AuMEGA Metals Commences Diamond Drilling on Major Electromagnetic Target at Cape Ray
AuMEGA Metals Commences Diamond Drilling
on Major Electromagnetic Target at Cape Ray
Edmonton, Alberta--(Newsfile Corp. - November 17, 2025) -
AuMEGA Metals Ltd (ASX: AAM) (TSXV:
AUM) (OTCQB: AUMMF)
("AuMEGA" or "the Company") is pleased to announce the commencement
of a highly anticipated diamond drilling program at its Cape Ray Project in Newfoundland and Labrador,
Canada - a major step in unlocking the next phase of discovery across its district-scale land package
(Figure 1).
AuMEGA's systematic exploration strategy continues to generate compelling targets across the Cape
Ray Shear Zone ("CRSZ"). This program will focus on a large, newly defined airborne electromagnetic
("EM") conductor located in the immediate hangingwall of the Central Zone - a proven high-grade gold
system (Figure 2)
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.
The conductor, measuring approximately 500 metres by 1,000 metres and open along strike, is located
500 metres southeast of the Company's high-grade Central Zone deposits, and yet has never been drill
tested (Figure 2).
Figure 1: AuMEGA Metals Portfolio on the Cape Ray Shear Zone and Hermitage Flexure
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AuMEGA Metal's Managing Director and CEO, Sam Pazuki, commented:
"We are very excited about this drill program. Our extensive till geochemistry, high-resolution
geophysics, and structural interpretation have converged to deliver a compelling new drill target
located near our existing high-grade gold resource at Central Zone.
What makes this area so exciting is that it was historically overlooked due to no surface exposure, yet
it sits on a similar structural network that hosts the Central Zone. The area historically delivered a
standout 111.5 g/t gold heavy mineral concentrate sample
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on the flank of this new conductor, and
now, with a significant EM anomaly mapped, we are stepping in with the first ever drill holes.
This fully funded drill program, the identification of several drill targets within the EM anomaly as well
as the previously announced new multi-kilometre gold corridor identified at Cape Ray West marks the
beginning of what we believe is a new chapter of discovery at the Cape Ray Gold Project."
Targeting a Potential New Mineralised Trend
The drill program will initially test priority structures interpreted within the EM anomaly, believed to
represent a potential new gold-bearing trend parallel to Central Zone. With the target almost entirely
undercover and unexplored, the opportunity to deliver a brand-new discovery is significant.
The program is fully funded. Drilling will begin with one diamond rig, with the option to rapidly scale up to
a second rig as results warrant. The Company intends to advance aggressively and maintain momentum
through the pre-Christmas field window.
Figure 2: Major Airborne Electromagnetic Anomaly Southeast of the Central Zone deposits
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Additional Results Expected Soon
The Company also recently completed a till geochemical survey over the Isle aux Morts Granite, another
high-priority target within the previously identified multi-kilometre gold corridor
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(Figure 3). Results from
this program are expected over the near-term.
Upon receipt, AuMEGA will refine drill locations for Cape Ray West and plans to mobilize for additional
drilling if weather and logistics permit. This program is also fully funded.
Figure 3: Cape Ray Project area, till results pending on the Isle aux Morts Granite
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This announcement has been authorised for release by the Company's Board of Directors.
To learn more about the Company, please visit
www.aumegametals.com
, or contact:
Sam Pazuki, Managing Director & CEO
Canada Phone:
+1 780 665 4925
Australia Phone:
+61 8 6117 0478
Email:
About the Company
AuMEGA Metals Ltd
(ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF)
is utilising best-in-class
exploration to explore on its district scale land package that spans 110 kilometers along the Cape Ray
Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada's
largest identified gold structure. This zone currently hosts Equinox Gold's Valentine Gold Project, a multi-
million-ounce deposit which is the region's largest gold project, along with AuMEGA's expanding Mineral
Resource.
The Company is supported by a diverse shareholder registry of prominent global institutional investors,
and strategic investment from B2Gold Corp, a significant, intermediate gold producer.
Additionally, AuMEGA holds a 27-kilometre stretch of the highly prospective Hermitage Flexure and has
also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland,
which exhibits strong potential for copper and other base metals.
AuMEGA's Cape Ray Shear Zone hosts several dozen high potential targets along with its existing
defined gold Mineral Resource of 6.2 million tonnes grading an average of 2.25 g/t, totaling 450,000
ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t, totaling 160,000
ounces in Inferred Resources
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.
AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program,
Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador,
Canada.
Reference to Previous Announcements
In relation to this news release, all data used to assess targets have been previously disclosed by the
Company and referenced in previous JORC Table 1 releases. Please see announcements dated: 16
October 2025, 2 October 2025 and 30 May 2023 as well as Newfoundland and Labrador Mineral
Assessment Report #011O/0326 submitted by Dolphin Exploration Ltd in 1988.
In relation to the Mineral Resource estimate announced on 30 May 2023, the Company confirms that all
material assumptions and technical parameters underpinning the estimates in that announcement
continue to apply and have not materially changed.
The Company confirms that the form and context in
which the Competent Person's findings are presented have not been materially modified from the
original market announcement.
Competent Person's Statements
Geophysics
AuMEGA contracted Axiom Exploration Group Ltd. in conjunction with RPM Aerial Services and Breton
Air to fly a TDEM survey using Axiom's proprietary 30Hz Xcite
TM
TDEM system which collected both
time domain electromagnetic and magnetic data simultaneously. Flight lines were spaced 100 metres
apart at an orientation of 152-332° with tie lines spaced at 1000 metres at an orientation of 62-242°. The
survey covered a total area of 59.5 square kilometres.
Historic Results
Some data disclosed in this news release is related to historical sampling. The company has not
independently analyzed the results in order to verify the results; however, the Company considers these
historical results relevant as the Company is using this data as a guide to plan exploration programs.
The full results of the historical work referenced in this release can be accessed online.
Qualified Person
The scientific and technical information in this press release was reviewed and approved by Shamus
Duff, P. Geo., Project Geologist. Mr. Duff is a Qualified Person as defined under National Instrument 43-
101 and a Professional Geologist registered with Professional Engineers and Geoscientists of
Newfoundland and Labrador (PEGNL). Mr. Duff consents to the publication of this press release and
certifies that the information is provided fairly and accurately represents the scientific and technical
information disclosed within it.
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2 October 2025 & 30 May 2023 News Release
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2 October 2025 News Release
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2 October 2025 News Release
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16 October 2025 News Release
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News release dated 30 May 2023
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