AuMEGA Metals Ltd (ASX:AAM, TSX:AUM, OTCQB:AUMMF, FRA:FRA: MA30) has outlined a fully funded 2026 exploration program focused on resource growth, new discoveries and continued generation of drill-ready targets across its district-scale Cape Ray Shear Zone land package in Newfoundland, Canada.
The company’s work program will be built around three strategic initiatives:
- growing the Cape Ray resource
- pursuing new major discoveries, and
- developing a pipeline of drill-ready targets across its broader portfolio.
Priority areas for 2026 include Cape Ray West and the Isle aux Morts Granite, Bunker Hill and the Cape Ray Resource Corridor.
AuMEGA Metals portfolio on the Cape Ray Shear Zone and Hermitage Flexure.
“We are entering 2026 with a clear focus on discovery and resource growth across our district-scale land package. Our program is centered on three priority areas. Within the resource corridor, we are advancing work to support a potential resource update, with resource extension drilling to be scoped over the coming months as we continue to refine our geological understanding. At Cape Ray West, including the Isle aux Morts Granite, we believe we have identified a highly compelling new discovery opportunity, and this will be the first area we drill. At Bunker Hill, we are rapidly advancing a growing pipeline of new drill targets ahead of drilling later in the year," AuMEGA Metal managing director and CEO Sam Pazuki said.
"Importantly we have a strong treasury having recently closed on a $30 million financing allowing us to execute one of the most expansive exploration programs on the Cape Ray Shear Zone to date. Our planned drill program is intentionally flexible — we will allocate capital to success and scale drilling where we see results that confirm our models.
'At Hermitage, the results from our geochemical survey have furthered the antimony opportunity with antimony-in-till values exceeding known benchmark values at the only operating antimony mine (Beaver Brook) in Newfoundland. This demonstrates the polymetallic and diversity of our business. With over 110 kilometres of strike along a major gold structure that continues to deliver new discoveries nearby, our focus is on systematically building and testing high-quality targets with the goal of making a meaningful new discovery.”
Drilling to drive program
AuMEGA is planning its largest diamond drilling campaign since 2021, with an initial program of about 10,000 metres and flexibility to scale drilling depending on results.
The program is expected to include up to 5,000 metres at Cape Ray West/Isle aux Morts Granite, which will be the first area drilled, and up to 5,000 metres at Bunker Hill following further target refinement.
A separate drilling program for the Cape Ray Resource Corridor will be scoped over coming months once relogging of historical core and geological modelling work are completed.
Priority target areas
At Cape Ray West and Isle aux Morts Granite, recent work has identified multiple high-priority targets associated with favourable structural settings and geophysical features.
Planned work includes extension of till sampling and mapping across the full granite, detailed 1:5,000-scale mapping, channel sampling and targeted diamond drilling.
At Bunker Hill, AuMEGA has identified a growing number of targets, including a multi-kilometre gold trend associated with the Branch Fault Corridor. The company plans further till sampling, mapping, regional surveys and channel sampling before drilling.
Hermitage antimony opportunity
The Hermitage project has also delivered encouraging surficial geochemistry results, with 891 till samples returning antimony values of up to 200 ppm.
The company said the anomaly extends at least 620 metres and remains open along strike. Gold anomalism was also identified, including peak till values of 57.4 ppb gold.
What’s next
AuMEGA will begin drilling at Cape Ray West/Isle aux Morts Granite, refine Bunker Hill targets ahead of drilling later in 2026 and complete relogging work to define future drilling in the Cape Ray Resource Corridor.
The company will also continue regional geochemistry and mapping at Cape Ray North, Intersection and Hermitage to maintain a pipeline of future targets.