Key Highlights
- Comprehensive technical workshop led by world-renowned
structural geologist Brett
Davis.
- Several new targets identified on the district-scale land
package along both the Cape Ray Shear Zone ("CRSZ") and Hermitage
Flexure.
- A total of 37 targets in various stages defined and added to
project portfolio.
- Target ranking in progress with proposed work programs being
developed ahead of prioritisation.
- Phase one diamond drilling continues, with assays pending.
EDMONTON, AB, July 3, 2024
/CNW/ - AuMEGA Metals Ltd (formerly Matador Mining Ltd)
(ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company")
is pleased to announce the outcomes of its recently completed
comprehensive technical workshop, which was led by world-renowned
structural geologist Brett Davis.
The workshop was carried out in Port aux Basque, Newfoundland and included AuMEGA Chair
Justin Osborne, Company personnel
and B2Gold geologists.
The main outcomes of the workshop included the identification of
several new structural and geochemical targets based on mineral
systems concepts, with each target assigned a score for ranking and
prioritisation.
AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented:
"We have a massive land package on the two largest known gold
structures in Newfoundland. With
ten discrete projects in our portfolio, we have developed a
best-in-class approach to exploration, particularly exploring
beneath the concealing overburden. We have an incredibly supportive
shareholder base that recognises the potential of our
district-scale land package, and who appreciates our systematic
approach to exploration. These are all critical elements for any
successful exploration business.
"With the highly prospective land package we have, it is
imperative that we ensure we properly identify, rank and prioritise
our many targets. The key to success is then developing the
appropriate exploration programs and allocate capital efficiently
with return on investment as a key criterion, to advance the best
targets through the exploration lifecycle. We brought together a
considerable amount of brain power and experience at the successful
technical workshop, with active participation by those who have
made major mineral discoveries globally in their respective
careers.
"I am very pleased with the outcomes of this workshop which
exceeded my expectations with nine new targets identified. The
bottom line is that we have no shortage of outstanding targets.
While the O-2 target remains one of our best targets following our
highly successful winter RC drill program, we have confirmed very
exciting new opportunities at both Hermitage and Cape
Ray. The next step is to finalise the ranking of the 37
targets identified by our team, create specific work programs for
the top-ranking projects initially, define the return-on-investment
potential, and advance our exploration activities on the resulting
priority projects. We expect to pull together this information and
future work programs over the coming weeks. It's also important to
note that the targets we have is based on where we have enough data
to support them as targets. Much of the land package is untested,
unknown and under cover.
"Our conviction in our portfolio has only grown over the past
two years and the workshop outcomes not only further confirm our
beliefs, but also supports the work we are doing, with our ultimate
goal of unlocking significant value for shareholders through the
discovery of mega deposits."
Workshop Overview
The technical workshop entailed a review of the significant data
that has been collected historically and by the Company from the
CRSZ and Hermitage Flexure through geophysical surveys, diamond and
RC drilling, prospecting, sampling, mapping and desktop
analysis.
Targets were ranked using a mineral systems approach, defined by
the key criteria common to world-class gold deposits. The resultant
conceptual rankings are used in conjunction with factual empirical
data and are subdivided by stage in the exploration pipeline. This
objective ranking methodology allows for targets in various stages
of exploration, with different empirical data sets, to be ranked
against each other to best select targets for further work. Such a
systematic approach to ranking and prioritisation allows for
efficient and effective deployment of capital to drive
discovery.
Workshop Outcomes
In total, the Company has now defined 37 targets within its
portfolio. As a result of the workshop, nine new targets were
identified based on geophysical and geochemical data previously
collected and re-interpreted. These new targets were then combined
with existing targets and subsequently assigned a score based on
both conceptual and empirical criteria with the overarching
defining criteria being the potential of the target to host a
multi-million-ounce deposit. Three (O-2 West, O-2 East and Grandy's
East) of these nine targets are a result of the Company's
successful winter RC drill program at Malachite.
Of the total targets that the Company has identified, 30 are in
the early stages of exploration while five targets are in the
intermediate stage and two in the advanced stage, both of which we
are currently drilling within the resource corridor. Another three
intermediate targets are part of the phase two diamond drill
program including O-2 West which delivered the best results from
the winter RC drill program.
Next Steps
The Company is currently ranking each of the targets and will
create more specific work plans for each that don't currently have
them in place. The work plans will be on the top ranking targets
and will include the scope of work and expected outcomes, including
the necessary outcomes required to continue to advance targets
through the exploration lifecycle. This work is expected to be
completed in the coming weeks in conjunction with ongoing field
exploration work.
