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Matador Mining accelerates Cape Ray Gold Project on identifying 33 new targets

The gold explorer has identified 12 new top-priority exploration targets which, following additional groundwork, are expected to be drill tested in 2021.

Matador Mining accelerates Cape Ray Gold Project at Newfoundland and identifies 33 new gold targets
An additional 21 prioritised exploration targets are also in the project pipeline.

Matador Mining Limited (ASX: MZZ) has accelerated its Cape Ray Gold Project greenfield exploration activities in Newfoundland, Canada, and has identified 33 new gold targets. 

The gold explorer has defined 12 new top-priority exploration targets which, following additional groundwork, are expected to be drill tested in 2021. 

It plans to increase the number of drilling and field sampling crews in 2021 to expedite the assessment of these compelling exploration targets.

An additional 21 prioritised exploration targets are also in the project pipeline.

Delivering "outstanding exploration results”

Matador Mining's executive chairman Ian Murray said: "The project has features similar to other prolific greenstone belts hosting multi-million-ounce gold deposits yet has minimal drill testing with only 20 holes across 105 kilometres of strike.

"I am confident that our exploration team will continue to deliver outstanding exploration results.

"Longer term, the project will benefit from its first world location in a jurisdiction with a strong history of resource extraction and proximity to existing infrastructure.”

Structural trend identified

Matador Mining said its greenfield exploration activities were progressing with ground magnetics, structural, geochemical, and spectral analysis programs well underway.

Ongoing high-resolution ground magnetics surveys have identified a structural trend which is being tested using a person-portable drill rig sampling soils, till and fresh rock through shallow cover.

Assays were pending, the company added.

Data mining of historical exploration information is now complete, highlighting the lack of systematic exploration of the Cape Ray project, with only 20 drill holes (1,811 metres) completed along 105 kilometres of the 120-kilometre-long tenement package.

Two drill rigs continue to operate on-site with assays expected to be released through to early next year.

Quick facts: Matador Mining Ltd

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ASX:MZZ
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