Matador Mining continues accelerating exploration at Cape Ray Gold Project in Newfoundland
- Matador Mining maintains Speculative Buy rating from Canaccord Genuity as Cape Ray Gold Project drilling delivers
- Matador Mining is the only way to play the Newfoundland gold rush on the ASX: Canaccord Genuity
- Matador Mining reports its best ever drill hole outside existing resources at Cape Ray
Quick facts: Matador Mining Ltd
Price: 0.355 AUD
Market Cap: $76.01 m
About the company
Matador Mining Ltd (ASX:MZZ) is a gold exploration company with tenure covering 120 kilometres of continuous strike at the highly prospective, yet largely under-explored Cape Ray Project in Newfoundland, Canada.
The company believes Cape Ray has great potential to become a large gold operation and is planning extensive exploration to expand the project's mine life.
The project hosts a resource of about 840,000 ounces at 2 g/t gold, with 96% of the resource less than 200 metres from the surface and is supported by existing infrastructure including roads, water, availability of skilled workforce and low-cost grid power access.
How it is doing
Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF) has maintained a Speculative Buy rating with a A$0.70 price target by Canaccord Genuity (TSX:CF, LSE:CF) as its drilling at the Cape Ray Gold Project in Newfoundland, Canada, delivered on a number of fronts.
The broker reiterated MZZ’s “straightforward strategy” of incrementally growing its existing 837,000-ounce resource, while testing its extensive tenure for new discoveries.
Canaccord believes it demonstrates likely resource growth, with a strong intercept and further staked lodes encountered just outside the current 232,000 ounces at 1.6 g/t gold resource.
The drill results are the best ever result at the deposit, it added.
The 19-metre hit, which occurred from 9 metres, also included 1 metre at 30.6 g/t and 1 metre at 24.1 g/t and marked its best-ever result from the Window Glass Hill Granite (WGHG) region and shares are up 7.35% to A$0.365.
Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF) has received highly encouraging power auger drilling results of up to 55.4 g/t gold from the Big Pond greenfields target of the Cape Ray Gold Project in Newfoundland, Canada.
Results from the systematic 200 x 50 metre-spaced power auger drilling across the 4 square kilometres target have delivered multiple bottom-of-hole (BOH) anomalies.
Insight: Matador Mining is the only way to play the Newfoundland gold rush on the...
Newfoundland is a geologically intriguing destination where the suture of two ancient continents (Laurentia and Avalon), once divided by the prehistoric Iapetus Ocean, hosts a number of gold occurrences, most notably Marathon Gold Corporation's (TSE:MOZ) +4 million ounces Valentine development.
What management says
Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF)'s Warren Potma tells Proactive they've intersected 19 metres at 4.2 g/t gold during a diamond drilling campaign at the Cape Ray gold project in Newfoundland, Canada. The 19-metre hit, which occurred from 9 metres, also included 1 metre at 30.6 g/t and 1 metre at 24.1 g/t and marked its best-ever result from the Window Glass Hill Granite region.
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...FOR OUR FULL DISCLAIMER CLICK HERE