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- Matador Mining (MZZ) identifies eight additional high-tenor gold anomalies near its Cape Ray Gold project in Canada
- The news comes after the company received results from a till sampling program over the Malachite area, which was completed in late 2021
- Through the program, the company identified eight additional gold grain anomalies in the western side of the Malachite structural target area, where 336 gold grains were recovered in one till sample
- Matador is now planning a summer exploration schedule that will include extensive fieldwork at Malachite to identify specific areas for diamond drilling
- Matador Mining last traded at 16 cents on June 7
Matador Mining (MZZ) has identified eight additional high-tenor gold anomalies near the Cape Ray Gold project in Newfoundland, Canada.
The news comes after the company received results from a till sampling program in the Malachite area, which was completed in late 2021.
The Malachite area is situated in the centre of Matador’s 120-kilometre-long Cape Ray Shear tenement package. The company said the area was underexplored, with no exploration drilling to date and only a fraction of the area sampled.
Through the program, Matador identified eight additional gold grain anomalies in the western side of the Malachite structural target area.
A total of 336 gold grains were recovered in one till sample, containing 76 pristine gold grains, which the company said indicated the sample was taken close to the gold source.
Altogether, 17 high-tenor gold grain anomalies have now been identified at Malachite, including the 716-gold-grain samples previously reported.
Matador Managing Director and CEO Sam Pazuki said the final batch of samples from Malachite had further confirmed the prospectivity of this new area.
“Finding gold grains in these numbers, and with so many in pristine condition, is highly encouraging and suggests we could have gold-bearing structures in bedrock very close to the sample location,” Mr Pazuki said.
“Matador has one of the largest tenement packages in Newfoundland, and these new geochemical anomalies identified at Malachite are a primary driver for our recent decision to test the greater potential of this multimillion-ounce gold belt.”
The company has booked in field crews to infill and extend till sampling around the priority anomalies and refine future diamond drill targets.
Meanwhile, Matador is planning a summer exploration program that will include extensive field work, primarily at Malachite, to identify specific areas for diamond drilling.
Matador Mining last traded at 16 cents on June 7.