Current Field Work Update
The Company continues the first phase of the diamond drill
program and expects to complete it within the next couple of weeks,
with assays expected over the next few weeks. In July 2024, the Company's exploration activities
include mainly geophysical and geochemical surveys in the resource
corridor, Bunker Hill and Hermitage. Assays from the first drillhole at
Central Zone are pending, as are three remaining geotechnical
holes.
This announcement has been authorised for release by the
Company's Board of Directors.
About the Company
AuMEGA Metals Ltd (ASX: AAM | TSXV: AUM |
OTCQB: AUMMF) is utilising best-in-class exploration to
explore on its district scale land package that spans 110
kilometers along the Cape Ray Shear Zone, a significant
under-explored geological feature recognised as Newfoundland, Canada's largest identified gold
structure. This zone currently hosts Calibre Mining's (TSX:
CXB) Valentine Gold Project, which is the region's largest gold
deposit (+5 million ounces), along with AuMEGA's expanding Mineral
Resource.
The Company is supported by a diverse shareholder registry of
prominent global institutional investors, and strategic investment
from B2Gold Corp, a leading, multi-million-ounce a year gold
producer.
Additionally, AuMEGA holds a 27-kilometer stretch of the highly
prospective Hermitage Flexure and has also secured an Option
Agreement for the Blue Cove Copper Project in southeastern
Newfoundland, which exhibits
strong potential for copper and other base metals.
AuMEGA's Cape Ray Shear Zone hosts several dozen high potential
targets along with its existing defined gold Mineral Resource of
6.1 million tonnes of ore grading an average of 2.25 g/t, totaling
450,000 ounces of Indicated Resources, and 3.4 million tonnes of
ore grading an average of 1.44 g/t, totaling 160,000 ounces in
Inferred Resources.
AuMEGA acknowledges the financial support of the Junior
Exploration Assistance Program, Department of Industry, Energy and
Technology, Provincial Government of Newfoundland and Labrador, Canada.
Reference to Previous ASX Announcements
In relation to this news release, all data used to assess
targets have been previously disclosed by the Company and
referenced in previous JORC Table 1 releases. Please see
announcements dated: Mineral Resource estimate announced on
30 May 2023, Company 2024 exploration
announcements on 28 August 2019,
31 October 2019, 29 October 2020, 16
January 2024 and 23 May 2024,
Malachite announcements dated 20 April
2022, 8 June 2022,
12 September 2022, 14 September 2022, 6
October 2022, 12 December
2022, 25 January 2023 and
11 October 2023, Long Range announcements on 14 April 2021, 31 October
2019, 23 February 2023 and
24 August 2023, Bunker Hill
announcements on 14 April 2021,
22 March 2023 and 6 April 2023, Hermitage prospecting results announced on
18 May 2023 and 13 November 2023, Grandy's announcements on
29 October 2020, 17 February 2021, 18
November 2021, 11 October
2023, Intersection related announcements 16 January 2024 and 29
October 2020, Hermitage
announcement on 18 March 2024, Winter
RC drill results reported on 23 April
2024 and 28 May 2024 and the
Resource Corridor announcement on 5 June
2024.
In relation to the Mineral Resource estimate announced on
30 May 2023, the Company confirms
that all material assumptions and technical parameters underpinning
the estimates in that announcement continue to apply and have not
materially changed. The Company confirms that the form and
context in which the Competent Person's findings are presented have
not been materially modified from the original market
announcement.
Competent Person's Statements
The information contained in this announcement that relates to
exploration results is based upon information reviewed by Mr.
Spencer Vatcher, P. Geo. who is an
independent consultant employed with Silvertip Exploration
Consultants Inc. Mr. Vatcher is a Member of the Professional
Engineers and Geoscientists of Newfoundland and Labrador (PEGNL) and has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the JORC
Code 2012. Mr. Vatcher consents to the inclusion in the
announcement of the matters based upon the information in the form
and context in which it appears.
The information in this report that relates to Exploration
Results and specifically the new targets generated is based on
information reviewed by Mr. Justin
Osborne who is a Fellow of the Australasian Institute of
Mining and Metallurgy. Mr. Osborne holds shares and options in and
is Non Executive Chair of AuMEGA Metals Ltd and has sufficient
experience which is relevant to the style of mineralisation under
consideration to qualify as a Competent Person as defined in the
2012 Edition of the 'Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves'. Mr. Osborne
consents to the inclusion in the report of the matters based on the
information reviewed by him, in the form and context in which it
appears.
SOURCE AuMEGA Metals Ltd
