AuMEGA Identifies Major New Anomaly at the Cape Ray Project

Core Insights - AuMEGA Metals Ltd has identified a major new electromagnetic anomaly at the Cape Ray Project, which is located along the Cape Ray-Valentine Shear Zone in Newfoundland and Labrador, Canada [2][4][10] - The recent Airborne Time Domain Electromagnetic survey successfully confirmed known mineralization and uncovered several new conductive zones that may indicate previously unrecognized mineralized trends [3][8][9] Summary by Sections New Anomaly Identification - A significant new anomaly was located 500 meters southeast of the Central Zone deposits, which has never been drilled despite a historical sample showing 111.5 g/t gold collected nearby [5][13] - The anomaly is classified as a high-priority drill target, with potential to represent a new trend of gold mineralization comparable to existing deposits [14][11] Survey Results - The EM survey covered 930 line-kilometers and detected conductive zones associated with gold mineralization, including graphite and sulfide-rich areas [8][9] - The Central Zone deposits exhibit strong conductivity values that align with gold-bearing host rocks, indicating a robust mineralized system [5][9] Future Plans - A fully funded drilling program is scheduled for the fourth quarter of 2025 to test the new anomaly [5][15] - The company is also conducting a till geochemical survey and geological mapping to support further exploration efforts [15][22] Resource Overview - The Cape Ray Project currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources, based on a gold price of US$1,750 per ounce [7][30] - The project is part of a larger land package along the Cape Ray Shear Zone, recognized as Newfoundland's largest identified gold structure [28][30] Additional Anomalies - The EM survey identified multiple additional conductive zones across Cape Ray, which share geophysical and geological characteristics with existing deposits [17][19] - Key anomalies include those at Cape Ray West and other underexplored areas, indicating a growing pipeline of untested targets [21][22]