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Matador Mining's Cape Ray Gold Project continues to produce the goods with up to 20 metres at 5.08 g/t

Exploration work at the Cape Ray Gold Project has successfully concluded for the 2020 exploration season with a total of 83 holes for 10,561 metres drilled.

Matador Mining Ltd - Matador Mining's Cape Ray Project delivers 20 metres at 5.08 g/t gold
The remaining assay results are expected to be reported during the first quarter of 2021

Matador Mining Ltd (ASX:MZZ) resource expansion and greenfields exploration drilling at the Cape Ray Gold Project in Newfoundland, Canada, has continued to deliver shallow hiigh-grade gold intersections including 20 metres at 5.08 g/t at the Isle aux Morts target.

Other results from Isle aux Morts drilling, which has confirmed robust high-grade mineralisation, include:

  • 6 metres at 4.12 g/t (within 11 metres at 2.51 g/t) from 7 metres; and
  • 12 metres at 1.02 g/t from 45 metres, including 2.47 metres at 3.84 g/t, and 1.47 metres at 1.7 g/t from 72 metres, and 1-metre at 1.96 g/t from 79 metres.

In addition, drilling at Window Glass Hill returned an intercept of 15 metres at 1.01 g/t from 34 metres, and 6.7 metres at 1.51 g/t (within 13 metres at 0.87 g/t) from 116 metres, and 0.34 metres at 12.31 g/t from 151.4 metres (CRD150).

“Sizable gold system”

Executive chairman Ian Murray said: “Approximately 75% of the 2020 drill program was focused on newly identified greenfield targets and resource expansion step-out drilling.

“Results to date reinforce our thesis that we are in a sizeable, but poorly explored, gold system as we focus on materially growing our current mineral resource.”

Investors have responded positively with shares more than 23% higher in early trading to A$0.345.

Greenfields exploration target

Matador’s stage-gated ‘drill and assess’ approach to the Angus discovery area was implemented to allow detailed structural analysis and modelling of the early drill results to optimize follow-up drilling of this new target area.

At the Angus target exploration drilling returned results of:

  • 7 metres at 2.02 g/t within 30 metres at 0.74 g/t from 19 metres and 3 metres at 0.67 g/t from 67 metres and 1 metre at 2.66 g/t from 92 metres;
  • 7 metres at 1.27 g/t within 11 metres at 0.9 g/t from 98 metres and 7 metres at 1.12 g/t from 116 metres and 21 metres at 0.34 g/t from 71 metres; and
  • 3 metres at 1.95 g/t from 48 metres, including 0.3 metres at 17.73 g/t.

An extra seven holes were completed late in the drill season, designed to expand the mineralised zone and test the controls on high-grade mineralisation intersected in the Angus discovery hole (20 metres at 2.38 g/t including 9 metres at 4.99 g/t) with results expected to be released in early 2021.

Plan view of deposit locations and summary of new significant intercepts.

Assay results pending

Exploration work at the Cape Ray Gold Project has successfully concluded for the 2020 exploration season with a total of 83 holes for 10,561 metres meters drilled, including:

  • 32 holes/4,326 metres greenfields exploration drilling (assays pending for 14 holes/2,120 metres);
  • 30 holes/4,168 metres brownfields extensional drilling (assays pending for 4 holes/856 metres); and
  • 16 holes/1,358 metres resource infill drilling (assays pending for 8 holes/640 metres drilling).

Murray said: “Whilst drilling has successfully concluded for the year, we still have 31 holes/4,325 metres of drilling pending assay results, which we anticipate will be announced during the March 2021 quarter.”

Quick facts: Matador Mining Ltd

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Market: ASX
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Matador Mining drills its best hole yet at Cape Ray

Matador Mining Limited's (ASX:MZZ) Ian Murray tells Proactive's Andrew Scott they've hit 18 metres at 11 g/t gold and 19 metres at 4.6 g/t gold at the Cape Ray Gold Project in Newfoundland, Canada. He says the assay results continue to demonstrate the prospectivity of the Cape Ray Gold Project.

on 2/2/21

3 min read