Matador Mining (ASX:MZZ) has outlined its upcoming exploration plans, designed to generate targets for specific prospecting and future reverse circulation (RC) drilling at its Hermitage Project in Canada.
The $16.16 million market capitalisation company says work next year will focus on increasing the resolution of mapping and prospecting conducted over gold occurrences yielding greater than 100 parts per billion (ppb).
Matador will kick off this work by integrating its 2023 prospecting and mapping data into its targeted exploration model.
The mapping data will continue to be integrated into an updated geological map and 3D model of the full area. In conjunction, the company will carry out a detailed pathfinder geochemistry study and integrate the results into its exploration model.
This news comes as Matador reports results from the second phase of its 2023 broad prospecting program, which demonstrate the prospectivity of Hermitage with dozens of anomalous gold discoveries across the project’s 27km of strike.
‘Key’ anomalous gold mineralisation prospecting samples include MR002786 with 897 ppb gold, including 1.44% arsenic and 66.58 parts per million (ppm) antimony; and MR002592 with 215ppb gold, including 0.80% arsenic.
Matador Mining Managing Director and Chief Executive Officer (CEO) Sam Pazuki says the company continues to confirm the prospectivity of its Hermitage project.
“We believe Hermitage has the hallmarks required for large mineralised systems, including scale of regional structures, geological setting, arsenic and antimony anomalism, and age of known mineralisation, noting that these elements are analogous to major gold deposits in the state of Victoria in Australia.
“We believe Hermitage has the hallmarks required for large mineralised systems…”
Through the work we have completed to date at Hermitage, we have now identified several high-priority targets for additional exploration, and we aim to advance these early-stage targets to the intermediate stage, aiming for bottom-of-hole RC drilling in the second half of 2024.”
Matador Mining is a gold-focused explorer with assets in Newfoundland, Canada. The company’s Hermitage Project lies in the ‘highly prospective’ Hermitage Flexure.
As of 30 September 2023, the company had $3.2 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Matador Mining
