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AuMEGA Metals Ltd has conducted a large high-resolution airborne magnetic and Very Low Frequency Electromagnetic (VLF) survey covering 170 square kilometres of its Bunker Hill Project in Newfoundland and Labrador, Canada.
The Bunker Hill Project is adjacent to AuMEGA's Malachite Project, sits along the Cape Ray Shear Zone (CRSZ) and represents 25 kilometres of continuous strike.
Significant structural complexity
AuMEGA managing director and CEO Sam Pazuki said: "Initial survey results have revealed significant structural complexity highlighting the CRSZ while also exposing major second and third-order faults throughout the entire property."
This year's survey collected magnetic, VLF-EM and radiometric data and consisted of 3,140 line-kilometres.
Early magnetic data is in, changing the company's view of the entire prospective area and pointing to geological structures that align with recent and historical geochemical and prospecting samples that contained very high-grade copper, gold and silver samples.
Indeed, sampling from limited outcrop has produced some of the highest grades in the company's portfolio.
"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," Pazuki said.
Broader geophysical program
The survey marks the continuation of AuMEGA's broader geophysical efforts, following a 2021 survey over a 44-kilometre stretch from Cape Ray to the boundary of the Malachite Project.
Final results are expected to provide further insights into the potential of this underexplored region.
Pazuki explained the significance of the survey findings: "These high-grade samples are hosted within the Billiards Brook Group sediments and Cape Ray Fault Gabbro, and within dominantly vein-hosted mineralisation.
"Overlaying the airborne magnetic survey results to these high-grade samples further supports our belief that the Bunker Hill mineralisation is associated with intrusive-style mineralisation and the project appears to be similarly structured to Calibre Mining's Valentine Project, which currently hosts a five-million-ounce gold resource.
"The magnetics have also shown several jogs along the main CRSZ.
"This is an important feature when comparing it to the Valentine Project, where each of the deposits in that project are located specifically in the similarly structured jogs.
What's next?
"We will continue to finalise the geophysical data received from the airborne survey and we are in the process of defining our 2025 exploration plans, including our specific plans to further define the significant potential that we see at Bunker Hill.
"Assay results are also still pending from the Bunker Hill and Intersection summer till survey programs, which we expect in the near term along with assays from the second phase of diamond drilling at Malachite that are expected in November 2024."