AuMEGA Metals announced key developments in its Hermitage Gold and Antimony Project in Newfoundland.
The recent activities include prospecting and mapping, identifying extensive hydrothermal alteration with quartz-dominated breccias and the North Limb Fault's subparallel fault splays potentially forming a large-scale permeability network.
"A high-resolution airborne magnetic and VLF geophysical survey is scheduled for the Canadian autumn of 2024," stated AuMEGA Metals’ Managing Director and CEO, Sam Pazuki.
"Our prospecting work has yielded encouraging gold and antimony results, reinforcing our belief in the discovery potential of Hermitage," Pazuki added.
The company has also staked a new mineral licence adjacent to the south of its existing Hermitage claims, extending its tenement holding along a major structural splay.
Historical geochemical studies have marked the Hermitage area as containing the highest antimony anomaly in the province, situated within the same geological domain as the recently closed high-grade Beaver Brook Antimony mine.
Phase one diamond drilling assays are expected soon, with phase two drilling currently in progress.
Additionally, AuMEGA is evaluating the potential of historically identified uranium showings within the Hermitage Project area.
AuMEGA Metals is an Australia-based exploration company focused on making gold discoveries in Newfoundland, Canada.
At the time of reporting, AuMEGA Metals’ share price was $0.047.