AuMEGA Further Demonstrates Prospectivity at Bunker Hill and Announces Malachite Drill Results
AuMEGA Further Demonstrates Prospectivity
at Bunker Hill and Announces Malachite Drill
Results
Key Highlights
Limited till program at Bunker Hill West delivered significant gold-in-till anomalies including 148
ppb and 94 ppb gold, nearly 40 times the crustal abundance level.
Gold-in-till anomalism at Bunker Hill represents a large geochemical footprint surrounding
historical outcrop samples grading upwards of 18.67g/t gold, 35.3g/t silver and 4.2% lead
1
.
Gold-in-till anomalism at Bunker Hill correlates with significant structural complexity revealed from
recent high-resolution airborne magnetic
surveys.
Results from limited reconnaissance diamond drilling at Malachite confirmed further gold and
copper mineralisation in bedrock.
Planning for 2025 exploration program expected to include largest drill program in the last three
years.
Edmonton, Alberta--(Newsfile Corp. - November 22, 2024) -
AuMEGA Metals Ltd (ASX: AAM) (TSXV:
AUM) (OTCQB: AUMMF)
("AuMEGA" or "the Company") announces results from the remaining assays
related to the Bunker Hill till survey and the reconnaissance-style diamond drill program at Malachite,
both located along the Cape Ray Shear Zone ("CRSZ") in Newfoundland and Labrador, Canada.
AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented:
"The Bunker Hill Project to-date has delivered incredible results to the business. The prospecting
programs completed this year returned significant copper and silver values in a large area with
significant historic copper, gold and silver results and collectively represent the highest-grade samples
we have so far collected from anywhere in our portfolio. The high-resolution airborne magnetics also
revealed considerable structural complexity in the Bunker Hill area, with several major second and third
order splays and possible linking structures off the main CRSZ correlating with the prospecting and till
results received. The latest results from Bunker Hill, with peak gold-in-till values of 94 ppb and 148 ppb
gold, further increase our confidence in the prospectivity of the project and we now have three large
zones identified as high priority for future drilling.
"While we continue to believe in the prospectivity of the Malachite Project, the drilling results to-date are
yet to reveal a clear source of significant surficial mineralisation we have identified over the past two
years. The underlying structural complexity of Malachite will require additional drilling and while the most
drilling results did not deliver an economic intercept, it has refined our targeting strategy for future work at
Malachite. In comparing Malachite to Bunker Hill, the latest results from Bunker Hill are reason to
prioritise our focus there going forward. Activity at Malachite will remain in the early stages of exploration
however, in new higher confidence areas.
"The bottom line is that we have a massive land package along a major gold structure that already hosts
our own mineral resources as well as Calibre's five million ounces at the Valentine Project. In my
experience, large deposits in greenstone belts are rarely "one-offs", but rather they are one of multiple
deposits hosted in a belt. We are well positioned with our landholdings to identify and discover areas
with the potential to host other multi-million-ounce gold deposits. With our recent confirmation of high-
grade copper in outcrop, we also believe there is significant potential for intrusive-related copper
discoveries. We have used our best-in-class exploration techniques to test areas, identify new targets
and advance projects forward. Bunker Hill is a prime example of one of these projects where we have
allocated limited capital to-date but have advanced it to the stage where substantial drilling is now
confidently justified."
FIGURE 1: AUMEGA PORTFOLIO OF PROJECTS INCLUDING BUNKER HILL AND MALACHITE
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/230999_8c5cadb6e4fe798a_002full.jpg
Bunker Hill West Till Survey Results
The Bunker Hill West area is characterised by the east-west trending CRSZ, which displays significant
structural complexity with several major second order splays.
During the Canadian fall of 2024, the
Company completed a limited till program over the Bunker Hill West area, located at the eastern edge of
the Malachite Project and site of the Company's large 2021 geochemistry survey
2
. The Bunker Hill West
till survey included grid lines 400 metres apart with stations spaced at 100 metres and centred over a
cluster of historical high-grade outcropping samples
3
that graded 18.67 g/t gold and 12.25 g/t gold.
FIGURE 2: OVERVIEW OF BUNKER HIL WEST TARGET & RESULTS
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/230999_8c5cadb6e4fe798a_003full.jpg
The recent till survey results returned peak gold values of 148 ppb and 94 ppb. Importantly, the results
revealed a large, multi-station anomaly located 270 metres from historic high-grade outcrop and float
samples, proximal to a major fault cutting through the CRSZ and trending to the northeast.
