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Microcap explorer AuMEGA Metals (ASX:AAM) has elevated its Cape Ray West project in Newfoundland to “top priority” status after interpreting a multi-element surficial geochemistry program, which helped expand the area’s prospective footprint prior to planned CY26 field activities.
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The relevant AuMETALS program focused on the IMG, a large felsic intrusion of around sixteen square kilometres adjacent to the Australian explorer’s already established resource corridor along the Cape Ray Shear Zone.
According to the expanding Aussie company, the 439 till samples brought in from a north-south oriented grid within 160-metre to 80-metre spacing have demonstrated “scale, coherence, and metal associations [that would be] exactly what you might want to see in searching for a fertile system.”
“This is no longer a conceptual target,” AuMEGA chief Sam Pazuki declared. “We have clear vectors, clear targets, and a compelling geological story to follow up.”
All this has instantly placed Cape Ray West as AuMEGA’s number one target through its CY26 drilling campaigns. “This has become one of the most important areas in our portfolio. We’re eager to move forward,” Mr Pazuki said.
One of the other standout outcomes here for AuMEGA is that the company’s finally defined the Western Corridor, a target extending around two kilometres along a north-south strike near the interpreted corridor between IMG and the Port aux Basque Gneiss Complex. This will be another “top” target for the year.
Early-year plans will see the $32 million explorer running infill till sampling, detailed geological mapping (at 1:5,000 scale), channel sampling of outcrop, and a focused diamond drilling program. These, The Market Link understands, should then come in sometime through the CY26 summer months.
Assay results from Cape Ray diamond drilling and the Hermitage surficial survey are also still pending; those are due back in CY26’s first quarter.
Heading into Thursday’s trade, AAM shares have been 0.4c each.
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