Blue Cove

Overview

In May 2024, AuMEGA announced a low-cost option agreement to acquire the Blue Cove Copper Project in southeastern Newfoundland, Canada. Blue Cove is an early-stage copper +/- lead, zinc and silver exploration project with historical sampling that returned up to 10.6% copper and up to 106 g/t silver.

The Blue Cove Copper Project is located approximately 175 kilometres east of the Hermitage Project and approximately 260 kilometres by road west of St. John’s. The option agreement covers 78 non-contiguous claims covering 19.5 km², and AuMEGA has staked additional adjacent claims covering 28.25 km² to consolidate approximately 25 kilometres of combined strike.

Based on historical exploration completed by West Mining Corp. and AuMEGA’s review of the project, the primary target areas include:

• Blue Cove – Significant outcrop with high-grade copper samples grading up to 5.1% copper and 33.2 g/t silver. Copper sulphide occurs as chalcocite, bornite and chalcopyrite. Notable silver and zinc assays are also present.
• Ryles Barisway – Known copper mineralisation in outcrop with surface samples grading up to 10.6% copper and up to 91.6 g/t silver.
• Terrenceville – Copper mineralisation sampling up to 1.8 % copper.
• Hilltop Grid – Multi-element soil geochemical anomaly with a coincident magnetic low.
• Harbour Mille – Several high-grade historic copper samples from multiple locations grading up to 4.2% copper and up to 106 g/t silver.

Project Geology and Prospectivity

Blue Cove has potential for felsic-hosted volcanogenic massive sulphide (VMS) and red-bed sedimentary-hosted copper deposit styles. As an early-stage project, website language should clearly distinguish historical exploration results from current AuMEGA work and avoid implying resource-stage confidence.

Historical rock sampling at the Blue Cove target area returned multiple samples greater than 1.0% copper, with selected samples exceeding 2.0% copper. Additional historical target areas, including Ryles Barisway, returned copper and silver values that support further evaluation.

Historical reconnaissance soil geochemistry and ground magnetic surveys outlined multi-element copper, zinc and silver anomalies associated with interpreted geological contacts. These data provide useful context for future target generation.

The Blue Cove section should be maintained as an early-stage copper and base metals opportunity, secondary to the Company’s 2026 drilling-led gold focus at Cape Ray West / Isle aux Morts Granite and Bunker Hill.