Aumega Metals plans 2026 drilling for Cape Ray

Executive Summary

• Aumega Metals provided a strategic update on its Cape Ray gold project in Newfoundland, highlighting a defined mineral resource and significant district-scale exploration upside.
• The company is evaluating a potential mineral resource update to incorporate higher gold price assumptions, additional drilling, relogged historic core, refined geological interpretation, and potential silver inclusion.
• 2025 exploration programs identified the Isle aux Morts granite (IMG) as a new, highly prospective intrusive-related gold system (IRGS), with a focused 2026 diamond drilling campaign planned to test Cape Ray West and IMG targets.

Key Details

• 2023 Mineral Resource Estimate ($1,750/oz Au): Indicated: 6.2 million tonnes at 2.25 g/t Au for 450,000 oz; Inferred: 3.4 million tonnes at 1.44 g/t Au for 160,000 oz.
• Potential Resource Update: Under assessment to reflect current market conditions and expanded exploration, potentially including higher gold price assumptions, additional drilling results, relogging of historic drill core, improved geological/structural modeling, and the inclusion of silver grades.
• Historic Scoping Study (2020): Conceptual study based on a $1,550/oz Au price; explicitly noted as historical, not current, and not used to advance the project toward development.
• 2025 Exploration Results: Extensive geochemical and geophysical work expanded the exploration search space, confirming anomalous gold in till at Cape Ray West and within the previously non-mineralized IMG complex.
• Isle aux Morts Granite (IMG) Opportunity: Reinterpreted as a potentially fertile intrusive-related gold system (IRGS), with geological characteristics comparable to Snowline Gold’s Valley-Rogue and Northern Star’s Hemi deposits.
• 2026 Drilling Plan: Focused diamond drilling campaign scheduled for spring/summer 2026 to test high-priority targets at Cape Ray West and the IMG.
• Land Position & Contiguity: Controls a district-scale land package spanning 110 km along the Cape Ray-Valentine shear zone, directly contiguous with Equinox Gold’s producing Valentine gold mine. Also holds a 27 km stretch of the Hermitage flexure and an option for the Blue Cove copper project.
• Shareholder Base: Supported by prominent global institutional investors and strategic investment from B2Gold Corp.

Notable Quotes

• Sam Pazuki, Managing Director & CEO: "Gold and silver prices are at record levels, driving a broad rerating across the mining sector, yet few companies, particularly in Newfoundland, have a defined mineral resource that provides a tangible foundation for value."
• Sam Pazuki, Managing Director & CEO: "The Cape Ray project is located on the same major gold structure that hosts Equinox Gold's Valentine gold mine... Our mineral resource and district-scale landholding are directly contiguous with this structure, providing a rare combination of existing ounces and meaningful exploration upside."
• Sam Pazuki, Managing Director & CEO: "Early greenfields results from the Isle aux Morts granite suggest a previously unrecognized, potentially fertile intrusive-related gold system (IRGS), with geological characteristics similar in style to known IRGS deposits like Snowline Gold's Valley-Rogue multimillion-ounce discoveries in the Yukon and Northern Star's Hemi multimillion-ounce deposit in Western Australia."