Northwire Canada EditionWednesday, November 11, 2026
Northwire
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Gold 4,000.50 −0.7% Silver 52.00 +1.5% Copper 6.29 +0.9% Oil 86.53 +0.6% Palladium 1,046.10 +2.5% MAU 16.05 −3.2% VOXR 6.78 −0.6% TLO 7.04 −1.0% NICU 1.95 −5.8% VTEN 0.440 +0.0% AWM 0.025 +0.0% OR 50.79 −1.8% AUXX 5.30 −5.5% TNR 0.420 +40.0% ORCL 0.030 +0.0% ELD 47.71 −5.4% OPW 0.140 −6.7% CDE 21.43 −1.2% AEM 265.03 −2.0% WDO 27.75 −2.0% BEA 0.090 +0.0% Gold 4,000.50 −0.7% Silver 52.00 +1.5% Copper 6.29 +0.9% Oil 86.53 +0.6% Palladium 1,046.10 +2.5% MAU 16.05 −3.2% VOXR 6.78 −0.6% TLO 7.04 −1.0% NICU 1.95 −5.8% VTEN 0.440 +0.0% AWM 0.025 +0.0% OR 50.79 −1.8% AUXX 5.30 −5.5% TNR 0.420 +40.0% ORCL 0.030 +0.0% ELD 47.71 −5.4% OPW 0.140 −6.7% CDE 21.43 −1.2% AEM 265.03 −2.0% WDO 27.75 −2.0% BEA 0.090 +0.0%
Drill Results

Aumega Metals plans 2026 drilling for Cape Ray

AUM · Price

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."
Read the original news release →

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