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Highlights:
- AuMEGA raises C$8.77 million to fund ambitious exploration programs.
- A 20,000-metre drill program set to expand mineral resources at Bunker Hill.
- Promising geochemical survey results bolster potential at the Intersection Project.
AuMega Metals Ltd, formerly known as Matador Mining Ltd, has successfully completed the first tranche of its financing round, securing C$8.77 million (approximately A$9.56 million). This significant capital infusion, achieved by issuing 131,152,889 ordinary shares to institutional, professional, and accredited investors, marks a pivotal moment for the company as it gears up for extensive exploration activities in Newfoundland and Labrador, Canada.
The funds raised will primarily support a comprehensive 20,000-metre drill program at AuMega's Bunker Hill Project, strategically located along the Cape Ray Shear Zone. This initiative is aimed at expanding the company’s mineral resource base, tapping into the promising geology of the region known for its mineral wealth. With the drill program set to commence shortly, the company is keen to unlock further value from this underexplored area.
In addition to Bunker Hill, AuMega is committed to advancing early-stage exploration at its Hermitage and Malachite projects. This multi-faceted approach underscores the company’s dedication to not only enhancing its existing assets but also identifying new opportunities for resource development in the region.
Adding to the excitement, AuMega recently reported positive outcomes from an initial till geochemical survey conducted at its Intersection Project, adjacent to Bunker Hill. This reconnaissance survey, carried out during the summer of 2024, aimed to assess the mineralisation potential of the project area. The systematic grid survey featured lines spaced 800 metres apart, with sample stations placed at 100-metre intervals, allowing for a thorough assessment of the underlying geology.
The preliminary analysis of the survey results revealed several priority follow-up targets, indicating the presence of substantial subsurface mineralised systems. Notably, anomalous concentrations of gold, silver, copper, and other indicative elements were detected across multiple grid points. These findings not only highlight the potential of the Intersection Project but also reinforce AuMega’s strategic focus on expanding its resource base.
The company views these encouraging results as a strong foundation for further exploration and sampling efforts. As AuMega moves forward, the integration of innovative exploration techniques and rigorous analysis will be crucial in evaluating the resource potential of the Intersection Project and other assets.
