Matador Mining Ltd (ASX:MZZ) has become the largest continuous landholder along the gold prolific Cape Ray Shear in Newfoundland, Canada, by increasing its landholding to more than 120 kilometres of continuous strike.
This consolidation of five additional mineral licences has provided a 50% increase in ground along the shear and brings Matador’s total holding in Newfoundland to 425 square kilometres.
The new ground has the same structural setting as the Central Zone, which hosts 526,000 ounces of gold at 2/2 g/t.
It positions Matador strategically between a number of major gold projects, including Marathon Gold Corp’s (TSE:MOZ) 4.2-million-ounce Valentine Lake project, First Mining Gold Corp’s (TSE:FF) 1.7-million-ounce Hope Brook project and St Barbara Ltd’s (ASX:SBM) 2-million-ounce Moose River project.
The Cape Ray Shear in Newfoundland and major holders.
Matador’s executive chairman Ian Murray said: “The Cape Ray Shear is one of the more prospective, yet under-explored gold structures in a Tier-1 jurisdiction.
“The expansion of our land holdings further strengthens the company’s position along this highly prospective area and is consistent with the company’s strategy of identifying new targets along the Cape Ray Shear which will be tested in a cost-effective, yet systematic manner.”
Numerous high-grade gold and other element rock chips have been collected across the new ground with best sampling results of 17.1 g/t gold, 58.7 g/t silver, 57% copper, 9.4% lead and 11.8% zinc.
All historical work completed over the new ground is being consolidated, including rock chips, structural and geophysical mapping as well as VTEM to determine the exploration strategy.
Matador is finalising its review of exploration targets, including the additional mineral claims, to determine priority targets for the 2020 field season.
Geology map of additional claims.
The upcoming campaign will include a greater emphasis on greenfield exploration as the entire package is under-explored with the strategy being to generate a pipeline of target areas for rolling exploration campaigns in the coming years.
Murray said: “Whilst the 2020 season will see drilling continue at our brownfield targets, we also plan to significantly increase our greenfield exploration program with the aim of building a consistent, strong pipeline of drill-ready greenfield targets for the future.
“The goal is to identify new large gold deposits within our tenements.
“With Marathon Gold’s Valentine Lake project 50 kilometres to the north, First Mining’s Hope Brook project 60 kilometres southeast and St Barbara’s Atlantic Gold Project in Nova Scotia to our south, we are certainly in a highly prospective region.”
Matador’s exploration opportunity at Cape Ray is extensive, with only a small portion of the 120-kilometre strike drilled and multiple high-grade gold occurrences observed along trend.
The company last week presented at a Proactive online session and the presentation can be viewed here (click here).