AuMEGA Metals Commences Diamond Drilling on Major Electromagnetic Target at Cape Ray

Core Viewpoint - AuMEGA Metals Ltd has initiated a diamond drilling program at its Cape Ray Project in Newfoundland and Labrador, marking a significant advancement in its exploration efforts aimed at discovering new gold resources [2][8]. Exploration Strategy - The company employs a systematic exploration strategy that has identified compelling targets within the Cape Ray Shear Zone (CRSZ), focusing on a newly defined airborne electromagnetic (EM) conductor near the high-grade Central Zone deposits [3][4]. - The EM conductor measures approximately 500 metres by 1,000 metres and is located 500 metres southeast of the Central Zone, which has not been previously drill tested [4][9]. Drilling Program Details - The drill program is fully funded and will commence with one diamond rig, with the potential to scale up to a second rig based on initial results [10]. - The initial drilling will target priority structures within the EM anomaly, which is believed to represent a new gold-bearing trend parallel to the Central Zone [9][10]. Historical Context and Potential - The area has been historically overlooked due to lack of surface exposure but is situated on a structural network similar to that of the Central Zone, which previously yielded a standout gold heavy mineral concentrate sample of 111.5 g/t [7][8]. - The company has identified several drill targets within the EM anomaly and is optimistic about the potential for new discoveries in this underexplored area [8][9]. Additional Exploration Efforts - AuMEGA has recently completed a till geochemical survey over the Isle aux Morts Granite, another high-priority target within the identified multi-kilometre gold corridor, with results expected soon [12][13]. - The company plans to refine drill locations for Cape Ray West based on the upcoming survey results and is prepared to mobilize for additional drilling if conditions allow [13]. Company Overview - AuMEGA Metals Ltd operates on a district-scale land package spanning 110 kilometers along the Cape Ray Shear Zone, recognized as Newfoundland's largest identified gold structure [15]. - The company currently holds a 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 [17].