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Associated Press
06-07-2025
- Business
- Associated Press
Formation Metals Expands Maiden Drill Program at the Advanced N2 Gold Project to Fully Funded 7,500 Metres
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Highlights: VANCOUVER, BC / ACCESS Newswire / July 6, 2025 / Formation Metals Inc. ('Formation' or the 'Company') (CSE:FOMO)(FSE:VF1)(OTCPK:FOMTF), a North American mineral acquisition and exploration company, is pleased to announce that it has elected to expand its maiden drill program at its N2 Gold Property ('N2" or the 'Property'), located 25 km south of Matagami, Quebec, to a fully funded 7,500 metres. The Company anticipates commencing on the program in July, having officially filed its Annual Exploration Work Notice ('Planification Annuelle Des Travaux d'Exploration') with the responsible municipal authorities for its upcoming 2025 exploration activities on June 17, 2025. This filing must be completed 30-days in advance of the commencement of fieldwork and ensures compliance with regulatory requirements and reflects the Company's continued commitment to transparency, community engagement, and responsible mineral exploration practices. The work program will focus on advancing key targets across Formation's Quebec-based properties. The 7,500 metres comprising Phase 1 is part of its planned 20,000 metre multi-phase drill program at N2, an advanced gold project with a global historic resource of ~870,000 ounces comprised of 18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4. 'We are very excited to commence our maiden drill program at N2" said Deepak Varshney, Chief Executive Officer of Formation. 'Filing the Annual Exploration Work Notice marked the final regulatory step as we prepare to commence field activities upon receipt of the ATI. Based on our on-going review and planning for Phase 1, we feel comfortable in expanding our maiden drill program to a fully funded 7,500 metres. We anticipate receiving the ATI permit shortly, allowing us to proceed with our exploration activities as scheduled.' Mr. Varshney continued: 'The summer is going to be a very exciting time as we embark on our fully funded maiden 7,500 metre drill program at N2. Given the scale of the property, the compelling geological data, and the Abitibi Greenstone Belt's established history as a hotbed for gold mining, we are hopeful that the program will deliver our goal of delivering a near-surface multi-million-ounce deposit at N2. We see the potential for a significant gold deposit at N2, and our maiden 7,500-metre drilling program will mark the beginning of Formation's pursuit of that goal. Our maiden program will focus on building on the successes of our predecessors. The drilling discoveries made by Agnico-Eagle and Cypress show the potential at N2. With gold at almost $3,400, over 4 times the price in 2008 when Agnico last drilled the project, we believe that the timing is perfect for N2 and look forward to a very busy upcoming quarter.' The drill program is designed to focus on discovery drilling at new high-potential targets along the mineralization strikes at the 'A', 'RJ' and 'Central' zones in the northern part of the Property in order to discover new auriferous trends and unlock new zones of gold mineralization. The program will also focus on high-priority infilling and expansion targets in these zones to significantly enhance the auriferous zones identified to-date (Figure 1). Historical highlights from the top two priority zones include: The Company has retained Strategy Exploration Advisors ('Stratexplo'), an independent exploration consulting firm based out of Rouyn-Noranda, Québec, as the field operations manager for its planned 20,000 metre multi-phase drill program. Stratexplo crews will be responsible for conducting surface exploration at N2, including field logistics, sample collection and dispatch, geological mapping and interpretation, exploration targeting and advising as per National Instrument 43-101 collection and reporting guidelines. These responsibilities are in addition to Stratexplo's on-going work as the Company's permitting manager, where they recently facilitated Formation's submission for its Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN), and were responsible for the submission of its Planification Annuelle Des Travaux d'Exploration. The ATI submission was completed following discussions with all necessary parties and the Company anticipates receiving its ATI permit within the coming weeks, after which it intends on commencing its maiden drill program at N2. Comprising 87 claims totaling ~4,400 ha within the Abitibi sub province of Northwestern Quebec, Formation's flagship N2 Gold Project is an advanced gold project with a global historic resource of 877,000 ounces: 18.2 Mt grading 1.48 g/t Au (~810,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~67,000 oz Au) across the RJ zone2,4. There