Join our daily newsletter At The Bell to receive exclusive market insights
AuMega Metals Ltd (ASX:AAM) has extended the gold mineralisation of its Central Zone within the Cape Ray Shear Zone (CRSZ) in Canada, where it has been conducting a diamond drilling program to test new structural targets.
Step-out drilling in the Central Zone has extended the project’s mineralisation down-plunge of high-grade mineral resources found at both Zones 04 and 41.
In Zone 04, one drill-hole yielded an intercept of 3.62 grams per tonne (g/t) over seven metres from 522 metres, including 19.7 g/t gold and 1.6% copper over one metre.
Similarly, in Zone 41, intercepts of 1.94 g/t over 7.5 metres from 301 metres and 5.74 g/t over one metre from approximately 382 metres were found – the latter being at the top contact of another AuMega target, the Window Glass Hill Granite (WGHG).
Drilling at Central Zone intersected the WGHG in the footwall of the Z04 and Z41 deposits,
extending the occurrence of the mineralised structure.
The drilling program comprised eight holes for 1,900 metres at the CRSZ project, which is located in Newfoundland and Labrador.
Managing director and CEO Sam Pazuki said this first phase of diamond drilling had indicated the potential for mineral resource growth in areas not previously tested within the resource corridor.
“Two drill holes completed at Central Zone demonstrate a down-plunge extension of about 100 metres in both the Z04 and Z41 high-grade shoots respectively,” he said.
“There remains 250 metres of plunge depth on the Z41 high-grade shoot yet to be tested while Z04 remains open at depth.
“Of additional interest, both Central Zone drillholes intersected the prospective WGHG as dyke-like intrusions in the footwall of the main deposits.
“Drillhole CRD380 yielded 5.74 g/t gold over one metre on the top contact of the WGHG, further confirming the potential for mineralisation associated with the WGHG horizon.”
AuMega shares fell on the news. At 12:45 AEST, they were trading at 4.7 cents: a drop of 2.08% since the market opened.
-1200x645-380x200.jpg)
