AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF) managing director and CEO Sam Pazuki this week talked with Proactive about the company’s 2025 exploration activities at the Cape Ray gold project in Newfoundland.
Highlights
- First phase of 2025 Cape Ray drill campaign completed, targeting extensions to the existing mineral resource.
- Step-out drilling of 600–800 metres conducted to test for resource growth.
- Company is one of the few in Newfoundland with a defined gold resource.
- Shift towards a methodical, data-driven exploration strategy under new president Michael Skead.
- Undertaking the most comprehensive sampling and mapping program in the belt’s history.
- Bunker Hill project drilling deferred to late September; large-scale sampling underway.
- Hermitage project being prepared for mapping to assess gold and antimony potential.
- Strong financial position with C$9.20 million in treasury.
- Institutional backing includes 10% stake held by B2Gold.
First phase completed
Pazuki explained that the first phase of the 2025 drill campaign has been completed, targeting potential extensions to the company’s existing mineral resource. “We stepped out as large as 600m, 800m away, to see if we can get extensions to the mineral resource,” he said, noting that AuMEGA Metals is one of the few companies in the province with a defined resource.
He outlined a shift towards a more methodical and data-driven approach to exploration. With Michael Skead appointed as president, the company has focused on extensive pre-drilling groundwork, including rock and till sampling and geological mapping. “We're going through the most comprehensive sampling and mapping program in the history of this belt,” Pazuki added.
Advancing other projects
Beyond Cape Ray, work is advancing at the Bunker Hill and Hermitage projects. Drilling at Bunker Hill is planned for late September, with field teams currently conducting large-scale sampling. At Hermitage, a mapping program will assess gold and antimony potential.
The company maintains C$9.20 million in treasury and strong institutional support, including a 10% holding by B2Gold.