Proactive Investors - Run By Investors For Investors

Matador Mining advances exploration work at Cape Ray Gold Project in Canada, returns high-grade soil samples

More than 1,000 soil samples have been collected to identify drill targets along prospective structures.
Matador Mining advances exploration work at Cape Ray Gold Project in Canada, returns high-grade soil samples
About 3,200 metres of the planned 4,000 has been drilled

Matador Mining Ltd (ASX:MZZ) is nearing completion of its maiden exploration drilling program at the Cape Ray Gold Project in Newfoundland, Canada.

The aim of the 4,000-metre program is to increase the initial JORC resource of 750,000 ounces of gold and 2.7 million ounces of silver by testing the deposit’s extensions along strike.

Initial assays from drilling are expected soon and a regional geochemical exploration program adjacent to the current project area has returned high-grade anomalies in soil sampling.

Samples indicated grades of 709 ppb and 1056 ppb, or 0.71 g/t and 1.06 g/t gold, respectively.

 

Matador managing director Paul Criddle said the company was pleased with the progress made with its inaugural drilling campaign, with more than three quarters completed slightly ahead of schedule.

He said: “The processing of and receiving assay results has been slower than originally anticipated, however, this is now in hand and results are due imminently.

“In addition to Matador’s inaugural drilling campaign, we also commenced a significant regional exploration program.

“This is the first significant greenfields exploration program at the property in 20 years.”

Results ‘something to be excited about’

The soil sampling program aimed to identify drill targets along prospective structures and collected a total of 1,084 samples.

Sampling grids focused on areas to the north and south of the bulk of the existing resource base.

The area covered by sampling represents about 9 square kilometres over a strike length of about 7 kilometres.

Criddle continued: “The geochemical program, in particular, has proven successful as a number of true high-grade soils have been identified along key structures of Cape Ray.

“Soils above 1 g/t gold in non-transported material is something to be excited about.

“Given the proximity to the existing resources, these true greenfields hits are a great sign of the prospectivity of the ground at Cape Ray and what is an evolving development story.”

View full MZZ profile View Profile

Matador Mining Ltd Timeline

Related Articles

Base Resources
December 07 2018
"The Kwale mine is now built and operating smoothly and is supported by a healthier minerals sands pricing environment," Berenberg said.
1542997473_serbian-landscape.jpg
November 24 2018
Freeport can earn into the two licences, which are within the southern portion of the Timok Magmatic complex
Alaska map
October 03 2018
The project includes the “smoking gun” deposit Zackly which contains an inferred resource of 41,200 tonnes of copper, 213,000 ounces of gold and 1.5 million ounces of silver, with mineralisation continuing 100 metres below the bounty.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use