Aumega defines gold corridor at Cape Ray

Executive Summary

• Aumega Metals Ltd. has defined a new multi-kilometre gold corridor at Cape Ray West through surficial geochemistry (till) programs, identifying three large, coherent anomalies with peak values up to 402 ppb gold.
• The anomalies are spatially associated with the underexplored and untested Isle aux Morts granite, representing a new discovery frontier for the company's 100%-owned Cape Ray gold project in Newfoundland, Canada.
• The company is fully financed and plans to commence initial drilling in Q4 2025 on high-priority targets derived from the integration of geochemical, geophysical, and structural data.

Key Details

• Geochemical Anomalies: Three discrete gold-in-till anomalies were identified:
  • Anomaly One: Trends northwest-southeast, coincident with geophysical features and a fault boundary. Peak value of 402 ppb gold with coincident arsenic anomalism.
  • Anomaly Two: Located within the Isle aux Morts granite, extending ~1,500 metres north-south. Peak value of 118 ppb gold.
  • Anomaly Three: Extends ~1,900 metres east-northeast to west-southwest, coincident with geophysical features in both paragneiss and the granite. Peak value of 113 ppb gold.
• Sampling Methodology: Till geochemical sampling grid completed at 160-by-80-metre spacing, oriented north-south.
• Geological Context: Anomalies align with magnetic breaks and mapped structures within the Isle aux Morts granite, a large felsic intrusive that has never been drill tested.
• Drilling Plans: Initial drilling is planned for Q4 2025. The program is fully financed. Priority drill targets are being finalized by integrating till assay results with airborne electromagnetic (EM) and magnetic data.
• Pending Assays: Results are expected from sampling over a major airborne electromagnetic anomaly southeast of the Central zone and across the Isle aux Morts granite.
• Existing Resource Context: The Cape Ray project currently hosts 420,000 ounces of gold in indicated resources and 141,000 ounces in inferred resources (estimated at $1,750/oz gold price).
• Project Location: Cape Ray West is located approximately 3 km west of the Window Glass Hill mineral resource and 1 km south of the BP deposit.

Notable Quotes

• "Cape Ray continues to demonstrate all the hallmarks of a fertile gold system, as we've now expanded the footprint of mineralization well beyond the boundaries of our current high-grade deposits. Cape Ray West has opened a brand-new, multikilometre discovery corridor." — Sam Pazuki, Managing Director and CEO