Matador Mining (ASX:MZZ) has begun the first phase of its 2024 diamond drilling program in Newfoundland and Labrador, Canada, predominantly targeting the Central Zone at the Cape Ray Gold Project.
Matador, which has a market capitalisation of $30.95 million, will test zones of structural complexity, including the confluence of dextral and highly prospective sinistral structures, and potential for stacked mineralised gold structures.
The company says of particular interest at Cape Ray are the associated shoots from two deposits — Z41 and Z04 — which appear to plunge towards each other, with the projected intersection points of the shoots remaining untested.
CEO Sam Pazuki says the company has been analysing historical data within the resource corridor for the past year and a half to identify several new targets that could potentially host “large, mineralised zones”.
“Our strategy is to make multi-million-ounce discoveries. Our focus remains steadfast in these efforts and the new targets we have identified could provide such an outcome,” he says.
“Should the drill results not demonstrate this level of scale, then we will move on to the many other high priority targets that we have that could host large, mineralised zones.”
Pazuki says drilling is expected to continue through June, with assays expected five to six weeks from the time the samples are sent to the laboratory.
The phase one drilling program will also include follow-up drilling at Stag Hill, a target drilled during Matador’s 2022 winter program. Stag Hill lies 3.3km northeast along strike from the Central Zone.
Pazuki says while the company will be awaiting assays from the phase one program, Matador will fly high-resolution airborne magnetics at Bunker Hill and Hermitage, along with electromagnetics at the resource corridor.
Results from this work will be coupled with results from the winter drilling program and the workshop that is currently underway, which will be used to finalise the second phase of drilling.
Write to Aaliyah Rogan at Mining.com.au
Images: Matador Mining
