AuMEGA Metals Reports 100.5 g/t Gold at Newfoundland Intersection Project
Key Takeaways
- A 100.5 g/t gold float sample at the Intersection Project is the second-highest grade ever collected across AuMEGA's Newfoundland portfolio.
- Two further floats returned 23.8 g/t and 23.1 g/t, lifting the project from 2024 gold-in-till anomalism (up to 173 ppb) to high-grade gold at surface.
- Most of the 56 grab samples came back near detection limit and the fourth-highest was 2.26 g/t, so the three standouts are isolated pointers, not a resource.
- The 169 km² project sits where the Cape Ray Shear Zone meets the Hermitage Flexure, next to claims recently staked by Equinox Gold.
- Pending Intersection assays and drilling results from Cape Ray and Bunker Hill are the next catalysts, backed by a 450,000 oz Indicated and 160,000 oz Inferred resource.
100.5 g/t gold sample returned at the Intersection Project
A single rock sample has pushed one of Newfoundland’s quieter exploration areas into focus. AuMEGA Metals (ASX: AAM | TSXV: AUM | OTCQB: AUMMF) reported a 100.5 g/t gold float sample from its 100%-owned Intersection Project on the Cape Ray Shear Zone (“CRSZ”) in southwest Newfoundland.
The company describes it as the second-highest grade gold sample ever collected across its Newfoundland property portfolio. Two further float samples returned 23.8 g/t and 23.1 g/t gold.
For investors, the results move Intersection from broad gold-in-till anomalism identified in 2024 to high-grade gold mineralisation at surface. Till is loose glacial sediment, and anomalism there points to gold somewhere nearby, not to a confirmed source.
The three high-grade samples are:
- MG002044: float, 100.5 g/t gold
- MG002045: float, 23.8 g/t gold
- MG002046: float, 23.1 g/t gold
Sam Pazuki, Managing Director and CEO
“These results demonstrate the value of the systematic exploration approach we have applied across our Newfoundland portfolio and our ability to continually build the exploration pipeline…”
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Why Intersection sits in a high-potential gold corridor
Where two major structures converge
The 169 km² Intersection Project is positioned where the CRSZ and the Hermitage Flexure converge. The company describes these as two of Newfoundland’s largest known gold-bearing structural corridors.
The Project contains prospective Windsor Point Group sedimentary rocks, the same stratigraphic package that hosts the company’s Central Zone deposit. It also contains felsic intrusions in a geological setting that shares important characteristics with the Valentine Gold District.
The Project is adjacent to mineral claims recently staked by Equinox Gold. Shared characteristics are not an equivalence, so the comparison is a reason for interest, not a conclusion.
What gold float means for explorers
Float is loose rock that has moved away from its original source. A grab sample is a hand-picked piece of rock, so it shows gold is present but not how much, how widely or how evenly.
The company itself notes that grab samples are selective in nature and do not necessarily represent the mineralisation sampled. It also says gold can be unevenly distributed, which introduces sampling variability, and that the grab samples will not be used for Mineral Resource estimation.
High-grade float is therefore a pointer for follow-up work, not a resource.
| Sample ID | Type | Au (g/t) | Significance |
|---|---|---|---|
| MG002044 | Float | 100.5 | Second-highest grade gold sample across AuMEGA’s Newfoundland portfolio |
| MG002045 | Float | 23.8 | Additional high-grade float occurrence |
| MG002046 | Float | 23.1 | Additional high-grade float occurrence |
From 914 till samples to high-grade surface gold
The path to the result followed a staged programme:
- 2024 inaugural programme: 914 till samples across an area of approximately 15 kilometres by seven kilometres, identifying four large gold target areas with values of up to 173 ppb gold.
- 2026 expanded programme: systematic till sampling on a nominal 320-metre by 80-metre grid with infill on a 160-metre by 80-metre grid, alongside geological mapping and prospecting.
- 56 grab samples collected during reconnaissance geological mapping. The three high-grade floats were collected shortly after field activities commenced and before the start of the company’s 2026 drilling campaigns.
Assays are pending for the majority of the programme samples collected, including additional rock and till samples. Nothing can be inferred yet about those results.
For balance, most of the 56 grab samples returned at or near the detection limit. The fourth-highest result was 2.26 g/t gold, so the three high-grade floats sit well above the rest of the dataset.
In May 2026, AuMEGA staked the Solstice Project immediately north of Intersection. Equinox Gold’s recently staked claims sit adjacent to both the Intersection and Solstice projects.
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Next steps and portfolio momentum
Once the remaining assays arrive, the company will integrate the complete geochemical dataset with geological mapping, historical airborne magnetic and electromagnetic surveys, and updated structural interpretations.
That work will be used to refine priority targets and design the next phase of exploration, which is expected to consider:
- Tighter-spaced surficial geochemistry
- Detailed prospecting and structural mapping
- Ground geophysics, potentially including induced polarization
- Advancement of priority targets toward scout drilling
Elsewhere in the portfolio, drilling continues at the Bunker Hill Project. At Cape Ray, the first phase of the 2026 drilling programme has been completed, and assay results are pending.
The company describes a district-scale land package spanning 110 kilometres along the Cape Ray-Valentine Shear Zone, plus a 27-kilometre stretch of the Hermitage Flexure. Its existing Mineral Resource includes 450,000 ounces Indicated (6.2 million tonnes at 2.25 g/t gold) and 160,000 ounces Inferred (3.4 million tonnes at 1.44 g/t gold).
The company is supported by institutional investors including Condire Investors LLC, and by strategic investment from B2Gold Corp.
The announcement does not disclose any share price or valuation information. What you can watch are the catalysts the company has flagged: pending Intersection assays, and results from Cape Ray and Bunker Hill drilling.
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