Matador Mining (ASX: MZZ) has doubled the gold target to 6km for its Window Glass Hill Granite (WGHG) intrusion within its Cape Ray gold project in Canada.
The company has used new detailed magnetics, lithogeochemistry and historic data to identify gold strike extending a further 3km northeast along the Cape Ray Shear Zone than previously interpreted.
This new 3km of identified WGHG strike is undrilled and is immediately north of the 519,000 ounce Central Zone gold resource and proposed processing plant site.
“The opportunity presented by the large WGHG system to support significant mineral resource growth within a stone’s throw of the proposed processing facility at Central Zone is extremely exciting,” Matador executive chairman Ian Murray said.
“To find that the WGHG extends a further 3km to the northeast, immediately adjacent to the existing 519,000oz gold Central Zone mineral resource, in an area completely devoid of previous drilling, represents a great opportunity for Matador to test through 2022.”
Value of data collection
Because the 3km strike extension is buried under a shallow veneer of till, it has not been rock chip sampled or drilled.
Mr Murray pointed out the doubling of strike for WGHG was due to collecting and interpreting data such as detailed magnetics, lithogeochemistry, questioning historic logging and revisiting historic maps.
He said this form of data collation is highly valuable to “see through” till cover.
Less than 15% of the WGHG 6km strike has been drill tested near surface, with most drilling only completed to depths less than 120m below surface.
Mr Murray said the company will now dedicate one diamond rig throughout the 2022 drilling season to test the WGHG target and make discoveries.
“We will also concurrently advance the broader greenfield discovery efforts and exploration target pipeline,” he added.
Advancing Cape Ray gold project
All up, Matador’s wider Cape Ray gold project hosts 120km of strike in Newfoundland.
During the December quarter, Matador continued the largest exploration program in the project’s history.
Assays are pending from 35 diamond holes drilled at the project including several from WGHG, three from the Big Pond area and four geotechnical holes at Central Zone.
Results are also awaited for the 1,200 till samples taken during the Malachite Lake reconnaissance program and the remainder of the power auger sampling campaign at Stag Hill.