AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF) has identified a significant new exploration target at its Cape Ray Gold Project in Newfoundland and Labrador, Canada, with an airborne geophysical survey uncovering a large untested anomaly only 500 metres from the Central Zone deposits.
The anomaly, never drill tested despite a nearby historical sample returning 111.5 g/t gold, is now considered a top-priority drill target. AuMEGA plans to test it in the fourth quarter of 2025, with drilling already fully funded.
Major EM Anomaly Southeast of the Central Zone deposits
Central Zone ‘lights up’
The company’s airborne time domain electromagnetic (EM) survey highlighted the strong conductivity of the Central Zone, the largest gold deposit at Cape Ray, confirming the method’s effectiveness in mapping known gold-bearing host rocks.
Importantly, the survey also revealed several new highly conductive zones with geophysical signatures matching those of existing deposits, pointing to the potential for new mineralised trends.
Electromagnetic anomalies adjacent to the Central Zone resource areas.
AuMEGA managing director and CEO Sam Pazuki said the results delivered on multiple fronts.
“The EM survey delivered exactly what we wanted — clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies,” Pazuki said.
“Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature,” he added. “It’s a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray.”
Major new target
The newly identified anomaly extends at least 1 kilometre along strike and about 500 metres wide, remaining open along strike beyond the survey area. The anomaly coincides with a folded structure intersected by a splay off the Cape Ray–Valentine Shear Zone — the same structural corridor that hosts most of the region’s gold.
AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure
Despite road access running through the area, historical exploration has been limited due to shallow cover. Past sampling programs, however, did highlight the potential, including the standout 111.5 g/t gold heavy mineral concentrate sample collected close to the EM source.
Crews are currently carrying out till geochemistry and mapping work ahead of drilling later this year.
Expanding pipeline
Beyond the new anomaly, several additional EM targets were outlined across Cape Ray and nearby ground. These include conductive zones south of the Window Glass Hill Granite, at Cape Ray West, and east of Central Zone, all of which display geological and structural similarities to known deposits.
Several EM Anomalies Identified at Cape Ray
Pending assay results from recently completed till and rock sampling will be integrated with geophysics and magnetics to refine targeting ahead of further drilling.
Cape Ray West Till and Rock Sampling Program
The Cape Ray Project currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources. With the new survey results, AuMEGA has built a growing pipeline of targets to extend this inventory.
Pazuki said the company was well positioned to accelerate discovery.
“With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada.”