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Matador Mining samples 55.4 g/t gold in Big Pond power auger drilling as diamond drilling starts

"We are very excited that the heli-magnetic results identified a number of previously unrecognised structures in the Big Pond area, which together with these excellent power auger results, have delivered six new diamond drilling targets where drilling is now underway,” says chairman.

Matador Mining Ltd - Matador Mining samples 55.4 g/t gold in Big Pond power auger drilling as diamond drilling starts
Minister for Industry, Energy & Technology Andrew Parsons with Matador's executive chairman Ian Murray and principal geologist Crispin Pike and Deputy Premier, Minister of Finance, President of Treasury Board, Minister Responsible for the Public Service Commission & Minister Responsible for the NL Liquor Corporation Siobhan Coady.

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.

These reinforce the potential for multiple mineralised targets at Big Pond and have come as the company is about to begin diamond drilling of six high priority targets in this area.

A diamond rig has been mobilized to Big Pond to test these ‘walk-up’ targets.

“Very promising start”

Executive chairman Ian Murray said: "Following the strong extensional drilling results at Window Glass Hill, this is a very promising start to our first greenfield exploration program in the Big Pond region, in line with our strategy of testing greenfields targets across our Cape Ray tenements.

"This area, like the majority of the project has received very little historic exploration, which we believe is due to the thin till cover which covers nearly all of the region.”

Only 10 diamond drill holes have previously been drilled in this area outside the Big Pond mineral resource, arguably due to the extensive shallow till cover that is 0.5-8 metres deep.

"We are very excited that the heli-magnetic results identified a number of previously unrecognised structures in the Big Pond area, which together with these excellent power auger results, have delivered six new diamond drilling targets where drilling is now underway.”

Power auger program

Following the successful completion of the Window Glass Hill Granite (WGHG) power auger program, three power auger crews tested Big Pond area just southeast of the WGHG.

There were 40 anomalous BOH gold assays from 330 power auger holes across this greenfields area.

As well as 55.4 g/t in sample MB000388, the drilling returned 1.6 g/t in sample MB00543 220 metres to the northeast of MB000388.

High-grade power auger BOH samples proximal to Big Pond deposit. MB000543 indicates the potential for a previously untested fault-offset extension of mineralisation to the northeast.

Other results included 3.8 g/t in sample MB000477 and 0.6 g/t in sample MB00480 200 metres east of MB000477.

Two samples were collected for most drill sites, a BOH core sample as well as a till sample. All BOH gold and multi-element assays have been received from the assay laboratory, with assays pending for about 30% of the till samples.

Power auger multi-element pathfinder geochemistry reinforces the potential for multiple mineralised targets at Big Pond, with particularly strong arsenic and tungsten anomalies, in addition to silver, bismuth, antimony, tellurium, lead and copper pathfinders.

Big Pond hosts a high-grade, outcropping, mineral resource of 20,000 ounces at 5.3 g/t gold.

Power auger approach

The power auger sampling programs are designed to provide an unbiased regular grid of 200 x 50 metre spaced holes across a large target area to identify gold and multi-element pathfinder geochemistry anomalies in BOH drill core and overlying till samples.

This approach allows Matador to rapidly and cost-effectively test large regions with limited outcrop and no historic drilling with highly effective multi-element pathfinder geochemistry.

Results from this program, when combined with structural targeting using the newly acquired detailed heli-magnetic data, effectively de-risk and refine targets for follow-up diamond drilling.

Newfoundland visit

The chairman is in Newfoundland visiting the project and meeting with stakeholders.

"I am pleased to say that I have so far been blown away by the prospectivity of the project. You only truly grasp the vast potential we are slowly beginning to unlock by being on the ground,” he said.

"The team we have assembled is doing a fantastic job as they continue to work tirelessly at multiple work areas across the project.”

“Fully supportive of work”

Murray said: "I have also had meetings with the Government, and they are fully supportive of the work we are doing as they look to accelerate the gold mining industry across the province.

"I have also had excellent meetings with other key stakeholders, including the two First Nations groups, Miawpukek and Qalipu, as well as the two town councils close to our project, Isle aux Morts and Port aux Basques.”

Quick facts: Matador Mining Ltd

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