Core Viewpoint - AuMEGA Metals Ltd has mobilized a second diamond drill rig to enhance its drilling program on the Major Electromagnetic anomaly at the Cape Ray Gold Project in Newfoundland and Labrador, Canada, indicating a strong commitment to exploration and resource development [1][4]. Drilling Program - The current diamond drill program is focused on a newly defined airborne electromagnetic conductor measuring approximately 500 metres by 1,000 metres, located 500 metres southeast of the Central Zone deposits, which has not been drill tested before [2][4]. - The company plans to maximize drilling efforts in the upcoming weeks before the winter break, aiming to explore the hangingwall of the Cape Ray Shear Zone near the Central Zone [4]. Exploration and Assay Results - AuMEGA has pending assay results from various exploration programs, including Bunker Hill, Cape Ray, Isle aux Morts Granite, and Hermitage surficial till geochemical surveys, which are expected to generate new drill-ready targets [5]. - The company is systematically exploring its district-scale land package to identify major deposits [5]. Geological Context - The Cape Ray Shear Zone is recognized as Newfoundland's largest identified gold structure, hosting Equinox Gold's Valentine Gold Project, a multi-million-ounce deposit, alongside AuMEGA's expanding Mineral Resource [7]. - AuMEGA's existing defined gold Mineral Resource includes 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 [9]. Additional Projects - AuMEGA holds a 27-kilometre stretch of the Hermitage Flexure and has secured an Option Agreement for the Blue Cove Copper Project, which shows strong potential for copper and other base metals [8].
AuMEGA Metals Expands Drill Program