Key Highlights
High-resolution Airborne Magnetic geophysical survey completed over the Hermitage Gold-Antimony Project ("Hermitage" or the "Project"), covering an area of approximately 234 km2 consisting of 4,756 line-kilometres.
Results demonstrate significant geological complexity across the entire 27-kilometre strike length with several second-order and third-order faults throughout the Project area.
Large geological structures align with the previous high-grade prospecting samples that included 7.31 g/t gold1, 193 g/t silver2 and 2,044 ppm stibnite (antimony)3.
Comprehensive analysis underway and will determine specific drill targets ahead of prospecting and inaugural diamond drill planned for later in 2025.
Edmonton, Alberta--(Newsfile Corp. - February 4, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or the "Company") is pleased to report the results of the recently completed high-resolution, airborne magnetic survey over the entire Hermitage Gold-Antimony Project, located in south central Newfoundland and Labrador, Canada.
AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented:
"Our Hermitage Gold-Antimony Project is a highly prospective opportunity on a massive land package along the second largest known gold structure in Newfoundland. It is geologically akin to the geology of some of the largest gold deposits globally including Bendigo and Fosterville in Victoria, Australia, Golden Mile in Kalgoorlie, Australia and Windfall in Quebec, Canada.
"The exploration activities at Hermitage to date have been limited, however despite this, the results are highly encouraging with multi-gram outcropping gold samples collected (up to 7.31 g/t) to go along with silver (up to 193 g/t) and antimony (up to 2,044 ppm). The latest results from the high-resolution airborne magnetic survey highlight several major structures throughout the project area. Of particular note is the structural complexity near the centre of the property where we have the highest grade gold sample collected to-date.
"We will continue to proceed with comprehensive analysis and interpretation of the new geophysics data and couple that with the previous results to determine specific areas of interest, including specific targets that we plan on drilling in 2025. This inaugural drill program is expected for later in the year and will comprise of up to 3,000 metres of drilling."
FIGURE 1: AUMEGA METALS PROJECTS OVERVIEW
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FIGURE 2: HERMITAGE HIGH-RESOLUTION AIRBORNE MAGNETIC SURVEY
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Airborne Magnetic Survey Overview
The airborne magnetic survey consisted of 4,756 line-kilometres over 27 kilometres of strike flown across Hermitage for a total of approximate 234 km2 of coverage. Data was acquired at 50 metre line spacing with a sensor height of 30 metres. The geophysical survey was completed before the end of 2024 by SHA Geophysics.
Airborne Magnetic Survey Results
The imagery from the airborne geophysical survey has revealed major structural boundaries and broad scale deformation features further confirming Hermitage as a high-priority Greenfields target for the Company. The project area is structurally unique within the geological framework of the province trending, northwest-southeast along the Hermitage flexure compared with most other structures oriented in the exact opposite direction.
The geophysics demonstrates that the Hermitage structural domain is favourable to host large dilation zones permitting mineralising fluids in a favourable geological host, as demonstrated along this same provincial suture zone northeast at Newfound Gold's (TSXV: NFG) Queensway Project.
Anomalous to high-grade gold-antimony-silver mineralisation has been identified in quartz and quart-carbonate veins hosted in a mix of sediments and volcanics across 27 kilometres of the Project. The Company had previously prospected the central area of Hermitage along stream beds as there is limited outcrop. Extensive late, syn to post deformation sheeted and extensional quartz-carbonate veining has been noted in the limited outcrop across a regional area with minimal exposure. These stream bed outcroppings are where most of the high-grade samples have been collected. It has yielded numerous gold values with peak sample grading 7.31 g/t, up to 2,044 ppm stibnite samples, and up to 193 g/t silver samples.
The Company has identified key areas as primary targets for follow up diamond drilling and additional prospecting as the stream beds also appear to be highlighted in the magnetic geophysical response as northeast-southwest trending faults to the overall stratigraphy. Many of the highlights encountered within this area display multiple phases of deformation and veining events. Given the limited exposure and early success with minimal field time, the prospectivity of additional mineralisation hiding under cover is very encouraging.
FIGURE 3: CENTRAL OF HERMITAGE PROJECT
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Hermitage Next Steps
The Company is currently undertaking a comprehensive review of the geophysical data received, coupled with previous results. For 2025, the Company is planning geological mapping and prospecting activities that will be based on the results of the geophysical survey. The Company is also planning to deploy an inaugural diamond drill program for up to 3,000 metres and expects this drilling to commence in the second half of 2025. The amount of drilling will be based on results and can be scaled up or down and will also be weather dependent given additional logistical support required for the Project.
Winter Program Update
The Company's upcoming winter drill program is progressing well. Weather conditions have been generally favourable despite a rainfall event for two days in the middle of January which delayed site development and equipment mobilisation. The Company is currently constructing winter camps, which is expected to be operational by the end of the first week of February 2025. Drilling is expected to commence in the near-term. The Company expects to drill between 10,000 and 12,000 metres in the first quarter of 2025 at Bunker Hill.
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This announcement has been authorised for release by the Company's Board of Directors.
This release aligns with the requirements of the National Instrument 43-101. A JORC Table 1 is not required under National Instrument 43-101. The Company has included a JORC Table 1 in the ASX version of the news release which can be found on the ASX website at www.asx.com.au or AuMEGA Metal's website at www.aumegametals.com.
To learn more about the Company, please visit www.aumegametals.com, or contact:
Sam Pazuki, Managing Director & CEO
Canada Phone: +1 780 665 4925
Australia Phone: +61 8 6117 0478
Email: info@aumegametals.com
About the Company
AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) is utilising best-in-class exploration to explore on its district scale land package that spans 110 kilometers along the Cape Ray Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Calibre Mining's Valentine Gold Project, which is the region's largest gold deposit (+5 million ounces), along with AuMEGA's expanding Mineral Resource.
The Company is supported by a diverse shareholder registry of prominent global institutional investors, and strategic investment from B2Gold Corp, a leading, multi-million-ounce a year gold producer.
Additionally, AuMEGA holds a 27-kilometre stretch of the highly prospective Hermitage Flexure and has also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland, which exhibits strong potential for copper and other base metals.
AuMEGA's Cape Ray Shear Zone hosts several dozen high potential targets along with its existing defined gold Mineral Resource of 6.1 million tonnes of ore grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes of ore grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources4.
AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada.
Reference to Previous Announcements
In relation to this news release, all data used to assess targets have been previously disclosed by the Company and referenced in previous JORC Table 1 releases. Please see announcements dated: Mineral Resource estimate announced on 30 May 2023, Hermitage announcements on 5 September 2024, 4 July 2024, 2 November 2023, 13 September 2023 and 18 May 2023.
In relation to the Mineral Resource estimate announced on 30 May 2023, the Company confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.
Competent Person's Statements
The information contained in this announcement that relates to exploration results is based upon information reviewed by Mr. Rick Greenwood, P. Geo., Vice President of Exploration for AuMEGA Metals. Mr. Greenwood is a Member of the Professional Geoscientists of Ontario (PGO) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr. Greenwood consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears.
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1 ASX Announcement dated 18 May 2023
2 ASX Announcement dated 13 Sep 2023
3 ASX Announcement dated 13 Nov 2023
4 ASX Announcement 30 May 2023
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/239504
SOURCE: AuMEGA Metals Ltd.
