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Company Overview
AuMEGA Metals Ltd (AUMMF) is a mineral exploration company that focuses on a district-scale land package spanning a significant portion of the Cape Ray Shear Zone in Newfoundland, Canada. With a well–defined portfolio of high‐potential targets, the company employs advanced exploration techniques to identify and outline mineralised systems in one of Canada’s largest underexplored gold structures. Leveraging best-in-class geophysical surveys and drilling methodologies, AuMEGA is dedicated to elucidating the geological complexity inherent within the region.
Exploration Methodology and Operations
The company’s approach is defined by its rigorous and systematic exploration strategy. Through the extensive use of high-resolution airborne magnetic surveys, reconnaissance till sampling programs, and both diamond and reverse circulation drilling, AuMEGA is well equipped to investigate complex geological terrains with significant glacial cover. This disciplined methodology enables the identification of structural anomalies and alteration features that are indicative of high-potential mineralisation.
Key Projects and Targets
AuMEGA’s land package encompasses several targets along the Cape Ray Shear Zone, a geological corridor that also hosts major deposits of gold and associated base metals. Notable among these are the Bunker Hill Project, which has been highlighted for its compelling geophysical anomalies and historical high-grade samples, and the Hermitage project, which shows promise for gold-antimony mineralisation. Additionally, the Intersection Project benefits from a convergence of structural trends favorable for mineral deposit formation. Each project benefits from a meticulous exploration program aimed at expanding the company’s existing resource base.
Competitive Position and Investment in Exploration
AuMEGA distinguishes itself through its strategic, data-driven exploration model. The company’s reliance on advanced exploration technologies and systematic field programs is a testament to its commitment to uncovering significant mineral resources in a challenging environment. Support from a diverse roster of institutional investors and strategic partnerships further reinforces its credibility in the sector. By focusing on well–consolidated geological frameworks and employing robust exploration techniques, AuMEGA sets itself apart from competitors that may focus on less integrated approaches.
Technological and Methodological Expertise
Utilizing a combination of airborne geophysical techniques, detailed geochemical surveys, and precise drilling operations, AuMEGA’s technical team is adept at interpreting complex geological contexts. Their integration of data from multiple sources enables a comprehensive understanding of the subsurface, guiding targeted drilling campaigns designed to optimize mineral resource identification while mitigating exploration risks.
Summary
In summary, AuMEGA Metals Ltd is a forward-thinking exploration company committed to uncovering hidden mineral potential in one of Canada’s most prolific yet underexplored regions. With its robust operational framework, advanced exploration technologies, and strong backing by institutional investors, the company continues to build a narrative of technical excellence and systematic resource discovery, positioning itself as a highly knowledgeable player in the mineral exploration industry.
AuMEGA Metals (OTCQB: AUMMF) has appointed Mike Skead as President, effective May 1, 2025. Skead, a globally recognized geologist, will report to Managing Director and CEO Sam Pazuki while leading the company's exploration strategy and team activities.
Skead's notable experience includes his recent role at GT Gold Corp., which was acquired by Newmont Corp. for C$400 million in 2021. His career spans leadership positions at major mining companies including Newmont, Goldcorp, Dundee Resources, and Ashanti Goldfields.
The appointment aims to strengthen AuMEGA's position in Newfoundland's mining district, particularly in the Cape Ray/Valentine Lake Shear Zone. The company currently benefits from strategic backing by B2Gold and institutional shareholders, controlling district-scale projects with significant mineral resources.
AuMEGA Metals (AUMMF) has provided updates on its 2025 winter drilling program at the Bunker Hill Project, which is nearing completion on April 22, 2025. The company has completed approximately 3,600 metres of combined diamond and RC drilling, including 12 diamond drill holes and 147 RC holes.
Key developments include:
- Strategic expansion of Bunker Hill through new claims staking, adding 43 km² to the project area
- Plans to resume diamond drilling in July 2025 with a target of up to 10,000 metres
- Discovery of highest-ever gold assay (2.57 g/t Au) at the Blue Cove Project during first-pass prospecting
- Upcoming exploration at Cape Ray targeting undrilled zones at Central Zone SW and Cape Ray West
Initial assay results from the winter drilling program are expected shortly, with consistent news flow to follow. The company's early completion of the winter program was due to mild weather conditions, with plans to utilize existing winter camp infrastructure for summer exploration initiatives.
AuMEGA Metals (OTCQB: AUMMF) has commenced its 2025 winter drill program at Bunker Hill in Newfoundland and Labrador, Canada, following a brief weather-related delay. The company has deployed two diamond drill rigs at the Nitty Gritty targets, with a Reverse Circulation (RC) drill rig on site expected to begin bottom-of-hole/basal till sampling soon.
The program plans approximately 10,000 metres of drilling, with initial focus on Nitty Gritty—site of previously reported high-grade copper and silver outcropping samples—before moving to Bunker Hill West, where historic high-grade gold samples and recent geophysical surveys revealed significant structural complexity.
