AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF) has completed the first phase of its 2025 drilling campaign at the Cape Ray Project in Newfoundland, Canada, as part of its largest and most systematic exploration effort to date across three key gold projects.
The 2,559.7-metre diamond drilling program targeted resource extensions and new anomalies at Cape Ray, with assays due in early to mid-August. It forms part of a broader strategy to unlock value across AuMEGA’s 110-kilometre land package on the gold-rich Cape Ray–Valentine Lake Shear Zone.
AuMEGA managing director and CEO Sam Pazuki said the company had adopted a more data-driven, methodical approach to exploration across its portfolio.
“Over the past couple of months, we’ve taken the opportunity, following our winter and spring drill programs and previous exploration activities, to reassess how we can most efficiently and effectively achieve our ultimate objective: making the next major mineral discovery in the province,” Pazuki said.
“We have completed the first phase of our 2025 drill program at Cape Ray, focused on making new discoveries and expanding resources through proper step-out drilling — something that, surprisingly, has been limited by any company to date,” he added.
“At the same time, we’ve mobilised the largest field program in the company’s history, with nearly 30 geologists and technicians currently collecting what we believe is critical structural and geochemical data over the Cape Ray West target area to identify new targets for future drilling and complementing the recent drilling completed.”
Cape Ray: New zones and large-scale sampling
Drilling at Cape Ray tested several new areas:
- Three holes (CRD404–406) about 800 metres along strike to the west of the Central Zone deposits;
- One hole (CRD407) targeting a newly identified area west of Window Glass Hill;
- Three holes (CRD408–410) in a new zone between Central and Window Glass Hill; and
- Two holes (CRD411–412) testing down-plunge extensions at the Central Zone, following up on deep drillholes from 2024.
In parallel, AuMEGA launched a 1,500-sample till geochemical and mapping program over 16 square kilometres at Cape Ray West, aiming to better define future drilling targets. A recent electromagnetic survey covering the entire Cape Ray area is also being processed.
The Cape Ray Project currently hosts 420,000 ounces of Indicated and 141,000 ounces of Inferred gold resources at a gold price assumption of US$1,750/oz.
Bunker Hill: Shifting focus from scout drilling to targeted programs
Following a 2025 winter drill campaign at Bunker Hill, AuMEGA has finalised assays from bottom-of-hole and base-of-till sampling. While exploratory diamond drilling yielded no significant gold intersections, the data provided valuable structural insight — particularly around the Branch Fault, where drill hole CRD396 intersected 1.84 g/t gold over 1 metre from 10 metres’ depth.
With that data in hand, the company will now prioritise more strategic geochemical sampling:
- More than 600 samples will be collected across 19 square kilometres at Bunker Hill West, known for high-grade historical occurrences.
- A further 3,800 samples are planned across 56 square kilometres targeting key structures including the Branch Fault and Nitty Gritty area.
Targeted drilling is set to resume in late Q3 or early Q4, informed by this comprehensive dataset.
Hermitage: Largest surface program to date
AuMEGA will also commence its most expansive field campaign at the Hermitage Project in the third quarter.
Building on prior high-resolution magnetics and surface sampling, the company will deploy more than 1,700 systematic till samples across known high-grade gold anomalies to refine priority drill targets.
Strong financial footing to drive discovery
With a treasury of C$9.2 million (~A$10.3 million) as of June 30, 2025, AuMEGA is fully funded to execute its 2025 exploration plans, backed by strategic investor B2Gold Corp and institutional shareholders.
“I’m genuinely excited about what lies ahead,” Pazuki said. “We have an incredible team under new technical leadership, a strong treasury that allows us to execute this program, and a committed shareholder base that supports doing exploration the right way — with discipline, purpose, and the ambition to make real discoveries.”
AuMEGA’s landholding spans the largest known gold-bearing structure in Newfoundland and includes exposure to the underexplored Hermitage Flexure and the Blue Cove copper prospect.