AuMEGA Metals - Major Untested Anomaly Lights Up Cape Ray - A Gold Exploration story that has a resource of 800,000 ounces at USD $4,000 an ounce.
- Noel Ong
- 24 minutes ago
- 7 min read
Announcement
AuMEGA Metals Limited (ASX: AAM) has reported a standout result from its July airborne time-domain EM survey over Cape Ray: the work both maps known mineralisation at Central Zone and—critically—defines a large, previously untested conductor just 500 m to the southeast that mirrors Central Zone’s geophysical signature (Figure 1). With a fully funded drilling program slated for Q4 2025, the discovery pipeline at Cape Ray continues to expand.
Figure 1: AuMEGA Metals Portfolio on the CRSZ and Hermitage Flexure (source: AAM)
Key Highlights - A Gold Story With a Changing Journey.
(Figure 2)
Major, untested anomaly 500 m SE of Central Zone: ~1,000 m strike, ~500 m width; open along strike beyond the survey edge; same conductive host (graphitic schist in Windsor Point Group) as Central Zone; never drill-tested.
Central Zone “lights up”: EM conductivity tightly matches the gold-bearing host rocks, validating EM as a vectoring tool at Cape Ray.
Historic ultra-high-grade clue: nearby heavy-mineral concentrate sample assayed 111.5 g/t Au (1988), proximal to the new EM source.
Multiple new targets: Additional EM conductors (incl. “Anomaly B, C, D”) align with second- and third-order structures off the Cape Ray–Valentine Shear Zone (CRSZ), with geochemical support in places.
Near-term catalysts: Crews on the ground for till geochem, mapping, and sampling now; drilling before year-end 2025.
Figure 2: Major EM Anomaly Southeast of the Central Zone deposits (source: AAM)
AuMEGA Metal’s Managing Director and CEO, Sam Pazuki, commented:
“The EM survey delivered exactly what we wanted – clear confirmation that our approach effectively maps known gold mineralisation at Central Zone, while also uncovering multiple new high-quality anomalies. Most exciting is a major target located just 500 metres southeast of our high-grade Central Zone deposits that has never been drilled yet mirrors its geophysical signature. It’s a compelling opportunity that we believe could represent a completely new trend of gold mineralisation at Cape Ray.
“With drilling scheduled for later this year, a fully funded 2025 program, and ongoing work at Bunker Hill and Cape Ray West, we continue to have a strong pipeline of opportunities to drive the next phase of discovery on what I have long believed to be the next major mining district in Canada.”
What’s New — Survey Takeaways
The 930 line-km airborne EM program delineated conductive zones beneath cover (graphite/sulphide-rich horizons) that correlate with gold at Central Zone, while revealing several unrecognised trends (Figure 3). The survey confirms the Central Zone is hosted in graphitic schist within the Windsor Point Group, and it shows multiple open-ended conductors along strike and at depth beyond current resource limits.
Figure 3: Electromagnetic anomalies adjacent to the Central Zone resource areas. (source: AAM)
The New SE Anomaly — Why It Matters
Scale & Signature: Conductivity strength, geometry, and orientation are comparable to Central Zone—Cape Ray’s largest deposit. The anomaly extends ≥1 km long by ~500 m wide and remains open along strike.
Structure: Coincident with a north-to-east trending fold, truncated by a second-order CRSZ splay—an architecture consistent with gold emplacement at Cape Ray.
Evidence Under Cover: Area is largely concealed; the Central Zone access road passes through it; historical work is sparse, but a standout 111.5 g/t Au HMC sample sits near the EM source. No drilling has ever tested this target.
Next Step: Elevated to high-priority drilling status in Q4 2025 after current till geochem/mapping.
Additional Conductors — Broadening the Pipeline
(Figure 4)
Major EM Anomaly (south of Window Glass Hill Granite): Within Windsor Point Group sediments—same host sequence for most resources—300–1,500 m along strike from historical drilling; analogous structural setting to Central Zone.
