Targeting Resource Expansion And Exploration Growth
Matador Mining Limited (ASX: MZZ) is preparing to commence a 12,000m drilling campaign at the Cape Ray Gold Project in Newfoundland, Canada targeting resource expansion and priority greenfield prospects.
Executive Chairman, Ian Murray, said the Exploration Strategy aims to grow the resource base to a size that would support a 10-year operation through brownfields expansion and new greenfield discoveries.
A comprehensive review of the Project’s exploration potential was completed following the 2019 field season. This review identified priority brownfield and greenfield targets for this season’s work programme as:
- Brownfields:
o Window Glass Hill resource extension and new targets; and o Isle Aux Mort resource extension and new targets.
- Greenfields:
o The Granites: granitic intrusion on the Cape Ray Shear two kilometres west of Window Glass Hill;
o Big Pond-Sleeper: under-explored area adjacent to The Granites; and
o Grandy’s Lake – Benton.
Executive Chairman, Ian Murray, said commented:
“Our corporate strategy moving forward is straight forward – increase our resource base to a size that will support a ~10-year operation,” Mr Murray said.
“To achieve this, we have designed an exploration program that focuses on expanding the resources around our known deposits whilst systematically testing our vast greenfield package to improve and develop a high quality pipeline of discovery projects into the future.
“Our major brownfield targets for 2020 are at Window Glass Hill and Isle Aux Morts. The Company had success at Window Glass Hill last season with the endowment increasing by ~75% at a discovery cost of only US$5/oz.
“We are planning for similar extensional growth at Window Glass Hill this year, whilst also looking for success at Isle Aux Morts where we are embarking on the most significant exploration programme since the early 1990’s.
“Whilst the brownfield programme has the highest probability of adding to the resource base in the near term, the greenfields potential along the company’s 120km landholding on the highly prospective Cape Ray Shear system, is most exciting moving forward.
“While significant anomalism has been defined along the trend in high-grade soil and rock-chip geochemistry, there remains only limited drilling in most areas, demonstrating the vastly underexplored nature of the Project. Through our systematic approach, we are excited by the likelihood of uncovering new discoveries into the future.”
Following a comprehensive tender review process, an initial drilling contract has been awarded to a single contractor with the rigs currently mobilising to site.
Improvement works to the site access road and the Window Glass Hill access trail, along with the refurbishment of the exploration camp post the winter closure, are all near completion. A groundwater drilling program to support environmental and permitting requirements has also commenced.
Greenfields activities including ground magnetic surveys and trenching are scheduled to commence imminently.
The drilling programme planned for this year’s field season comprises of:
* 3,000m brownfields drilling at Window Glass Hill;
* 1,000m brownfields drilling at Isle aux Morts;
* 1,000m infill drilling at Isle aux Morts;
* 2,000m of greenfields drilling (Granites, Sleeper or Breccia);
* 5,500m has also been assigned for the following activities:
* further extension drilling at Window Glass Hill and Isle aux Morts, infill drilling and some geotechnical drilling to support pit optimisation studies; * further greenfields drilling depending on targeting success based on reconnaissance field activities.
