On September 15, 2024, AuMEGA Metals Ltd released significant findings from their first phase of diamond drilling along the Cape Ray Shear Zone in Newfoundland and Labrador, Canada. The results indicated promising potential for mineral resource growth in previously untapped areas within the resource corridor. The drilling targeted conceptual ore shoots at Central Zone, revealing extensions of high-grade mineralization well below the known mineral resource.
Managing Director and CEO of AuMEGA Metals Ltd, Sam Pazuki, expressed optimism about the initial phase results, particularly highlighting the down-plunge extension of high-grade shoots at Central Zone. The drilling drilled two deep holes at Central Zone, encountering noteworthy gold intercepts beyond the Indicated Mineral Resource. Significant gold intercepts were recorded, notably 3.62 g/t Au over seven meters and 5.74 g/t over one meter.
Exploration efforts further revealed a promising footwall drillhole that intersected a felsic unit with similar characteristics to the Window Glass Hill Granite, opening up potential for follow-up exploration. Results also hinted at intrusive-related gold mineralization at Strawberry Hill Granite, with further assays pending.
The Company plans to analyze the results from the initial drilling to determine future steps within the resource corridor, with a focus on targeting areas with significant potential for mineral resources. The second phase of the 2024 diamond drill program at Malachite is ongoing, and assay results are expected in the fourth quarter of 2024.
Further analysis will be conducted to evaluate the potential for mineralization extensions both along the strike and at depth, with future drilling planned for 2025. The Company remains dedicated to exploring additional grassroots opportunities in previously unexplored areas proximal to known mineral resources.
The release complies with the requirements of National Instrument 43-101, aligning with JORC Table 1 guidelines for the Australian Securities Exchange (ASX) version of the news release, available on the AuMEGA Metal’s website, and follows competent person statements by Mr. Spencer Vatcher, P. Geo, confirming the validity of the data presented.
