Aumega Metals begins diamond drilling at Cape Ray

Executive Summary

• Aumega Metals Ltd. has commenced a fully funded diamond drilling program at its Cape Ray project in Newfoundland and Labrador, targeting a major, newly defined airborne electromagnetic (EM) conductor.
• The target is located in the immediate hangingwall of the Central zone, a proven high-grade gold system, and has never been drill tested despite historical geochemical anomalies.
• The company plans to start with one diamond rig, with the option to scale to a second rig, aiming to maintain momentum through the pre-Christmas field window.

Key Details

• Drilling Activity: Commencement of a highly anticipated diamond drilling program at the Cape Ray project.
• Target Description: A large, newly defined airborne electromagnetic (EM) conductor measuring approximately 500 metres by 1,000 metres, open along strike.
• Location: Located 500 metres southeast of the company's high-grade Central zone deposits, in the immediate hangingwall of the Central zone.
• Historical Context: The area was historically overlooked due to no surface exposure but sits on a similar structural network hosting the Central zone. It previously delivered a standout 111.5-gram-per-tonne-gold heavy mineral concentrate sample on the flank of the new conductor.
• Exploration Strategy: The program will initially test priority structures interpreted within the EM anomaly, believed to represent a potential new gold-bearing trend parallel to the Central zone.
• Equipment and Schedule: Drilling will begin with one diamond rig, with the option to rapidly scale up to a second rig as results warrant. The company intends to advance aggressively through the pre-Christmas field window.
• Funding: The drill program is fully financed.
• Additional Exploration: The company recently completed a till geochemical survey over the Isle aux Morts granite, another high-priority target within the previously identified multikilometre gold corridor. Results are expected in the near term.
• Future Plans: Upon receipt of till geochemical results, Aumega will refine drill locations for Cape Ray West and plans to mobilize for additional drilling if weather and logistics permit. This secondary program is also fully financed.
• Existing Resource Data: 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).

Notable Quotes

• Sam Pazuki, Managing Director and CEO: "We are very excited about this drill program. Our extensive till geochemistry, high-resolution geophysics and structural interpretation have converged to deliver a compelling new drill target located near our existing high-grade gold resource at Central zone."
• Sam Pazuki, Managing Director and CEO: "What makes this area so exciting is that it was historically overlooked due to no surface exposure, yet it sits on a similar structural network that hosts the Central zone... This fully funded drill program, the identification of several drill targets within the EM anomaly as well as the previously announced new multikilometre gold corridor identified at Cape Ray West marks the beginning of what we believe is a new chapter of discovery at the Cape Ray gold project."