Matador Mining Limited (ASX: MZZ) has reported highly encouraging exploration drill results with impressive gold grades and widths from its Cape Ray Gold Project in Newfoundland, Canada.
The company said that Isle aux Morts Resource drilling delivered impressive gold grades and widths including 18 metres @ 10.96 g/t Au from 7 metres (incl. 1.0 metre @ 79.93 g/t Au); and 19 metres @ 4.6 g/t Au (within 29.5 metres @ 3.06 g/t Au) from 5.5 metres.
MZZ said that recent greenfield exploration discovery “Angus” continued to deliver positive results including 6 metres @ 2.18 g/t Au from 43 metres and 10 metres @ 1.37 g/t Au from 58 metres.
The company said that the Planning for the 2021 exploration season is under way.
Cape Ray gold project
Matador’s 100% owned Cape Ray Gold Project is located approximately 20km northeast of Port aux Basques, Newfoundland, Canada. Significant deposits include Window Glass Hill; Cape Ray Gold Deposits; zones 04, 41, and 51 (Central Zone); Isle Aux Morts; and Big Pond.
The Cape Ray Gold Project comprises 120 kilometres of continuous strike in the proven, yet under-explored multi-million-ounce Cape Ray Shear gold corridor. Matador is the largest continuous land holder along this highly prospective shear zone.
Exploration update for Cape Ray
The company has now reported an update on the exploration drill results received for its 100% owned Cape Ray Gold Project.
Isle aux Morts
MZZ said that the resource drilling at Isle aux Morts delivered impressive gold grades and widths. Significant hits from Mineral Resource Infill and QC included CRD162 – 18 metres @ 10.96 g/t Au from 8 metres (incl. 1 metre @ 79.93 g/t Au); and CRD161 – 19 metres @ 4.6 g/t Au, within 29.5 metres @ 3.06 g/t Au from 5.5 metres (incl. 1 metre @ 26.66 g/t Au from 11.9 metres).
Matador said that hole CRD162 is the highest-grade intersection at Isle aux Morts and the best hole drilled by Matador on the Project. Assays are pending for an additional six infill holes.
The company said that these results support the broad spaced historical Mineral Resource drill hole intercepts, and significantly improve the resource potential on the smaller scale, providing the Company with new insight into possible structurally controlled higher-grade shoots that require further investigation.
Angus
The company said that recent greenfield exploration discovery “Angus” continued to deliver positive results. Highlights included CRD184 – 6 metres @ 2.18 g/t Au (incl. 1 metre @ 12.13 g/t Au) from 43 metres, 12 metres @ 0.43 g/t Au from 3 metres, 15 metres @ 0.47 g/t Au from 78 metres and 13 metres @ 0.58 g/t Au from 114 metres; and CRD174 – 10 metres @ 1.37 g/t Au (incl. 1 metre @ 10.97 g/t Au).
MZZ said that these results reinforce Matador’s view that Angus is a large, pervasively mineralised, granite-hosted, quartz-vein stockwork gold mineral system which remains open in all directions.
Matador said that Assays pending for two holes drilled at Angus in 2020 are expected to be released this quarter.
What’s next?
The company said that the samples for 17 drill holes (2,422 metres) remain at the laboratory, with assay results expected this quarter. MZZ said that planning for the 2021 exploration season is under way.
The company said that the diamond drilling is planned to test additional conceptual geophysical targets (coincident IP/magnetic anomalies) as well as surface geochemistry targets within the Window Glass Hill granite area as well as other regional targets.
MZZ said that surface sampling, prospecting and mapping, and additional magnetics acquisition work will be ongoing throughout the 2021 field season.
Management comments
Executive Chairman Ian Murray said: “These new assay results continue to demonstrate the prospectivity of our Cape Ray Gold Project. The grades and widths intersected at Isle aux Morts exceed those in the surrounding holes and represent some of the highest-grade holes drilled on the tenement package.
With a further six holes from Isle aux Morts pending assays, and 17 holes still in the laboratory, we aim to build on our recent successes. We are well advanced on planning for our 2021 exploration program and will refine our strategy as we receive the final outstanding assay results. We aim to commence field work as soon as possible to maximise the field time available to us.”
