spacing; 891 samples) returned a peak value of 200 ppm Sb (Figure 7). While comparisons between
surveys of differing scale should be treated with appropriate caution, the tenor and consistency of the
Hermitage response point to a meaningful antimony system.
The anomaly is both strong and spatially coherent, extending over at least 620 metres and remaining
open along strike due to current survey coverage. Additional antimony anomalism identified in the
southeastern portion of the grid suggests further upside, although continuity is not yet fully defined given
the truncated nature of the survey in that area. These results provide an encouraging indication of scale
and warrant follow-up work to better define the extent of the anomaly.
Gold results further enhance the prospectivity of the Hermitage project. The priority grid, centred on
previously identified outcropping mineralisation grading 7.31 g/t and 2.10 g/t Au
[12]
, returned peak till
values of 53.5 ppb Au, reinforcing a relationship between known bedrock mineralisation and surficial
dispersion patterns (Figure 8). This supports the effectiveness of the Company's targeting approach and
highlights the potential to vector toward additional mineralised zones.
In addition, the highest gold value of the till geochemical survey, 57.4 ppb Au, was identified along a
regional line in the southeastern portion of the grid, spatially associated with a well-defined west-
northwest-east-southeast trending geophysical feature interpreted as a lithological contact (Figure 8).
Although this anomaly is currently characterized by lower coherence, its structural association and the
incomplete nature of the grid suggest potential for strengthening along strike with further work.
Collectively, the coincident antimony and gold anomalism highlights a broader polymetallic system at
Hermitage and supports the project's potential to attract strategic interest, including partnership or joint
venture opportunities to advance the asset.
Figure 7.
Antimony-in-till surficial geochemistry data from the 2025 survey. Strong and coherent
anomalism is developing in the south-central portion of the project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_008full.jpg
Figure 8.
Results from the inaugural till geochemistry program at Hermitage. The image is of the
reduced to pole - first vertical derivative (greyscale) over a digital elevation model.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/294718_58687fbe2482d813_009full.jpg