AuMEGA Metals Identifies Several New Exploration Targets Following Completion of Technical Workshop
Key Highlights
- Comprehensive technical workshop led by world-renowned structural geologist
Brett Davis . - Several new targets identified on the district-scale land package along both the
Cape Ray Shear Zone ("CRSZ") and Hermitage Flexure. - A total of 37 targets in various stages defined and added to project portfolio.
- Target ranking in progress with proposed work programs being developed ahead of prioritisation.
- Phase one diamond drilling continues, with assays pending.
The main outcomes of the workshop included the identification of several new structural and geochemical targets based on mineral systems concepts, with each target assigned a score for ranking and prioritisation.
AuMEGA Metal's Managing Director and CEO,
"We have a massive land package on the two largest known gold structures in
"With the highly prospective land package we have, it is imperative that we ensure we properly identify, rank and prioritise our many targets. The key to success is then developing the appropriate exploration programs and allocate capital efficiently with return on investment as a key criterion, to advance the best targets through the exploration lifecycle. We brought together a considerable amount of brain power and experience at the successful technical workshop, with active participation by those who have made major mineral discoveries globally in their respective careers.
"I am very pleased with the outcomes of this workshop which exceeded my expectations with nine new targets identified. The bottom line is that we have no shortage of outstanding targets. While the O-2 target remains one of our best targets following our highly successful winter RC drill program, we have confirmed very exciting new opportunities at both
"Our conviction in our portfolio has only grown over the past two years and the workshop outcomes not only further confirm our beliefs, but also supports the work we are doing, with our ultimate goal of unlocking significant value for shareholders through the discovery of mega deposits."
Workshop Overview
The technical workshop entailed a review of the significant data that has been collected historically and by the Company from the CRSZ and Hermitage Flexure through geophysical surveys, diamond and RC drilling, prospecting, sampling, mapping and desktop analysis.
Targets were ranked using a mineral systems approach, defined by the key criteria common to world-class gold deposits. The resultant conceptual rankings are used in conjunction with factual empirical data and are subdivided by stage in the exploration pipeline. This objective ranking methodology allows for targets in various stages of exploration, with different empirical data sets, to be ranked against each other to best select targets for further work. Such a systematic approach to ranking and prioritisation allows for efficient and effective deployment of capital to drive discovery.
Workshop Outcomes
In total, the Company has now defined 37 targets within its portfolio. As a result of the workshop, nine new targets were identified based on geophysical and geochemical data previously collected and re-interpreted. These new targets were then combined with existing targets and subsequently assigned a score based on both conceptual and empirical criteria with the overarching defining criteria being the potential of the target to host a multi-million-ounce deposit. Three (O-2 West, O-2 East and Grandy's East) of these nine targets are a result of the Company's successful winter RC drill program at Malachite.
Of the total targets that the Company has identified, 30 are in the early stages of exploration while five targets are in the intermediate stage and two in the advanced stage, both of which we are currently drilling within the resource corridor. Another three intermediate targets are part of the phase two diamond drill program including O-2 West which delivered the best results from the winter RC drill program.
Next Steps
The Company is currently ranking each of the targets and will create more specific work plans for each that don't currently have them in place. The work plans will be on the top ranking targets and will include the scope of work and expected outcomes, including the necessary outcomes required to continue to advance targets through the exploration lifecycle. This work is expected to be completed in the coming weeks in conjunction with ongoing field exploration work.
Current Field Work Update
The Company continues the first phase of the diamond drill program and expects to complete it within the next couple of weeks, with assays expected over the next few weeks. In
This announcement has been authorised for release by the Company's Board of Directors.
About the Company
The Company is supported by a diverse shareholder registry of prominent global institutional investors, and strategic investment from B2Gold Corp, a leading, multi-million-ounce a year gold producer.
Additionally, AuMEGA holds a 27-kilometer stretch of the highly prospective Hermitage Flexure and has also secured an Option Agreement for the
AuMEGA acknowledges the financial support of the
Reference to Previous ASX Announcements
In relation to this news release, all data used to assess targets have been previously disclosed by the Company and referenced in previous JORC Table 1 releases. Please see announcements dated: Mineral Resource estimate announced on
In relation to the Mineral Resource estimate announced on
Competent Person's Statements
The information contained in this announcement that relates to exploration results is based upon information reviewed by Mr.
The information in this report that relates to Exploration Results and specifically the new targets generated is based on information reviewed by Mr.
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