AuMEGA Metals commences second phase of drilling at Malachite gold project in Canada

AuMEGA Metals (ASX: AAM) has commenced a second phase of diamond drilling at greenfields targets within its Malachite gold project at the Cape Ray Shear Zone in Canada.

The company plans to drill up to 3,000 metres across large mineralised zones identified through a reverse circulation campaign conducted during the northern winter.

AuMEGA made its market debut in June after a name change from Matador Mining to reflect a new growth strategy based on long-term value through world-class exploration.

Best bedrock sample

Initial work will take place at the O-2 West area, which delivered the best bedrock sample of 627 parts per billion gold and 1.99% copper from seven metres below the surface.

The standout result sits alongside several gold values also returned from the winter program, ranging up to 200 times greater than average crustal abundance.

AuMEGA will then move to the O-2 East area, which returned the next best assays from the winter program and is believed to contain significant geochemical anomalies and structural complexities.

The O2-North target — which delivered one of the highest gold grain counts in 2022 — will also be explored.

First drilling phase

AuMEGA completed 1,900m of the first phase of diamond drilling at Malachite in July, targeting potential extensions to known mineralisation within the Central Zone area including a new footwall and along-strike targets.

The work was followed by maiden till surveying at the Intersection project located wher the Cape Ray Shear Zone meets the Hermitage Flexure in the eastern end of the company’s tenement holding.

Cape Ray and Hermitage are two of the largest known gold structures in Newfoundland.

AuMEGA said Intersection represented the type of major complex geological feature known in other jurisdictions to host world-class deposits.

Assay results are expected in the coming weeks.