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Matador Mining continues to "exceed expectations" with results from Cape Ray Gold Project

Drilling has delivered strong grades and widths, extensions to the east and better defined the geometry of high-grade domains within the existing Isle Aux Morts mineral resource area.

Matador Mining Ltd - Matador Mining continues to deliver strong drilling at the Cape Ray Gold Project
Results from a further eight drill holes at Window Glass Hill are expected later this quarter.

Matador Mining Ltd (ASX:MZZ) has received more impressive near-surface gold grades and widths from the final three holes of the Isle Aux Morts resource and extension drilling program at its 100%-owned Cape Ray Gold Project in Newfoundland, Canada.

The project comprises 120 kilometres of continuous strike in the proven, yet under-explored multi-million-ounce Cape Ray Shear gold corridor.

Matador has received new assay results from the final three holes of the 2020 Isle aux Morts resource and extension drilling program and notable intercepts include:

  • 15 metres at 2.49 g/t gold from 12 metres including 1-metre at 6.8 g/t;
  • 5 metres at 2.32 g/t from 90 metres including 1-metre at 6.49 g/t;
  • 6.6 metres at 2.58 g/t from 10.7 metres (including 1-metre at 5.21 g/t;
  • 7.4 metres at 2.99 g/t from 8 metres including 1-metre at 6.8 g/t; and
  • 5.5 metres at 1.58 g/t from 41.5 metres including 1-metre at 4.38 g/t.

Core from a further eight drill holes from Window Glass Hill (WGH) for 1,164 metres remains at the laboratory with assay results expected later this quarter.

“Results have exceeded expectations”

Matador executive chairman Ian Murray said: “This year’s drilling results at Isle Aux Morts have exceeded expectations.

“Drilling has successfully delivered extensions to the east as well as better defined the geometry of high-grade domains within the existing Isle Aux Morts mineral resource area.

“A significant number of the holes drilled at Isle Aux Morts during this program intersected better grades and widths compared to the more broadly-spaced historic drilling, indicating the potential to improve the contained gold within the Isle Aux Morts mineral resource, as well as the classification (confidence) of the resource.”

Plan view summary of new significant intercepts and locations of holes with assays pending.

Window Glass Hill deposit

The company also recently discovered multiple new high-grade gold zones at the WGH deposit, with the deepest gold intersection - 2 metres at 6.91 g/t from 154.12 metres - representing a new (deeper) mineralised horizon below the existing WGH resource.

This opens up a new target for testing in 2021 and Matador is confident that the higher gold grades over greater widths than anticipated within the existing mineral resource area demonstrate the upside potential of the resource.

Additionally, the final results from the recent Angus greenfield exploration discovery have extended the mineralisation footprint, with assay results for samples for 14 drill holes (1,660 metres) expected this quarter.

Quick facts: Matador Mining Ltd

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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

2 min read