AuMEGA Begins Drilling at Major EM Target near Central Zone of Newfoundland Gold Project

New drill program tests major EM conductor near Central Zone, aiming to expand AuMEGA’s gold holding.

AuMEGA Metals Ltd. started a diamond drilling program at its Cape Ray Project in Newfoundland and Labrador, Canada, in order to test an important airborne electromagnetic (EM) target inside its regional landholding.

Along Canada's largest known gold structure, the Cape Ray Shear Zone, AuMEGA is investigating a 110-kilometer district-scale land package. AuMEGA's increasing gold resource and Equinox Gold's multimillion-ounce Valentine Gold Project are located in the shear zone. A wide range of international institutional investors support the company, including intermediate gold producer B2Gold Corp. with a strategic investment.

Additionally, AuMEGA has an option over the Blue Cove Copper Project in southeast Newfoundland, which is thought to be attractive for copper and other base metals, and it controls 27 kilometers of the Hermitage Flexure. AuMEGA discovered an Indicated Mineral Resource of 6.2 million tonnes at 2.25 g/t gold for 450,000 ounces and an Inferred Mineral Resource of 3.4 million tonnes at 1.44 g/t gold for 160,000 ounces across its holdings in the Cape Ray Shear Zone. The company is fortunate for financial help from the Department of Industry, Energy, and Technology of Newfoundland and Labrador's Junior Exploration Assistance Program.

The drilling program aims to evaluate a huge, recently defined EM conductor located in the Central Zone's hanging wall along the Cape Ray Shear Zone (CRSZ), a high-grade gold system that has been demonstrated to work. Found around 500 meters southeast of AuMEGA's high-grade Central Zone deposits, the conductor is open along strike and has dimensions of approximately 500 by 1,000 meters. The target has never been drill-tested before, despite its size and vicinity.