are six primary auriferous mineralized zones in total, each open for expansion along strike and at depth. Compilation and geophysical work by Balmoral Resources Ltd. (now Wallbridge Mining) from 2010 to 2018 generated numerous targets that have not yet been investigated with diamond drilling. There are two primary focuses for Formation: The Company also believes that N2 has significant base metal potential, where it recently completed a revaluation process which revealed significant copper and zinc intercepts within historic drillholes known to have significant gold grades (>1 g/t Au). Assay results range from 200 to 4,750 ppm and 203 ppm to 6,700 ppm, for copper and zinc, respectively, indicating strong potential for elevated base metal (Cu-Zn) concentrations across the property, specifically at the A and RJ zones. Property wide geology at N2 features volcanic and sedimentary rocks formed in regional anticlinal and synclinal flexures. Three principal deformation structures (Figure 1), oriented along the known NW-SE to WNW-ESE structural trends typical of VMS deposits in the Matagami region, function as critical geologic controls for mineralization on the property. For the 2025 exploration season, Formation plans to concentrate its efforts on the northern part of N2, targeting gold deposit expansion and discovery along identified zones and fault systems associated with the main deformation features (specifically WNW-ESE trend), with IP surveys and drilling planned to model mineralized zones that will hopefully contribute to an updated NI-43 101 compliant resource. Formation will also look to further review historic base metal assays from older drill core and undertake additional work in 2025 to assess the property's copper and zinc potential. The Company is also pleased to announce a non-brokered listed issuer financing exemption (LIFE) private placement (the 'LIFEOffering') for up to 2,200,000 charitable flow-through units ('CFT Units') of the Company at $0.50 per CFT Unit, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 - Prospectus Exemptions ('NI 45-106"), for gross proceeds of up to $1,100,000. Each CFT Unit will be comprised of one common share in the capital of the Company (a 'LIFECFT Share') and one common share purchase warrant (a 'LIFEWarrant'). Each LIFE Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.60 for a period of 24 months from the date of closing. Each LIFE CFT Share will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada). The LIFE CFT Units will be sold on a structured basis whereby the Company will issue the LIFE CFT Shares and LIFE Warrants comprising the LIFE CFT Units to purchasers purchasing as principals and/or to an agent for one or more disclosed principals; the LIFE CFT Shares and LIFE Warrants comprising the LIFE CFT Units will then immediately be sold to one or more back-end buyers. The LIFE CFT Units issued pursuant to the LIFE Offering will not be subject to a hold period in accordance with applicable Canadian securities laws. There is an offering document (the 'Offering Document') relating to the LIFE Offering that can be accessed under the Company's profile at and on the Company's website ( ). Prospective investors in the LIFE Offering should read the Offering Document before making an investment decision. Concurrent with the LIFE Offering, the Company is completing a non-brokered private placement (the 'CFT 4MH Unit Offering' and, together with the LIFE Offering, the 'Offerings') of up to 2,298,850 units (each a 'CFT 4MH Unit') of the Company at $0.435 per CFT 4MH Unit, for gross proceeds of up to $1,000,000. Each CFT 4MHUnit will be comprised of one common share in the capital of the Company (a 'CFT 4MH Share') and one common share purchase warrant (a 'CFT 4MH Warrant'). Each CFT 4MH Warrant will be exercisable to acquire one additional common share of the Company at an exercise price of $0.60 for a period of 24 months from the date of closing. Each CFT 4MH Share will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada). The CFT 4MH Units will be sold on a structured basis whereby the Company will issue the CFT 4MH Shares and CFT 4MH Warrants comprising the CFT 4MH Units to purchasers purchasing as principals and/or to an agent for one or more disclosed principals; the CFT 4MH Shares and CFT 4MH Warrants comprising the CFT 4MH Units will then immediately be sold to one or more back-end buyers. All securities issued in connection with the CFT 4MH Unit Offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. Closing of the Offerings may take place in one or more tranches as determined by the Company and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval of the Canadian Securities Exchange. The Company may pay certain eligible finders a cash fee of up to 7% of the gross proceeds raised in respect of the Offerings from subscribers introduced by such finders to the Company. The Company may also issue to eligible