AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF) has uncovered a major new exploration frontier at its Cape Ray Gold Project in Newfoundland, defining a multi-kilometre gold-in-till corridor west of its existing deposits.
The discovery — located along the western contact of the underexplored Isle aux Morts Granite — marks a significant step in expanding the project’s mineralised footprint and comes ahead of a fully funded drilling campaign set for the fourth quarter of 2025.
Cape Ray West results (>20ppb Au) in relation to the Historic surficial geochemical footprint (>20ppb Au) and pit shell outlines over the Cape Ray Resource Corridor.
New gold anomalies highlight discovery potential
Recent surficial geochemistry results have revealed multiple high-grade gold-in-till anomalies, each extending up to 3 kilometres in strike and peaking at 402 parts per billion (ppb) gold. These anomalies align closely with magnetic breaks and mapped geological structures, forming a coherent multi-layered anomaly signature across Cape Ray West, part of AuMEGA’s 100%-owned project in the Cape Ray–Valentine Shear Zone.
AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage Flexure.
The anomalies sit within or adjacent to the Isle aux Morts Granite — a large felsic intrusive complex that has never been drill-tested but is now emerging as a promising exploration target.
AuMEGA’s till sampling grid, spaced at 160 by 80 metres, defined three major zones of interest:
- Anomaly One trends northwest–southeast, peaking at 402 ppb gold with coincident arsenic anomalism along a major fault contact.
- Anomaly Two occurs within the Isle aux Morts Granite itself, spanning roughly 1.5 kilometres with a strong and coherent gold response up to 118 ppb.
- Anomaly Three stretches 1.9 kilometres east-northeast to west-southwest, coinciding with key structural features and peaking at 113 ppb gold.
Collectively, these findings suggest the presence of a fertile gold system extending well beyond the project’s existing Window Glass Hill and Big Pond deposits.
Gold-in-till results from Cape Ray West Project.
Expanding gold footprint
Managing director and CEO Sam Pazuki said the new results underscore Cape Ray’s growing scale and potential.
“Cape Ray continues to demonstrate all the hallmarks of a fertile gold system, as we’ve now expanded the footprint of mineralisation well beyond the boundaries of our current high-grade deposits,” Pazuki said.
“Cape Ray West has opened a brand-new, multi-kilometre discovery corridor. We are set up with multiple high-quality drill targets, which the company is fully funded to drill in the fourth quarter of 2025.”
Pazuki added that AuMEGA’s district-wide work — including programs at Bunker Hill and Hermitage — reinforces its belief that the Cape Ray Shear Zone ranks among Canada’s most prospective and underexplored gold belts.
Next steps
Assay results from additional sampling programs are pending, including work over a major airborne electromagnetic anomaly southeast of the Central Zone and across the Isle aux Morts Granite.
While waiting on laboratory results, the company is integrating new geological and geophysical datasets to finalise its priority drill targets for the coming campaign.
Background
Cape Ray currently hosts 420,000 ounces of gold in Indicated Resources and 141,000 ounces in Inferred Resources at a gold price of US$1,750 per ounce. The project lies within the same geological belt that hosts Equinox Gold’s Valentine Gold Project — one of Canada’s newest large-scale gold mines.
Backed by institutional investors and strategic support from mid-tier producer B2Gold Corp, AuMEGA holds more than 110 kilometres of prospective ground along the Cape Ray Shear Zone, positioning it for potential district-scale discoveries across Newfoundland.