When I look at what Matador Mining Ltd (ASX:MZZ) has in terms of geology, I struggle to understand how we are going to define the 'motherlode'. There is mineralisation all along the length of the project and it has defined 32 targets already.
This is definitely a good problem to have and this is what is intriguing about the whole project.
In this episode of Coffee with Samso, Warren Potma shares how the company is systematically working on the project.
One of the imposing features of this project is the 120 kilometres of strike (length), where the company is continuously finding gold mineralisation.
Sometimes, this is an issue as you cannot focus on a single potential prize. However, as Warren points out, in this case it is a good problem.
Exploration in the North American shield is not a walk in the park. The main concern is the weather. The cold and the limited working window make life that little bit harder.
This is something that is always on the top of my list when deciding if a project is going to work or not, so we discussed this extensively. In addition to the weather, the geology and the infrastructure are the most critical in project evaluation.
This is a great conversation as I really was able to get a great understanding of the project from all aspects of making the project work for Matador Mining.
About Warren Potma
Warren is a structural geologist with 25 years of global experience across gold and base metals exploration, mining and geometallurgy including:
- Five years as Principal Consultant with CSA Global Mining Industry Consultants;
- Eight years leading mineral exploration R&D initiatives for CSIRO (Australia's Commonwealth Scientific and Industrial Research Organisation);
- Several years as exploration manager for Hot Chili Ltd and Silver Swan Group (both ASX-listed explorers); and
- Five years working for AngloGold across gold exploration and mining in Western Australia.
Warren joined Matador Mining as exploration manager in August 2020 with a mandate to deliver company-making new discoveries on the under-explored Cape Ray Gold Project.
He brings to Matador a wealth of knowledge on new exploration technologies from his time with the CSIRO delivered through a systematic, quantitative, integrated mineral systems targeting approach to exploration incorporating geochemistry, geophysics, structural geology and spectral mineralogy.
About Matador Mining
Matador Mining Ltd is an exploration company that is listed on the Australian Stock Exchange (ASX). The company has its main project in the south-western area of Newfoundland, Canada.
The project is about 25 kilometres northeast of the coastal town of Port aux Basques and is on the Cape Ray shear, one of the most prospective, yet under-explored gold regions in North America.
The company is the largest holder of ground along the Cape Ray shear, with approximately 120 kilometres of continuous strike along the shear. The tenement boundary is about 50 kilometres along strike from Marathon Gold Corp’s (TSE:MOZ) 4.2-million-ounce Valentine Lake Gold Project.
The Cape Ray Project hosts a current resource of approximately 840,000 ounces at 2 g/t, with 96% of the resource less than 200 metres from the surface. The project is supported by excellent existing infrastructure including roads (15 kilometres from site), water, skilled workforce (drive-in drive-out) as well as world-class, low-cost grid power access (6c/KwH).
The company released a positive scoping study in 2020 proposed a 1.2 mtpa standalone mining and processing operation. The study demonstrated potentially strong financial metrics for the Cape Ray Gold Project.
Preliminary economics indicate the project has positive financial metrics over an initial mine life of seven years with capital payback during the first 1.75 years of the project’s life.
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