Matador Identifies New Gold Targets At Cape Ray

Detailed Magnetics Generate New Drilling Options At WGH

Matador Mining Limited (ASX: MZZ) has generation of multiple new priority geophysical gold targets proximal to the Window Glass Hill Deposit (WGH), part of the company’s 100% owned Cape Ray Gold Project in Newfoundland, Canada.

The Project comprises 120 kilometres of continuous strike in the proven, yet under-explored multi-million-ounce Cape Ray Shear gold corridor.

Highlights

• Identification and ranking of eight new priority targets within three kilometres of the WGH Deposit following interpretation of the 2020 detailed ground magnetics programme;
• Each of these targets is under shallow (less than five metre) till cover and share similar geophysical characteristics to the Angus discovery;
• These priority targets will be tested in the coming weeks with power-auger drilling and multi-element geochemistry to increase the probability of success with the planned 2021 diamond drill programme;
• Acceleration of the planned 2021 regional geophysics programme with a 30m line spaced heli-magnetic survey encompassing the central 45 kilometres of the tenement – within trucking distance of the proposed Central Processing Facility;
• Integration of the planned 2021 accelerated geophysics programme and follow-up power-auger pathfinder geochemistry to expedite the generation of additional higher probability drill targets – further augmenting Matador’s Exploration Pipeline; and

Executive Chairman, Ian Murray, said the company has mobilised its exploration team to site and will commence fieldwork shortly.

“It is exciting to see the rapid evolution of exploration targeting tools used by Matador’s exploration team,” Mr Murray said.

“The Angus discovery in 2020 demonstrated our ability to find new gold mineral systems under cover close to our existing Mineral Resources.

“The Project has undergone minimal exploration outside the known deposits and our increased understanding of their geophysical, geochemical and structural footprints should result in additional exploration success.

“We are initially focused on areas that are within trucking distance of the proposed Central Processing Facility, due to the lower economic hurdle, but remain excited about the medium term prospectivity of our wider tenement package.”

Following the exploration targeting success based on detailed magnetic surveys and geochemistry in 2020, Matador is now mobilising a detailed (30m line-spaced) heli-magnetic survey covering the area between BP and Benton Five.

Airborne magnetic data capture is quicker and cheaper (on a line-kilometre basis) than ground-based acquisition, providing Matador with rapid delivery of a crucial detailed exploration targeting dataset. The proposed survey area covers the high priority central 45 km of the Project strike length surrounding the proposed Central Processing Facility.

A second phase of aeromagnetic data acquisition, covering most of the north-eastern portion of Matador’s tenement package, is planned for late 2021 or 2022.