finders such number of finder warrants (each, a 'Finder Warrant') as is equal to 7% of the number of LIFE Units or CFT 4MH Units sold under the Offerings to subscribers introduced by such finders to the Company. The Finder Warrants, to the extent they are issued, will entitle the holders thereof to acquire one (1) common share of the Company at a price of $0.60 per Share for a period of 24 months from the date of issuance. The Company intends to use the net proceeds of the Offerings for fieldwork at the Company's exploration projects and, in the case of the net proceeds from the LIFE Offering, as more particularly set out in the Offering Document. Qualified person The technical content of this news release has been reviewed and approved by Mr. Babak Vakili Azar, an independent contractor and a qualified person as defined by National Instrument 43-101. Historical reports provided by the optionor were reviewed by the qualified person. The information provided has not been verified and is being treated as historic. About Formation Metals Inc. Formation Metals Inc. is a North American mineral acquisition and exploration company focused on the development of quality properties that are drill-ready with high-upside and expansion potential. Formation's flagship asset is the N2 Gold Project, an advanced gold project with a global historic resource of ~870,000 ounces (18 Mt grading 1.4 g/t Au (~809,000 oz Au) across four zones (A, East, RJ-East, and Central)2,3 and 243 Kt grading 7.82 g/t Au (~61,000 oz Au) across the RJ zone2,4) and six mineralized zones, each open for expansion along strike and at depth including the 'A' zone, of which only ~35% of strike has been drilled (>3.1 km open), and the 'RJ' zone, host to historical high-grade intercepts as high as 51 g/t Au over 0.8 metres. FORMATION METALS INC. Deepak Varshney, CEO and Director For more information, please call 778-899-1780, email [email protected] or visit Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. Notes and References: Forward-looking statements: This news release includes 'forward-looking statements' under applicable Canadian securities legislation, including statements respecting: the Company's plans for the Property and the expected timing and scope of the 2025 drilling program at the Property; the Company's goal of delivering a near-surface multi-million-ounce deposit the Property; the Company's anticipated timeline with respect to the Application for Autorisation de Travaux d'exploration à Impacts (ATI) to the Ministère des Ressources naturelles et des Forets (MERN); the Company's view that the Property has the potential for over three million ounces of gold; the 7,500-metre drilling program marking the beginning of the Company's pursuit of that goal; and statements respecting the Offerings and the expected use of proceeds therefrom. Such forward-looking information reflects management's current beliefs and is based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned that such forward-looking statements are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. No Offer or Solicitation to Purchase Securities in the United States This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the 'Securities Act'), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act ('Regulation S'), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act. Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States or to, or for the account or benefit of, persons in the United States or U.S. Persons nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. SOURCE: Formation Metals press release
Globe and Mail
04-07-2025
- Business
- Globe and Mail
E2Gold Announces Management Changes
Toronto, Ontario--(Newsfile Corp. - July 4, 2025) - E2Gold Inc. (TSXV: ETU) (OTC Pink: ETUGF) reports that Kyle Nazareth has resigned as Chief Financial Officer of the Company. The Company also announces that Eric Owens will replace Kyle as interim CFO. The Company expresses gratitude to Kyle for his diligent and excellent work and wish him well in his future endeavours. ABOUT E2GOLD INC. E2Gold Inc. is a Canadian gold exploration company with a 633 claim property package spanning 4 townships in north-central Ontario, about 140 km east of the Hemlo Gold Mine, and 75 km north of the Magino and Island Gold Mines. For further information please contact: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of E2Gold, including with respect to the receipt of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Bloomberg
27-05-2025
- Business
- Bloomberg
Guinea Takes Endeavour Gold Permits in Latest Round of Removals
Guinea has revoked four gold exploration permits from Endeavour Mining Plc as it continues to reclaim inactive and non-compliant mining rights. The four exploration licenses were granted in 2020 and have not been renewed since, Minister of Mines Bouna Sylla said in a statement read on state-broadcaster Radio Television Guineenne late Monday.
