Matador Mining reveals gold targets at Malachite
At Cape Ray, Matador Mining plans to drill 20,000m making it the company’s largest ever diamond drill program.
Following a till sampling program, Matador Mining (ASX: MZZ) has announced nine new high-tenor gold anomalies within the Malachite target area near its Cape Ray gold project in Newfoundland, Canada.
The explorer carried out an extensive sampling program across the 15km by 4km area late last year, targeting a highly prospective fault complex splaying off a major bend in the Cape Ray Shear Zone (CRSZ) noted in Matador’s 2021 detailed magnetics data.
Of the nine gold anomalies identified from initial results, three open at the edge of the survey area.
To date, about 65% of gold grain analyses have been received with results still pending for the western third of the program.
A peak count of 716 gold grains (including 607 pristine grains) were recovered from one of the samples on the north-western edge of the grid, up to 3km north of the CRSZ.
According to Matador, the high proportion of pristine grains in the samples indicate the source of the gold is likely within 100m from the sample location.
Results compare to best gold grain counts in the province
The company said the highest tenor gold grain anomalies are comparable with the best gold grain counts reported in Newfoundland.
“The Malachite area exhibits all the structural and geological complexity we look for when targeting multi-million-ounce gold ore bodies,” Matador chief geologist Warren Potma said.
“This area has never been drilled and has received only minor historic surface sampling,” he added.
This historic sampling was limited to a narrow corridor along the main CRSZ and although it identified multi-kilometre-long gold-silver-arsenic-antimony anomalies, they were never followed up.
Follow-up exploration planned
While awaiting the remaining assays, Mr Potma said the company is preparing to begin a comprehensive exploration program over the Malachite area.
“This will include infill gold grain till sampling and power auger drilling with an aim to identify specific areas for diamond drilling as rapidly as possible.”
Matador confirmed multiple field crews are scheduled to infill and extend sampling around the priority anomalies as soon as the snow cover has cleared and ground conditions permit.
Matador’s wider Cape Ray gold projects hosts 120km of strike in the Canadian province of Newfoundland.
The company’s exploration program has recently included diamond drilling at the Window Glass Hill and Big Pond areas.