Anomaly B (Cape Ray West): On the interpreted SE boundary of the Windsor Point Group; strong EM response (graphitic schist) plus favourable structure; first-pass mapping/geochem completed in July 2025; assays pending.
Anomaly C (east of Central Zone): Historic drilling likely tested the wrong horizon; gold-in-soil anomalism aligns directly with the EM response—an immediate follow-up target.
Anomaly D (SW edge of survey): ~800 m strike; minimal prior work; supported by a 550 m gold-in-till anomaly and a 2023 float sample grading 4.38 g/t Au, 49 g/t Ag, 1.38% Cu (MR001585).
Figure 4: Several EM Anomalies Identified at Cape Ray (source: AAM)
Field Programs & Near-Term Work
(Figure 5)
Till & Rock Geochem: 1,082 till and 91 rock samples collected at Cape Ray West in August 2025. Historical datasets show a strong correlation between till anomalies and known deposits. Pending assays will be integrated with EM/magnetics for a multi-layered targeting model ahead of drilling.
Planned Activities (2025): Priority surficial geochem over key conductors, detailed mapping/rock sampling to tighten controls, and RC/diamond drilling to test the highest-priority targets.
Figure 5: Cape Ray West Till and Rock Sampling Program (source: AAM)
Resource & Context
Cape Ray currently hosts ~420 koz Au (Indicated) and ~141–160 koz Au (Inferred) on resource statements under a US$1,750/oz gold price assumption (see 30 May 2023 reference). The broader land position spans ~110 km along the CRSZ, with strategic backing that includes B2Gold. The company is also active in the Hermitage Flexure and holds an option on Blue Cove Copper.
Samso Concluding Comments
There is a saying that I have kept in my memory bank, and that is Good geology will always deliver, and Cape Ray is the classic case of that methodology. What AuMega is doing, and all credit to management, is that they are looking at the dataset and allowing the geology to guide their exploration. The large, untested conductor just 500 metres to the southeast is the kind of near-mine target that can change the growth profile quickly if drilling connects.
From here, it is all execution. Till geochem and mapping will tighten the vectors; then the drill bit answers the only question that matters—are these EM features also gold systems of scale? The geometry, host rocks, and structural position tick the right boxes, but we still need intercepts to translate potential into value.
Investors should anchor expectations to tangible catalysts: assay results from current surface work, drill collar selection, and first drilling outcomes in the next campaign. Keep an eye on how the company sequences targets along the CRSZ splays and whether early holes demonstrate continuity, width, and grade comparable to Central Zone.
Figure 6: The share price chart for AuMega Metals Limited (ASX: AAM) as of 13th October 2025. (source: CommSec)
The share price reaction (Figure 6) is a testament to both the market sentiment and the investors following the AuMega story. I am a big fan of the management of AuMega and the geology that they have in Cape Ray. With a market capitalisation of just over AUD$30M, I do feel that there is still a lot of room for improvement. Don't forget that AUD $30M is including over 800,00 ounces of gold. Gold at the heights of over USD4,000 an ounce is going to change the dynamics of AuMega very soon.
I think there are exciting times ahead, and it would be good for readers to check out the Coffee with Samso that we did in June 2024.
Coffee with Samso: AuMega Metals Limited (ASX: AAM) - Large Scale Gold Exploration in Newfoundland, Canada.
As always, do your own work—read the technical notes, examine the figures, and understand the limits of geophysical inference. Funding runway, seasonal windows in Newfoundland, and service availability are practical variables that can shape timelines. If AuMega Metals can convert one or more of these conductors into meaningful gold intercepts, the Cape Ray story moves from validation to acceleration.
The Samso Way – Seek the Research
Always go to the source—read the full PDF, scrutinise figures and assumptions, cross-check history and tenure, map results to geology, track catalysts against cash and execution, and decide only after DYOR.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life, there is no such thing as a Free Lunch.
Happy Investing, and the only four-letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments