Matador Mining Limited (ASX:MZZ) has commenced its 2023 exploration programme in Newfoundland, Canada.
The company continues to focus its exploration efforts on making Greenfields discoveries along the Cape Ray Shear Zone (CRSZ) and Hermitage Flexure with a primary focus on the Malachite target area.
The 2023 exploration programme will also include activities at the Long Range and Grandy’s target areas along the CRSZ, in the resource corridor for targeted extensions to the brownfields mineral resource, and Greenfields exploration at Hermitage.
The company expects to use several exploration tools and techniques including diamond drilling, basal-till / bottom-of-hole sampling, Induced Polarised (IP) geophysics and prospecting, mapping and sampling.
“We are very excited to announce the start of our 2023 exploration programme in Newfoundland,” Managing Director and CEO, Sam Pazuki, said.
“We have kicked off our programmd with prospecting, mapping and sampling at Hermitage where last year’s prospecting, while spanning only five days, yielded highly encouraging results. This included high-grade gold samples in outcrop 2 as announced last week. Prospecting at Hermitage will continue for the duration of the Canadian summer with plans to carry-out initial basal-till/bottom-of-hole sampling in early 2024.”
“The company will continue to focus most of its exploration activities on the Malachite target area. This area spans an area larger than that of Marathon Gold’s five million ounce plus resource at Valentine Lake and is on the same geological structure. We have only really scratched the surface at Malachite and already delivered encouraging results.
“The work we completed last year continues to tick the right boxes in our efforts to find the source of the significant mineralization delineated on surface, in bedrock and float gold samples, and from the very limited diamond drilling that confirmed gold in basement. This drilling programme was curtailed in late 2022 due to weather and we will return there in the coming weeks to test specific structural and lithological targets in two planned phases of diamond drilling during this field season.
“Diamond drilling is only one of a variety of exploration approaches we have planned at Malachite for 2023. Our approach will continue to be evolved and fine-tuned over the course of the year as we receive results of our work.
“In addition to Malachite, the company will undertake exploration activities at Long Range, a target area located only 7km from the town of Port-aux-Basques, the location of the company’s field office and a major seaport. Prospecting in 2022 discovered anomalous gold samples 8km along strike from historic multigram gold samples all hosted within the same Windsor Point Group that hosts all our known Mineral Resources at Cape Ray. The company expects to complete reconnaissance diamond drilling and additional prospecting at Long Range for 2023.
“Finally, the company will continue to take a systematic approach to exploration in order to vector in on drill ready targets. This considered approach is designed to ensure appropriate return on investment decisions are made based on the quality of results that in turn maximizes the impact of more costly diamond drilling – metres drilled is not a key performance indicator for the company.
“Our approach is to have measures that focus in on gold discovery versus a focus on pure activity physicals. We place our decision-making process on long-term decisions, not on short-term market considerations. We are well funded to carry-out a meaningful exploration programme in 2023, which is designed to create real, long-term value for the business. This is an exciting time for the business.”
2023 Diamond Drilling
For 2023, the company’s diamond drill programme will be conducted in two phases with the first phase planned for 2,000m to 3,000m of diamond drilling primarily at Malachite to test structural and lithological targets and complete last year’s diamond drill programme that was curtailed early due to inclement weather.
With mineralization typically shallow along the CRSZ, each drill hole is expected to range between 100m and 200m in depth.
In addition to Malachite, the company is planning diamond drilling at the Long Range and Grandy’s targets respectively. Both these areas have been classified as high-priority advanced Greenfields targets.
Long Range drilling is planned proximal to the historic, multigram gold outcrops confirmed by 2022 prospecting and highlighted in a recent release. After an internal review of the company’s 2021 Power Auger campaign at Grandy’s, a high- priority target has been identified within a favourable structural position like that of the Isle aux Morts deposit, 4km to the southwest.
For further information please visit: https://matadormining.com.au/