According to CEO Sam Pazuki, the company expects assay results from drill core and RC rock chips to begin arriving by mid-to-late March and continue regularly into Q2 2025.
AuMEGA Metals has completed a high-resolution airborne magnetic survey over their Hermitage Gold-Antimony Project in Newfoundland and Labrador, Canada. The survey covered 234 km² with 4,756 line-kilometres across a 27-kilometer strike length.
Key findings revealed significant geological complexity and multiple structural features that align with previous high-grade samples, including:
- Gold samples up to 7.31 g/t
- Silver samples up to 193 g/t
- Antimony (stibnite) up to 2,044 ppm
The project shows geological similarities to major gold deposits like Bendigo and Fosterville in Australia, and Windfall in Quebec. The company plans to conduct comprehensive analysis of the geophysical data and launch an inaugural diamond drill program of up to 3,000 metres in late 2025.
AuMEGA Metals has announced its Q4 2024 activities report, highlighting significant exploration progress and a major C$16 million private placement. The company completed key exploration activities at its Bunker Hill project, including a high-resolution airborne magnetic survey covering 170 km² and a till program that revealed significant gold anomalies up to 148 ppb.
For 2025, AuMEGA plans approximately 20,000 metres of drilling, including a 10,000-metre program at Bunker Hill in Q1. The company's portfolio spans 110 kilometres along the Cape Ray Shear Zone in Newfoundland, hosting a gold Mineral Resource of 450,000 ounces Indicated (6.1Mt at 2.25 g/t) and 160,000 ounces Inferred (3.4Mt at 1.44 g/t).
The financing round was supported by existing shareholders and attracted new global resource funds. The company's exploration strategy focuses on systematic approaches in south-west Newfoundland's complex terrain.
AuMEGA Metals (AUMMF) has announced its largest exploration program since 2021, fully funded by a C$16 million financing raised in late 2024. The program includes approximately 13,000 metres of diamond drilling and 7,000 metres of RC Bottom-of-Hole drilling across multiple projects.
The main focus will be the Bunker Hill Project, with 10,000-12,000 metres of winter drilling planned for Q1 2025. The project has shown high-grade copper samples of up to 17.2% and silver values up to 19.1 g/t. Additional exploration includes a 5,000-metre drill program at the Cape Ray Gold Project and a 3,000-metre inaugural drill program at the Hermitage Gold-Antimony Project.
The company holds 110 kilometres of strike along the Cape Ray Shear Zone, with B2Gold as a strategic investor and neighboring operations by Calibre and Eldorado Gold. Drilling at Bunker Hill is expected to commence in early February 2025, with assay results expected within 4-6 weeks of sampling.
AuMEGA Metals (OTCQB: AUMMF) announced that shareholders approved an amended equity incentive plan at their Special Shareholder Meeting on December 4, 2024. The plan includes a 10% rolling stock option component and fixed share unit components, with a total of 65,732,263 shares reserved for issuance.
The plan encompasses Restricted Share Units, Performance Share Units, Deferred Share Units, and Stock Appreciation Rights. Under ASX Listing Rules placement capacity limits, a maximum of 70,000,000 securities can be issued within three years without using placement capacity. Annual shareholder approval is required, along with TSX Venture Exchange review and acceptance.
AuMEGA Metals has completed the second tranche of its private placement financing, raising C$7.3 million through the issuance of 128,035,776 ordinary shares. The placement included hard dollars shares at C$0.050 per share and flow-through shares at C$0.06 and C$0.06825 per share. Combined with the first tranche that raised C$8.77 million, the total offering amounts to C$16.07 million.
The proceeds will fund the company's exploration program in Newfoundland and Labrador, including a planned 20,000-metre drill program at the Bunker Hill Project, and exploration activities at Hermitage and Malachite. The company paid approximately C$775,150 in total finder's fees for both tranches. The securities are subject to a four-month hold period in Canada.
AuMEGA Metals reports significant findings from its Bunker Hill and Malachite projects along the Cape Ray Shear Zone in Newfoundland. At Bunker Hill West, till sampling revealed notable gold anomalies of 148 ppb and 94 ppb gold, correlating with historical outcrop samples of up to 18.67g/t gold. The area shows significant structural complexity and high-grade copper-silver values. At Malachite, reconnaissance drilling confirmed gold and copper mineralization, though at non-economic levels. The company plans to prioritize Bunker Hill for its 2025 exploration program, which is expected to be their largest drill program in three years.
AuMEGA Metals has completed the first tranche of its private placement financing, raising C$8.77 million through the issuance of 131,152,889 ordinary shares. The placement included 9.26M shares at C$0.050/A$0.054 and 121.89M flow-through shares at C$0.06825/A$0.07408. A second tranche placement of 129,535,778 shares for C$7.34 million awaits shareholder approval on December 4, 2024. The funds will support exploration in Newfoundland and Labrador, including a 20,000-metre drill program at the Bunker Hill Project, and exploration at Hermitage and Malachite projects.
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