Bunker Hill Now Has Three Large Zones Identified As High Priority Drilling

EDMONTON - AuMEGA Metals Ltd. Managing Director and CEO, Sam Pazuki said, “We are pleased to report on the Bunker Hill till survey and the reconnaissance-style diamond drill program at Malachite, both located along the Cape Ray Shear Zone (CRSZ) in Newfoundland and Labrador, Canada. The Bunker Hill Project to-date has delivered incredible results to the business. The prospecting programs completed this year returned significant copper and silver values in a large area with significant historic copper, gold and silver results and collectively represent the highest-grade samples we have so far collected from anywhere in our portfolio. The high-resolution airborne magnetics also revealed considerable structural complexity in the Bunker Hill area, with several major second and third order splays and possible linking structures off the main CRSZ correlating with the prospecting and till results received. The latest results from Bunker Hill, with peak gold-in-till values of 94 ppb and 148 ppb gold, further increase our confidence in the prospectivity of the project and we now have three large zones identified as high priority for future drilling.

While we continue to believe in the prospectivity of the Malachite Project, the drilling results to-date are yet to reveal a clear source of significant surficial mineralisation we have identified over the past two years. The underlying structural complexity of Malachite will require additional drilling and while the most drilling results did not deliver an economic intercept, it has refined our targeting strategy for future work at Malachite. In comparing Malachite to Bunker Hill, the latest results from Bunker Hill are reason to prioritise our focus there going forward. Activity at Malachite will remain in the early stages of exploration however, in new higher confidence areas.

The bottom line is that we have a massive land package along a major gold structure that already hosts our own mineral resources as well as Calibre's five million ounces at the Valentine Project. In my experience, large deposits in greenstone belts are rarely "one-offs", but rather they are one of multiple deposits hosted in a belt. We are well positioned with our landholdings to identify and discover areas with the potential to host other multi-million-ounce gold deposits. With our recent confirmation of high-grade copper in outcrop, we also believe there is significant potential for intrusive-related copper discoveries. We have used our best-in-class exploration techniques to test areas, identify new targets and advance projects forward. Bunker Hill is a prime example of one of these projects where we have allocated limited capital to-date but have advanced it to the stage where substantial drilling is now confidently justified."