Matador Mining Ltd (ASX:MZZ) has started its 2020 drilling program at the Cape Ray Gold Project in Newfoundland, Canada, which includes 12,000 metres of diamond drilling as well as an extensive greenfields exploration program.
The first drill target is at Window Glass Hill where a minimum of 3,000 metres is planned, focused on extensions to the existing mineral resource.
A second main brownfield target is at Isle aux Morts, where around 2,000 metres of drilling will focus on resource extensions, infill drilling and further support for the greenfield program.
“Pleased to be on the ground”
Executive chairman Ian Murray said: “We are very pleased to be on the ground and drilling at our Cape Ray Project this year, given the global logistical challenges we all face.
“Conditions are excellent and we have established a first-rate local team who are all based in Newfoundland, and therefore allows us to work effectively within the COVID restrictions.”
Greenfield activities have also started with ground magnetics and mapping at the Granites, Sleeper and Breccia Zone targets.
Following this work, trenching will take place to further refine detailed drilling locations.
Target location map.
Murray continued: “Work on a number of our greenfield prospects is also underway – while drilling these targets is obviously higher risk, there is significantly greater reward if they prove successful.
“The program aims to reduce this risk by completing a significant field program including trenching prior to the drill rigs moving in.
“We will keep the market updated with results as the various work programs are completed.”
Between 2,000 and 7,000 metres of drilling is planned for follow-up on the most prospective targets identified from the magnetics and trenching.
Based on current cash reserves of around $10.65 million after the completion of the July 8 capital raise, Matador is fully funded for the 2020 and 2021 exploration seasons.
Ground magnetic survey
Matador is currently conducting its first ground magnetic survey across the western half of Window Glass Hill.
The survey is a pilot program to test the western extent of the Window Glass Hill granite and assist with generating targets for trenching and drilling.
Further ground magnetic surveys will be carried out at Isle Aux Morts and Benton target areas, which will be combined with prospecting and mapping activities.
In addition, Matador is also investigating the use of drones for capturing high-resolution airborne magnetic data to supplement the ground-based programs.