Associated Press
27-05-2025
- Business
- Associated Press
Greenheart Gold Announces Upgrade To OTCQX
Longueuil, Québec--(Newsfile Corp. - May 27, 2025) - Greenheart Gold Inc. (TSXV: GHRT) (OTCQX: GHRTF) (the 'Company' or 'Greenheart Gold') is pleased to announce that it has qualified to upgrade from the OTCQB® Venture Market to the OTCQX® Best Market (the 'OTCQX Market' or 'OTCQX'). Greenheart Gold will commence trading today on OTCQX under the symbol 'GHRTF'. The OTCQX Market, the highest tier of the U.S. OTC Markets, is designed for established, investor-focused U.S. and international companies. Trading on OTCQX is expected to enhance a company's visibility and accessibility among U.S. investors by adhering to higher financial and governance standards. 'We are pleased to be upgrading to the OTCQX market. We feel that the OTCQX will provide a valuable platform to help build visibility among U.S. investors,' said Justin van der Toorn, the President and CEO of Greenheart Gold. The Company's common shares will continue to trade on the TSX Venture Exchange in Canada under the symbol 'GHRT'. About Greenheart Gold Inc. Greenheart Gold is an exploration company that builds on a proven legacy of discoveries within the Guiana Shield, a highly prospective geological terrain that hosts numerous gold deposits yet remains relatively under-explored. The Company is led by former executives and members of the exploration group of Reunion Gold, a team that was most recently noted for the discovery and delineation of the multimillion-ounce Oko West deposit in Guyana. Greenheart Gold intends to build on its technical knowledge, strong contact base and previous success from exploring in the Guiana Shield to assemble, maintain and explore a portfolio of early-stage exploration projects in Guyana and Suriname that are prospective for orogenic gold deposits. Additional information about the Company is available on SEDAR+ ( ) and the Company's website ( ). For further information, please contact: GREENHEART GOLD INC. Justin van der Toorn, President and CEO, or Doug Flegg CFA, Senior Vice President Corporate Development E: [email protected] E: [email protected] Telephone: +1 450-800-2882 Cautionary Statement on Forward-Looking Information This news release contains 'forward-looking information', which may include, but is not limited to, statements regarding the Company's expectations that OTCQX will enhance the Company's visibility and help attract new investors. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions. There is no assurance that these expectations will be realized. Readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable laws, the Company undertakes no obligation to update or revise any forward-looking statements in the event that management's beliefs, estimates, or opinions, or other factors, should change. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act'), or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is view the source version of this press release, please visit
Yahoo
26-05-2025
- Business
- Yahoo
AuMEGA Metals Commences Diamond Drilling at Cape Ray and Announces Partial Diamond Drill Results from Bunker Hill
Key Highlights Diamond Drilling Recommences: Planned up to 10,000 metres of diamond drilling (success dependent) along with mapping, and sampling across high-priority targets at Cape Ray and Bunker Hill. Encouraging Early Drill Results at Bunker Hill West: Diamond drill hole CRD396 intersected 1.84 g/t gold over 1.0 metres including 5.58 g/t gold, 96 g/t silver, and 3.64% lead over 0.3 metres-supporting the presence of a larger mineralised system along the Branch Fault. Multiple Catalysts Ahead: Assays pending from nine diamond holes and 147 RC base-of-till holes - results expected in coming weeks. New Targets Emerging at Cape Ray: Electromagnetic (EM) survey underway targeting structural complexity and graphite-rich rocks; results expected in June to guide Cape Ray West drilling. Strong Treasury of C$13.1 Million in Cash1: Fully funded to deliver one of the largest and most systematic exploration campaigns in AuMEGA's history. Edmonton, Canada--(Newsfile Corp. - May 26, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") is pleased to announce the launch of its spring field exploration program at the Cape Ray Project, alongside the receipt of partial assay results from its winter diamond drill campaign at Bunker Hill, both located along the Cape Ray Shear Zone (CRSZ) in Newfoundland and Labrador, Canada. With a strong cash position of C$13.1 million as at 31 March 2025, the Company is fully funded to execute one of its most ambitious exploration programs to date. This includes extensive follow-up drilling and fieldwork designed to build on recent discoveries and advance the Company's district-scale land package in what is emerging as Canada's next major