Matador Mining Ltd is developing a near term high-grade open pit gold operation in a tier one jurisdiction.
Cape Ray is located within the regional-scale gold-bearing Cape Ray Shear Zone, a geological structure that extends approximately 400 kilometers through Newfoundland. It is regarded as one of the most prospective but under-explored regions in Canada. Matador consolidated the southern portion (65km of potential strike) of this geological structure as part of an acquisition completed in 2018.
The Company has defined a resource across four areas within the existing exploration area which covers a strike of approximately 14km. These areas consist of the Central Zone (PW, 51, 41, 04 and H deposits), Window Glass Hill, Big Pond and Isle Aux Mort.
Structural Geology Overview
Matador’s Central Zone Project has a JORC resource of 810,000oz Au at 2.6g/t Au (see Footnote 1, page 1) and is hosted in second order structures and splays off the main Cape Ray Shear. The Cape Ray Shear is a major structural boundary and is defined as the contact between the Dunnage and Gander tectonostratigraphic zones. The shear hosts a large number of the gold occurrences in Newfoundland, including the Valentine Lake deposit (4.22Moz Au at 1.8 g/t Au), which is hosted in rocks analogous to Matador’s Window Glass Hill deposit.
In addition to the above-mentioned deposits, numerous high-grade gold intercepts have been encountered by exploration companies along the shear, including the Wildling Lake Project (5.35m grading 10g/t Au) and the Moosehead Project (11.9m at 44.96g/t Au).
The Cape Ray Gold Project hosts an existing resource of 1.02Moz at 2.2g/t Au and contained within four zones (Central Zone, Big Pond, Window Glass Hill and Isle Aux Mort) along a strike of approximately 14km (Image 1). Matador’s total landholding along the Cape Ray shear represents approximately 65km of potential strike.
Greenfield Exploration Targets
Structural geology and mapping have been used with great success throughout Newfoundland, as a large number of gold deposits discovered across the Province occur along either the main Cape Ray Shear or on second order structures (splays) off the main shear.
Matador engaged highly regarded structural geology consultants Terrane Geoscience, to undertake a structural analysis (using geophysical outputs) and mapping program to assist the Company in better understanding the structures that exist within its tenement package and how these structures control the mineralisation.
Environmental and Stakeholder Activities
A Project Description for the Cape Ray Project was submitted to the Newfoundland and Labrador Environmental Assessment Agency (NLEAA) and the Federal Canadian Environmental Agency (CEAA) back in July 2016 which has initiated the Environmental Assessment (EA) process for the project. The NLEAA and CEAA issued their respective guidelines in December 2016 and April 2017 respectively.
Matador has subsequently requested an extension to the timeline for the EIS submission, due to the hiatus between the issuing of the guidelines and Matador taking ownership of the Project. This was dually approved in March 2019, with the extension granted until 24 August 2020.
Last updated 26th February 2020
Executive Director, Technical
Mr Keith Bowes is a highly regarded mining executive with extensive experience in metallurgy, project management and operational management. Over a 20 year period, Mr Bowes has worked on project development and operations in Africa, South America and Australia across a range of commodities and processes. Mr Bowes holds a BSc. Chemical Engineering from the University of Natal in South Africa.
Executive Director, Corporate
Mr Adam Kiley has over 15 years’ experience in the mining sector with a depth of experience in providing corporate and financial advisory services to ASX listed companies in both Australia and the United Kingdom.
Adam holds a Bachelor of Commerce from Curtin University.
Mr Davey is a mining engineer with over 25 years of senior management and operational experience in the construction and operation of gold, platinum and coal mines in Africa, Australia, South America and Russia. More recently, he has been involved in venture capital investments in several exploration and mining projects and he has been instrumental in developing the Panda Hill niobium opportunity.
Mr Davey is currently a Director for Superior Lake Resources (SUP) and Cradle Resources Limited (CXX) and is a member of the Australian Institute of Company Directors (AICD).
Stuart McKenzie has over 30 years’ experience in senior commercial roles with IMX Resources Limited, Anvil Mining Limited, Ok Tedi Mining Limited, Ernst and Young and HSBC. Stuart holds a Bachelor of Laws, a Bachelor of Economics and is a member of the Governance Institute of Australia.
Chief Financial Officer
Chris is a qualified Chartered Accountant with 15 years’ experience in a multinational accounting firm and senior finance roles across the resources industry with projects in Africa, Canada and Central Asia. He has a range of experience across a variety of disciplines including joint venture agreements, conducting due diligence, complex international tax structuring, finance transactions, accounting and compliance. Chris is the current CFO of Graphex Mining.
Last updated 26th February 2020