AuMEGA Metals Discovers 100.5 g/t Gold Sample at the Intersection Project

AuMega Metals Ltd. (AUM) announced high-grade gold results from surficial geochemical and geological mapping at its 100%-owned Intersection Project in Newfoundland. A 100.5 g/t gold float sample was identified, marking the second-highest grade ever collected on the company's Newfoundland portfolio, alongside two additional high-grade samples (23.8 g/t and 23.1 g/t).

The program collected 56 grab samples during reconnaissance mapping, with assays pending for the majority of the program. Results signal a transition from broad gold-in-till anomalism to the identification of high-grade gold mineralization at surface, advancing the project toward potential drill testing.

Next steps include integrating pending assay results with geological, structural, and geophysical data, followed by tighter-spaced geochemistry, detailed mapping, ground geophysics (potentially IP), and advancement of targets toward scout drilling.

Portfolio updates note that drilling continues at the Bunker Hill Project, the first phase of 2026 drilling at Cape Ray is complete with assays pending, and the Solstice Project was staked in May 2026 immediately north of Intersection.

AuMega Metals Ltd. (AUM) has released results representing a logical, incremental step in its systematic exploration program. The company’s efforts have progressed from till anomalies identified in October 2025 to drilling campaigns conducted from July to September 2026, and now to surficial grab sampling at new targets.

While a 100.5 g/t float sample is geologically encouraging, it is a single grab sample and does not constitute a drill intercept or resource definition. The finding validates the geological model and justifies further capital allocation to the Intersection target, but it does not immediately alter the company's valuation or financial position.

The news aligns with previous expectations of building a drill-ready pipeline across the district-scale land package. It confirms management's stated strategy of systematically advancing targets but lacks the scale or definitive nature required for a material market move.

AuMega Metals Ltd. (AUM) controls a district-scale land package along the Cape Ray Shear Zone in Newfoundland and Labrador, Canada. The company’s flagship Cape Ray Project hosts a defined gold mineral resource, estimated in 2023 at $1,750/oz Au, comprising 6.2 million tonnes at 2.25 g/t Au (450,000 oz Indicated) and 3.4 million tonnes at 1.44 g/t Au (160,000 oz Inferred).

AuMega Metals is pursuing an exploration-led growth strategy, targeting district-scale expansion across multiple projects including Cape Ray West, Isle aux Morts Granite (IAMG), Bunker Hill, Hermitage, and Intersection. The land package is directly contiguous with Equinox Gold's producing Valentine gold mine, providing a favorable geological setting.