gold district. AuMEGA Metal's Managing Director and CEO, Sam Pazuki, commented: "Our spring exploration program is now in full swing, and the results from these activities will further sharpen our understanding of this underexplored yet highly prospective gold district. Initial diamond drilling at Bunker Hill West, particularly hole CRD396, has delivered an encouraging intercept that underscores the potential scale and strength of the mineralised system along the Branch Fault. Combined with historical high-grade outcrops and structural data, these results point to a potentially large and generally untested gold system. "These early successes validate our strategic focus on major structural targets off the Cape Ray Shear Zone and demonstrate the value of integrating RC and diamond drilling to effectively vector into high-potential zones. These are areas never tested, and in many cases never explored. Most previous explorers focused exploration efforts on the main CRSZ and within the current mineral deposit zones at Cape Ray. "Drilling is now active testing for new discoveries along strike of those existing resources at Cape Ray, while also advancing new targets at Cape Ray West with support from airborne geophysics. We continue to plan for up to 10,000 metres of drilling however, the amount of metres drilled will be strictly based on success and weather. The Company may elect to drill more or less as the program evolves. "With a strong treasury of C$13.1 million, we are fully funded to execute one of the largest and most systematic exploration programs in our history. We have mobilised teams across multiple targets, are generating significant new data, and are positioning AuMEGA to make meaningful discoveries in what we believe is emerging as Canada's next major gold belt." Figure 1: AuMEGA Metals Bunker Hill Project To view an enhanced version of this graphic, please visit: Partial Diamond Drilling Results During the shortened winter diamond drill program, AuMEGA Metals completed 15 drill holes totaling 3,673 metres. Drilling focused on two key areas: six stratigraphic drill holes were drilled at the Nitty Gritty target, while the remaining holes tested the structural corridor extending between Nitty Gritty and Bunker Hill West (Figure 2). This includes follow-up diamond drill holes that tested encouraging Reverse Circulation (RC) drill anomalies-most notably hole CRC0284, which previously returned a significant insitu gold anomaly of six metres at 0.42 g/t on a major second order structure off the CRSZ2 (Figure 2). The Company has now received assay results from seven diamond drill holes with the remaining nine drill holes expected to be returned over the coming weeks. One of these drill holes confirmed anomalous gold mineralisation associated with the Branch Fault, a major geological structure first identified and reported by the Company in 20243 (Figure 2). A standout result came from diamond drill hole CRD396, which intersected 1.84 g/t gold over 1.0 metre, including a higher-grade interval of 5.58 g/t gold, 96 g/t silver, and 3.64% lead over 0.3 metres from 10 metres (Figure 3). This intercept lies approximately five kilometres east of the historic 18.7 g/t gold outcrop at the intersection of the Branch Fault and the CRSZ, within the Bunker Hill West target area4. This result reinforces the potential for a larger mineralized gold system along the Branch Fault and establishes a promising vector for future exploration (Figure 4). The Company plans to initiate inaugural drilling at Bunker Hill West in mid-2025, leveraging these results to refine its targeting along the Branch Fault. At the Nitty Gritty target, diamond drill hole CRD392 returned one metre at 0.33 g/t gold from 63 metres within a fault zone, confirming the presence of mineralising fluids within the system (Figure 2). Three other drill holes at Nitty Gritty did not return significant mineralisation, however, it has provided valuable structural and geological context that will inform upcoming drill plans within the broader Nitty Gritty target area. Figure 2: Bunker Hill Drill Program Overview To view an enhanced version of this graphic, please visit: Figure 3: Cross Section of reverse circulation (CRC0284) and diamond (CRD396) drill hole traces To view an enhanced version of this graphic, please visit: Figure 4: RC Results Overview and Bunker Hill West Target Area To view an enhanced version of this graphic, please visit: Bunker Hill Next Steps Assay results remain pending for nine diamond drill holes and all 147 RC base-of-till (BOT) holes completed during the winter program. The Company is actively reviewing received assay data and integrating it with historical datasets to refine its targeting strategy for the upcoming summer drill program, scheduled to commence in mid-2025. When drilling resumes at Bunker