Aumega Metals moves second drill rig to Cape Ray

Executive Summary

• Aumega Metals Ltd. has mobilized a second diamond drill rig to expand its exploration program at the Cape Ray gold project in Newfoundland and Labrador, Canada.
• The expanded program focuses on a large, newly defined airborne electromagnetic conductor located in the hangingwall of the Central zone, a proven high-grade gold system.
• The company is also awaiting assay results from various geochemical surveys (Bunker Hill, Isle aux Morts Granite, Hermitage) which are expected to generate new drill-ready targets.

Key Details

• Drilling Expansion: A second diamond drill rig has been dispatched to support drilling efforts at the Cape Ray project.
• Target Area: The current program is focused on a large airborne electromagnetic conductor measuring approximately 500 metres by 1,000 metres.
• Location Specifics: The conductor is open along strike and located 500 metres southeast of the company's high-grade Central zone deposits. It has never been drill tested previously.
• Strategic Context: The target is in the immediate hangingwall of the Central zone, which is a proven high-grade gold system.
• Timeline: The company plans to drill as much as possible for the next few weeks before the winter break.
• Pending Data: Assay results are pending from Bunker Hill, Cape Ray, Isle aux Morts Granite, and Hermitage surficial till geochemical surveys, along with associated mapping and sampling programs.
• Resource Context: The Cape Ray shear zone hosts an existing defined gold resource of 6.2 million tonnes grading 2.25 g/t (450,000 ounces indicated) and 3.4 million tonnes grading 1.44 g/t (160,000 ounces inferred).
• Geophysics: A TDEM survey was contracted with Axiom Exploration Group Ltd., using a 30-hertz Xcite TDEM system. Flight lines were spaced 100 metres apart (152 to 332 degrees) with tie lines spaced at 1,000 metres (62 to 242 degrees), covering 59.5 square kilometres.

Notable Quotes

• Sam Pazuki, Managing Director and CEO: "Our fully funded drill program is progressing well and we have made the decision to dispatch a second drill rig to support the drilling efforts. Our plan is to drill as much as we can for the next few weeks before the winter break. We are excited about drilling the first ever exploration holes into the hangingwall of the Cape Ray shear zone near Central zone."
• Sam Pazuki, Managing Director and CEO: "Additionally, we have pending assay results from several exploration programs... The results from these programs are expected to generate several new drill-ready targets as we continue to systematically explore our district-scale land package to find the next series of major deposits."