Matador Mining Limited (ASX: MZZ) has obtained “outstanding” results from an extensive till sampling programme completed in late 2021 near the Cape Ray Gold Project in Newfoundland, Canada.
Highlights:
The final batch of till-samples from Malachite has further confirmed how prospective we believe this new area to be,” Matador’s Managing Director and CEO, Sam Pazuki, said.
“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.
“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 multimillion-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 field work, primarily at Malachite, to identify specific areas in which to diamond drill and expect this drilling to commence this summer.
“Newfoundland remains one of most underexplored tier-one jurisdictions globally and we are well positioned on the largest and currently most highly endowed gold structure on the island to make new discoveries.”
The Malachite area is situated in the centre of Matador’s 120-kilometre-long Cape Ray Shear tenement package, and specifically on the largest structural bend along this multi-million-ounce corridor which hosts Marathon Gold’s 4.8 Moz Au Mineral Resource and Matador’s 837 koz Au Mineral Resource.
The area is geologically complex, with a large array of interpreted faults and shear zones splaying off the CRSZ and wrapping around multiple intrusions and other prospective host rocks.
Towards the end of 2021, Matador completed an extensive till sampling program across Malachite, covering an area of 15 x 4 kilometres, which is an area larger than that hosting the 4.8 Moz Valentine Lake project to the north. The Malachite structures were revealed through a detailed magnetic survey completed in 2021 with data received and interpreted late in the year.