Hill, the initial focus will be on Bunker Hill West, a high-priority target area that hosts multiple major geological structures - including the Branch Fault - and is the site of historic high-grade gold samples, including 18.7 g/t gold from outcrop5 (Figure 4). In addition to Bunker Hill West, the Company intends to drill several new targets generated from the winter bottom-of-hole (BOH) program, as well as conduct follow-up drilling at Nitty Gritty, where further structural and lithological targets are being refined. The summer field program will also include detailed mapping and systematic rock and soil sampling across underexplored areas of high prospectivity, including the full 20 kilometres of strike the Company holds along the Branch Fault. The recently staked ground south of the CRSZ at Bunker Hill will also be assessed. Both areas of interest have received limited historical exploration6. Cape Ray Field Exploration AuMEGA has officially launched its spring and summer exploration program at the Cape Ray Project, with a dual focus on expanding the existing resource base and identifying new mineralised bodies along strike several kilometres from current deposits. Diamond drilling along strike of the existing mineral resource has commenced. The total drill program planned for Cape Ray is up to 5,000 metres of drilling. Figure 5: Cape Ray Project Exploration Program Overview To view an enhanced version of this graphic, please visit: As part of this effort, the Company is conducting an EM geophysical survey aimed at delineating structural complexity and identifying graphitic schists-host rocks associated with current mineral resources7 (Figure 5). Results from this airborne EM survey are expected in June, and will be integrated with ongoing geological mapping and sampling efforts, particularly across the Cape Ray West area. This zone remains underexplored yet highly prospective, with the potential to host significant new mineral discoveries. In parallel, field teams have been deployed to map and sample regions where prior exploration returned promising results that were never followed up. These efforts are designed to uncover new targets and deepen the Company's understanding of the broader mineralized corridor. RC drilling is expected to commence shortly while heli-supported diamond drilling at Cape Ray West is scheduled for later in June. With a robust cash position of C$13.1 million as at 31 March 2025, AuMEGA is fully funded to execute its expansive 2025 exploration program, spanning multiple high-potential targets across its district-scale land package. This announcement has been authorised for release by the Company's Board of Directors. This release aligns with the requirements of the National Instrument 43-101. A JORC Table 1 is not required under National Instrument 43-101. The Company has included a JORC Table 1 in the ASX version of the news release which can be found on the ASX website at or AuMEGA Metal's website at To learn more about the Company, please visit or contact: Sam Pazuki, Managing Director & CEOCanada Phone: +1 780 665 4925Australia Phone: +61 8 6117 0478Email: info@ 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 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-kilometre 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 Resources8. 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, Bunker Hill announcements on 16 May 2025, 28 April 2025, 10 April 2025, 25 February 2025, 22 January 2025, 25 November 2024, 15 October 2024, 24 September 2024, 6 April 2023, 22 March 2023,14 April 2021 and 29 October 2020. Cape Ray announcements on 22 January 2025, 11 September 2024, 20 August 2024, 31 July 2024. General announcement dated 3 July 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. Giles Dodds, Exploration Manager for AuMega Metals. Mr. Giles Dodds is a Member of the Australian Institute of Geoscientists (AIG) 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. Dodds consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. For the purposes of the TSXV, the information contained in this announcement that relates to exploration results is based upon information reviewed by Mr. Shamus Duff, P. Geo., Project Geologist, Exploration for AuMEGA Metals. Mr. Duff 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. Mr. Duff consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears. 1 As at 31 March 20252 News release dated 6 May 20253 News release dated 4 July 20244 News releases dated 16 May 2025, 10 April 2025, 15 October 2024, 6 April 2023, 22 March 2023 and 14 April 20215 News releases dated 16 May 2025, 10 April 2025, 15 October 2024, 6 April 2023, 22 March 2023 and 14 April 20216 See ASX Announcement 10 April 20257 News release dated 30 May 20238 News release dated 30 May 2023 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
