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AuMEGA Metals Ltd (ASX:AAM) has completed the preliminary stage of a high-resolution airborne magnetic and Very Low Frequency electromagnetic (VLF) geophysical survey over its multi-commodity Bunker Hill project in Canada, with results reshaping the company’s understandings of the area, and revealing significant geological structures.
The survey stretched across an area of 170 square kilometres at the play – which is located along the Cape Ray Shear Zone (CRSZ) in Newfoundland and Labrador – and showed notable geological complexity across its entire 25-kilometre strike length.
Promisingly, the geological structures found are in alignment with both historic and recent geochemical and prospecting samples which were high in copper, gold and silver.
Finalisation of the data is expected before the end of 2024.
Managing director and CEO Sam Pazuki said the company was pleased with the preliminary results.
“Initial survey results have revealed significant structural complexity highlighting the CRSZ while also exposing major second and third order faults throughout the entire property,” he said.
“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.
“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.”
AuMEGA shares have been down on the news, trading at 5.4 cents by 13:47 AEDT. This was a fall of 5.26% since the market opened.
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