Hits Multiple, Significant Gold Intercepts
Matador Mining Limited (ASX: MZZ) has intersected significant gold intercepts from multiple targets in its recent exploration at the Cape Ray Gold Project in Newfoundland, Canada.
The project is located across 120 kilometres of continuous strike in a proven, yet under-explored multi-million ounce gold corridor. Significant new drill hole intercepts include:
· Isle Aux Morts (Mineral Resource Infill and QC):
o CRD160 – 20 metres @ 5.08 g/t Au from 8 metres (incl. 1.67 metres @ 35 g/t Au)
o CRD166 – 11 metres @ 2.51 g/t Au from 7 metres, (incl. 6 metres @ 4.12 g/t Au)
o CRD156 – 12 metres @ 1.02 g/t Au from 45 metres (incl. 2.47 metres @ 3.84 g/t Au), and 1.47 metres @ 1.7 g/t Au from 72 metres, and 1 metre @ 1.96 g/t Au from 79 metres
· Angus (Greenfields Exploration):
o CRD171 – 7 metres @ 2.02 g/t Au (within 30 metres @ 0.74 g/t Au) from 19 metres and 3 metres @ 0.67 g/t Au from 67 metres and 1 metre @ 2.66 g/t Au from 92 metres
o CRD172 – 7 metres @ 1.27 g/t Au (within 11 metres @ 0.9 g/t Au) from 98 metres and
7 metres @ 1.12 g/t Au from 116 metres and 21 metres @ 0.34 g/t Au from 71 metres o CRD149 – 3 metres @ 1.95 g/t Au from 48 metres (incl. 0.3 metres @ 17.73 g/t Au)
· Window Glass Hill (Mineral Resource infill and Extension)
o CRD150 – 15 metres @ 1.01 g/t Au from 34 metres, and 6.7 metres @ 1.51 g/t Au (within 13 metres @ 0.87 g/t Au) from 116m, and 0.34 metres @ 12.31 g/t Au from 151.4 metres
“Cape Ray Gold Project Resource expansion and greenfields exploration drilling continues to deliver with shallow multi-gram-metre gold intersections,” Executive Chairman, Ian Murray, said.
“Approximately 75% of the 2020 drill program.e was focused on newly identified greenfield targets and Resource expansion step-out drilling. Results to date reinforce our thesis that we are in a sizeable, but poorly explored, gold system as we focus on materially growing our current Mineral Resource.
“Whilst drilling has successfully concluded for the year, we still have 31 holes / 4,325 metres of drilling pending assay results, which we anticipate will be announced during the March 2021 quarter.”
Mr Murray said Matador’s stage-gated “drill and assess” approach to the Angus discovery area was implemented to allow detailed structural analysis and modelling of the early drill results to optimise follow-up drilling of this new target area. The three new holes contain the same quartz-sulphide stockwork veining, strong sericite-silica alteration and wide intervals of gold mineralisation that are characteristic of the Angus discovery.
An additional seven holes were subsequently completed late in the drill season, designed to expand the mineralised zone and test the controls on high-grade mineralisation intersected in the Angus discovery hole (CRD126 – 20 metres @ 2.38 g/t Au incl. 9 metres @ 4.99 g/t Au, announced in October 2020). These holes are currently being processed and results should be released in early 2021.
Mineral Resource infill and QC drilling at Isle aux Morts (IAM) continues to deliver wide intervals with good gold grades in CRD156, CRD160* and CRD166. This supports and locally improves on the broader spaced historical Mineral Resource drill hole intercepts. Assays are pending for an additional six infill holes.
