AuMEGA Announces Start of Phase Two Diamond Drilling
AuMEGA Announces Start of Phase Two
Diamond Drilling
Key Highlights
Phase two of diamond drilling has commenced with primary focus on Greenfield targets at
Malachite
Drill targets at Malachite focused on large, mineralised zones identified through the highly
successful winter Reverse Circulation ("RC") drill program
Phase one of diamond drilling completed at the end of July 2024 with assays expected over the
next couple of weeks
Till survey over highly prospective Intersection Project completed recently with assays expected
over the course of the next several weeks
Airborne magnetic geophysical survey over highly prospective Bunker Hill Project currently
underway along with prospecting and mapping
Airborne survey over the highly prospective, high-grade gold/antimony at Hermitage is expected to
commence in the Canadian autumn of 2024
Edmonton, Alberta--(Newsfile Corp. - August 19, 2024) -
AuMEGA Metals Ltd
(formerly Matador Mining
Ltd) (
ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF
) ("AuMEGA" or "the Company") is pleased to
announce the start of the second phase of diamond drilling on the Cape Ray Shear Zone ("CRSZ")
located in Newfoundland, Canada. The primary focus of this diamond drilling is on Greenfield targets at
Malachite. The Company expects to drill between 2,000 and 3,000 metres and the total meterage will be
based on results and weather conditions.
AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented:
"We are very excited for this second phase of diamond drilling. Our highly successful RC winter drill
program identified three, large, mineralised zones at Malachite and through our targeting workshop and
detailed analysis, we have identified several drill targets within two of these zones. Our primary focus
and initial drill targets are at the O-2 West area. Here, the RC program delivered the best bedrock
sample and a series of additional holes on the same line and across multiple RC lines. One hole
delivered 627 ppb gold along with 1.99% copper in bedrock only seven metres below surface right into a
structure that splays off the main O-2 breakout structure. This was clear a standout result. In general, the
RC program delivered significant gold anomalism with several gold values including the O-2 West result
that ranged 25 to 200 times greater than average crustal abundance.
"In addition to O-2 West, we will be diamond drilling the O-2 East target, which was the site of the next
best RC holes from the winter program and an area with significant geochemical anomalies as well as
structural complexity. Additionally, we seek to drill O-2 North, which in2022, delivered one of the highest
gold grain counts from a sample in Newfoundland. This drilling will target several structures splaying off
the main O-2 target. As always, the number of drillholes and the amount of drilling we do will be based on
results. Assay results from this drilling would be expected over a period of six to eight weeks.
"The Company completed the first phase of diamond drilling a few weeks ago at the end of July. Final
assay results from this program are expected over the course of the next couple weeks. The till survey
work at Intersection was completed recently and results from this work is expected in four to six weeks.
Meanwhile, after some unexpected delays with equipment arrival, the airborne magnetic survey is
currently underway over Bunker Hill, a sizeable area that contains some of the highest grade historic
samples on the belt."
FIGURE 1: MALACHITE HIGH-PRIORITY TARGETS
1
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FIGURE 2: DIAMOND DRILLING AT O-2 WEST TARGET
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- ENDS -
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 Calibre Mining's Valentine Gold Project, which
is the region's largest gold deposit (+5 million ounces), 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 leading, multi-million-ounce a year gold producer.
Additionally, AuMEGA holds a 27-kilometer 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 6.1 million tonnes of ore grading an average of 2.25 g/t, totaling
450,000 ounces of Indicated Resources, and 3.4 million tonnes of ore grading an average of 1.44 g/t,
totaling 160,000 ounces in Inferred Resources.
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 ASX 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:
Mineral Resource estimate announced on 30 May 2023, Company exploration announcements on 16
January 2024 and 23 May 2024, Malachite announcements dated 20 April 2022, 8 June 2022, 12
September 2022, 14 September 2022, 6 October 2022, 12 December 2022, 25 January 2023 and 11
October 2023, Bunker Hill announcements on 14 April 2021, 22 March 2023 and 6 April 2023,
Intersection related announcements 16 January 2024 and 29 October 2020, Winter RC drill results
reported on 23 April 2024 and 28 May 2024 and the Resource Corridor announcement on 5 June 2024.
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
The information contained in this announcement that relates to exploration results is based upon
information reviewed by Mr. Spencer Vatcher, P. Geo. who is an independent consultant employed with
Silvertip Exploration Consultants Inc. Mr. Vatcher is a Member of the Professional Engineers and
Geoscientists of Newfoundland and Labrador (PEGNL) and has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the JORC Code 2012.
Mr. Vatcher consents
to the inclusion in the announcement of the matters based upon the information in the form and context in
which it appears.
1
Refer ASX Announcement dated 12 June 2024 & 5 June 2024
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