Matador Mining (ASX: MZZ) has reported the identification of eight additional ‘high-tenor’ gold grain anomalies along the western side of the 15km x 4km Malachite structural target area near its Cape Ray Gold Project in Newfoundland, Canada.
The results, generated from till sampling activities, have resulted in ‘outstanding’ findings including one sample collected 470m south of the Cape Ray Shear Zone that returned 336 gold grains, included 76 pristine gold grains.
The company believes that this provides potential that the sample was taken close to the gold source.
Commenting on the results, Matador Mining Managing Director and Chief Executive Officer Sam Pazuki said: “The final batch of till-samples from Malachite has further confirmed how prospective we believe this new area to be. Finding gold grains in these numbers, and with so many in pristine condition, is highly encouraging and suggests we could have gold-bearing structures in bedrock very close to the sample location.
“Finding gold grains in these numbers, and with so many in pristine condition, is highly encouraging”
Matador has one of the largest tenement packages in Newfoundland and these new geochemical anomalies identified at Malachite are a primary driver for our recent decision to test the greater potential of this multi-million-ounce gold belt.
The Malachite area is underexplored with no exploration drilling to date and only a fraction of the area sampled. We are planning our summer exploration program in which we will conduct extensive fieldwork, primarily at Malachite, to identify specific areas in which to diamond drill and expect this drilling to commence this summer.
Newfoundland remains one of the most underexplored tier-one jurisdictions globally and we are all positioned on the largest and currently most highly endowed gold structure on the island to make new discoveries.”
The company notes that these latest results have increased the total ‘high-tenor’ gold anomalies identified at Malachite to seventeen, which includes the 716 gold grain samples that have been previously reported.
The Cape Ray Gold Project is located in Newfoundland, Canada encompasses a 120km-long tenement package along the highly prospective and underexplored Cape Ray Shear.
The project boasts a current Mineral Resource Estimate of 837,000oz Au @ 2g/t Au across all four of its deposits.
Matador reports that it has multiple field crews ready to complete infill and extensional till sampling at the priority anomalies, as well as carrying out power auger basement geochemistry core sampling in a bid to refine diamond drilling targets.
Images: Matador Mining Limited
