Matador Mining (ASX:MZZ) is focused on priority targets within its resource corridor and Greenfield target blocks in Newfoundland, Canada, for its 2024 exploration program.
The $18.88 million market capitalisation company is planning to undertake a 2,000m to 3,000m reverse circulation (RC) drilling program at its O2 target, which is expected to begin early next month.
Drilling will focus on the major regional bend of the CRSZ through to the Malachite breakout structure target, namely O2.
Managing Director and Chief Executive Officer Sam Pazuki says following receiving regulatory approvals for winter drilling, the company is now mobilising a reverse circulation (RC) drill rig for basal-till and bottom-of-hole sampling along the major breakout structure at Malachite.
“It will be the first time an RC rig has been used for such activities in Newfoundland. Given the extensive glacial till and overburden covering most of our tenements and for much of the island of Newfoundland, we believe this approach to exploration has the potential to be transformative in discovery success for our business specifically and for the province in general.”
Meanwhile, Matador plans to begin 5,000 to 7,000m of diamond drilling on several advanced targets within the resource corridor.
This program is anticipated to begin in May 2024, however, Matador notes the start date will be weather dependent.
Over the next 2 months, Matador will further refine its prioritisation and ranking of diamond drill targets, ahead of starting drilling.
Matador says it has also allocated funds to low-cost activities to build and advance projects to more mature stages and future drilling.
Along with prospecting work at Hermitage, Matador will be carrying our exploration work at Malachite, Bunker Hill, and Intersection. This includes high-resolution airborne magnetics, sampling and geochemistry, and other geophysical surveys.
As of 30 September 2023, the company had $2.813 million cash and cash equivalents at hand, according to its latest quarterly report. Post-quarter-end, Matador raised $5.8 million via a share purchase plan.
Write to Aaliyah Rogan at Mining.com.au
Images: Matador Mining