AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF) has mobilised a second diamond drill rig to expand its drilling program over the major electromagnetic (EM) anomaly at the Cape Ray Gold Project in Newfoundland and Labrador, Canada.
The ongoing diamond drilling is targeting a large, newly defined airborne EM conductor situated in the immediate hangingwall of the Central Zone, a proven high-grade gold system. The conductor, which measures about 500 metres by 1,000 metres and remains open along strike, lies roughly 500 metres southeast of the company’s high-grade Central Zone deposits and has not previously been drill tested.
“Our fully funded drill program is progressing well, and we have made the decision to dispatch a second drill rig to support the drilling efforts. Our plan is to drill as much as we can for the next few weeks before the Winter break. We are excited about drilling the first ever exploration holes into the hangingwall of the Cape Ray Shear Zone near Central Zone," said AuMEGA Metals managing director and CEO Sam Pazuki.
“Additionally, we have pending assay results from several exploration programs. These include Bunker Hill, Cape Ray, Isle aux Morts Granite and Hermitage surficial till geochemical surveys along with the associated mapping and sampling programs. The results from these programs are expected to generate several new drill-ready targets as we continue to systematically explore our district-scale land package to find the next series of major deposits.”
AuMEGA launches diamond drilling at Cape Ray EM target
AuMEGA began its diamond drilling program at Cape Ray last week, targeting a major airborne electromagnetic (EM) anomaly within its district-scale landholding.
The company is exploring a 110-kilometre land package along the Cape Ray Shear Zone, Canada’s largest identified gold structure, which hosts Equinox Gold’s multi-million-ounce Valentine Gold Project as well as AuMEGA’s growing gold resource. Its register includes a range of global institutional investors, among them intermediate gold producer B2Gold Corp as a strategic investor.
AuMEGA also holds 27 kilometres of strike along the Hermitage Flexure and an option over the Blue Cove Copper Project in southeastern Newfoundland, which is considered prospective for copper and other base metals. Across its Cape Ray Shear Zone tenure, the company has outlined an Indicated Mineral Resource of 6.2 million tonnes at 2.25 g/t gold for 450,000 ounces and an Inferred Mineral Resource of 3.4 million tonnes at 1.44 g/t gold for 160,000 ounces.
AuMEGA acknowledged financial support from the Junior Exploration Assistance Program of Newfoundland and Labrador’s Department of Industry, Energy and Technology.