AuMEGA High Resolution Magnetics Reveals Significant Geological Structures at Bunker Hill

In This Article:

Key Highlights

  • High-resolution airborne magnetic and Very Low Frequency Electromagnetic ("VLF") geophysical survey completed over Bunker Hill, covering an area of approximately 170 km2 consisting of 3,140 line-kilometres.

  • Preliminary magnetic data received with finalisation underway and expected before the end of the year.

  • The survey reveals significant geological complexity across the entire 25-kilometre strike length of Bunker Hill with data materially changing the Company's understanding of the prospective area.

  • Geological structures align with the recent and historic significant geochemical and prospecting samples that contained very high-grade copper, gold and silver samples1.

Edmonton, Alberta--(Newsfile Corp. - October 15, 2024) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) (formerly Matador Mining Ltd) ("AuMEGA" or "the Company") is pleased to report the preliminary results of the recently completed high-resolution, airborne magnetic and VLF survey over the entire Bunker Hill Project, located along the Cape Ray Shear Zone ("CRSZ") in Newfoundland and Labrador, Canada.

AuMEGA Metal's Managing Director and CEO, Sam Pazuki commented:

"We are encouraged by the preliminary results received from the high-resolution airborne magnetic survey that we have recently completed over our highly prospective, vastly underexplored Bunker Hill Project. Initial survey results have revealed significant structural complexity highlighting the CRSZ while also exposing major second and third order faults throughout the entire property.

"Our Bunker Hill Project represents 25 kilometres of continuous strike of a localised unique east-west orientation directly adjacent to the east of our Malachite Project. Much of the area is covered with overburden with very little surface bedrock exposure. What is striking about the Bunker Hill area is that sampling to-date from limited outcrop has delivered some of the highest-grade copper, silver, and gold samples anywhere within our portfolio. These high-grade samples are hosted within the Billiards Brook Group sediments, and Cape Ray Fault Gabbro and within dominantly vein-hosted mineralisation. This includes outcropping copper samples grading up to 25%, copper float samples grading up to 57%, outcropping silver samples grading up to 44.5 g/t, silver float samples grading up to 407.5 g/t and gold outcropping samples grading up to 17.0 g/t.

"Overlaying the airborne magnetic survey results to these high-grade samples further supports our belief that the Bunker Hill mineralisation is associated with intrusive-style mineralisation and the project appears to be similarly structured to Calibre Mining's Valentine Project, which currently hosts a five million ounce gold resource. The magnetics have also shown several jogs along the main CRSZ. This is an important feature when comparing it to the Valentine Project, where each of the deposits in that project are located specifically in the similarly structured jogs.


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