Interpretation of the recent airborne magnetic survey announced in October
4
revealed a dominant north-
northwest striking structure, truncated by the CRSZ proximal to the intersection of the major second order
fault and the historic gold showing. This structure is coincident with till results of 148 ppb and 35 ppb gold
approximately 850 metres south of the CRSZ.
These tills samples are also anomalous in silver and lead, and are coincident with the high-grade gold in
outcrop, with peak silver at 35.3 g/t and lead at 4.2%
5
. The gold-silver-lead association in both outcrop
and tills as well as the area hosting the confluence of multiple structures represents a high-priority area
for future drilling expected in 2025.
Malachite Diamond Drill Program Results
During the summer field season, the Company completed a small, reconnaissance-style diamond drill
program to test geochemical targets along three interpreted splays identified from the 2024 winter
Reverse Circulation ("RC") bottom-of-hole ("BOH") survey
6
. The diamond drill program included five
drillholes for approximately 1,100 metres combined.
FIGURE 3: MALACHITE RECONNAISSANCE DRILL RESULTS
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/230999_8c5cadb6e4fe798a_004full.jpg
CRD385 and CRD386 targeted the major east-west striking splay off the CRSZ, which was identified as
potentially being fertile for gold during the winter RC-BOT program. These two scissored holes were
designed to test for primary mineralisation below a BOH RC hole that returned values upwards of 0.63
g/t gold, 1.99% copper and 27.7 g/t silver over 0.9 metres
6
.
FIGURE 4: CROSS-SECTION OF CRD385 AND CRD386
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10713/230999_8c5cadb6e4fe798a_005full.jpg
Diamond hole CRD385 returned peak values of 0.33 g/t gold, 3.93 g/t silver, 2,157 ppm lead and 873
ppm zinc over 0.91 metres. The mineralisation was associated with shearing near the contact of a
granodiorite and mafic intrusive unit, with chlorite alteration observed along the structure.
All other drillholes intersected abundant brittle and ductile structural features throughout with hydrothermal
alteration assemblages and discrete poly-metallic veining observed. No economic mineralisation was
observed in these drillholes.
The Malachite area displays significant structural complexity and exploration work-to-date, including
limited diamond drilling, has confirmed the presence of gold and copper associated with clear evidence
of hydrothermal fluid activity and large geochemical signatures. While Malachite continues to
demonstrate discovery potential, it will require a larger drill program to test the dozens of structures
across the area. This advanced work will be deferred in favour of Bunker Hill that has returned
significantly higher gold and copper values in outcrop with several discrete areas of high interest.
Next Steps
The Company is currently reviewing the results from the recent till and airborne magnetic surveys at the
Bunker Hill Project. This new information will be incorporated into the targeting and matrix register,
building towards the planning and execution of RC and diamond drilling focused on Bunker Hill.
The Company is in the process of defining its 2025 exploration program which is expected to be one of
the largest programs in the Company's recent history. These plans will be announced in the near-term.
- ENDS -
This announcement has been authorised for release by the Company's Board of Directors.
This release aligns with the requirements of the National Instrument 43-101. A JORC Table 1 is not
required under National Instrument 43-101. The Company has included a JORC Table 1 in the ASX
version of the news release which can be found on the ASX website at
www.asx.com.au
or AuMEGA
Metal's website at
www.aumegametals.com
.
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
7
.
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, Bunker Hill ASX announcements dated 22 April
2022, 23 April 2024, 24 September 2024, 28 May 2024 & 15 October 2024, Malachite ASX
announcements dated 20 April 2022, 8 June 2022, 25 January 2023 & 11 October 2023 and Targeting
Workshop ASX announcement 3 July 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. Rick Greenwood, P. Geo., Vice President of Exploration for AuMEGA
Metals. Mr. Greenwood is a Member of the Professional Geoscientists of Ontario (PGO) 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.
1
ASX Announcement 24 September 2024 & 22 March 2023
2
ASX Announcement 20 April 2022 & 8 June 2022
3
ASX Announcement 24 September 2024 & 22 March 2023
4
ASX Announcement 15 October 2024
5
ASX Announcement 22 March 2023
6
ASX Announcement 23 April 2024 & 28 May 2024
7
ASX Announcement 30 May 2023
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/230999