AuMEGA Metals discovers high-grade gold at Intersection Project, Newfoundland

AuMEGA Metals Ltd. [TSXV: AUM; OTCQB: AUMMF; ASX: AAM] reported high-grade gold results from a comprehensive surficial geochemical, geological mapping and prospecting program completed at its 100%-owned Intersection Project along the Cape Ray Shear Zone (CRSZ) in southwest Newfoundland and Labrador.

Highlights: 100.5 g/t gold sample (float), the second-highest grade gold sample ever collected across AuMEGA’s Newfoundland property portfolio.

Two additional samples grading 23.8 g/t gold (float) and 23.1 g/t gold (float), confirming multiple high-grade gold occurrences within the project area.

Intersection lies at the convergence of the CRSZ and Hermitage Flexure, two of Newfoundland’s largest known gold-bearing structural corridors.

Results advance Intersection from the broad gold-in-till anomalism identified in 2024 to the identification of high-grade gold mineralization at surface.

The project shares important geological characteristics with the Valentine Gold District and is adjacent to mineral claims recently staked by Equinox Gold.

Additional assay results remain pending and will be integrated with geological, structural andgeochemical data to design a follow-up exploration program.

Sam Pazuki, Managing Director and CEO of AuMEGA, commented: “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. By progressively integrating geochemistry, geological mapping, prospecting, geophysics and structural interpretation, we have identified areas containing exceptionally high-grade gold mineralisation while generating and expanding the targets that led to our 2026 drilling programs.

“That process enabled us to drill the first-ever holes into several new targets across the portfolio in 2026. Intersection is progressing through the same disciplined sequence. Our 2024 reconnaissance program identified four large gold target areas, and the expanded 2026 program has now identified multiple high-grade gold occurrences at surface, including the 100.5 g/t gold sample.

“This is the proper way to explore large, remote and underexplored land packages: systematically build the geological evidence, strengthen the targets and advance the highest-priority areas toward drilling. With additional assays pending, we will integrate the complete dataset to design the next phase of exploration, which we expect will include advancing targets toward drill testing.”

The 169 km² Intersection Project is positioned where the CRSZ and Hermitage Flexure, two of Newfoundland’s largest known gold-bearing structural corridors, converge. The project contains prospective Windsor Point Group sedimentary rocks, the same stratigraphic package that hosts the company’s Central Zone deposit, together with felsic intrusions in a geological setting that shares important characteristics with the Valentine Gold District.

AuMEGA’s inaugural exploration program at Intersection in 2024 comprised 914 till samples collected across an area measuring approximately 15 km by seven km. The program identified four large gold target areas, including a significant anomaly within the Windsor Point Group, and returned values of up to 173 ppb gold with associated silver-copper-bismuth anomalism.

Building on those results, the company completed a substantially expanded surficial geochemical, geological mapping and prospecting program across the eastern portion of the Project in 2026. The program included systematic till sampling on a nominal 320-metre by 80-metre and infill on a 160-metre by 80-metre grid.

The float samples, collected during geological mapping and reconnaissance in parallel to the till sampling program, returned samples grading 100.5 g/t gold, 23.8 g/t gold and 23.1 g/t gold represent an important advancement from broad regional gold anomalism to the identification of high-grade gold mineralization at surface. A total of 56 grab samples were collected during this reconnaissance geological mapping program. Assays are pending for the majority of the program samples collected.

In May 2026, AuMEGA staked the Solstice Project immediately north of Intersection. The strategic significance of the area is further highlighted by mineral claims recently staked by Equinox Gold adjacent to the Intersection and Solstice projects.

The 2026 exploration program was designed to expand systematic coverage across Intersection, improve the company’s understanding of the underlying geology and regional structural architecture, and identify areas warranting advancement toward drill-ready status.

Field activities included systematic till sampling on a nominal 320-metre by 80-metre and infill on a 160-metre by 80-metre grid; geological and structural mapping; prospecting and rock sampling; and follow-up evaluation of prospective geological and structural settings.

The three high-grade float samples were collected shortly after field activities commenced and before the start of the company’s 2026 drilling campaigns. Assay results from additional rock and till samples remain pending.

Upon receipt of the remaining assay results, the Company will integrate the complete geochemical dataset with geological mapping, historical airborne magnetic and electromagnetic surveys, and updated structural interpretations.

The integrated interpretation 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; and advancement of priority targets toward scout drilling.

Drilling continues at the Company’s Bunker Hill Project, where AuMEGA is testing priority gold and polymetallic targets across multiple prospective structural corridors.

At Cape Ray, the first phase of the Company’s 2026 drilling program has been completed, and assay results are pending.

These programs form part of AuMEGA’s systematic strategy to advance multiple discovery and resource-growth opportunities across its district-scale Newfoundland property portfolio.