Matador Mining Ltd (ASX:MZZ) has discovered a large zone of gold across 1.2 kilometres of strike at its Malachite project in Canada, following final results from its reconnaissance drilling program at the O-2 target.
The company has progressed 157 holes of reverse circulation (RC) drilling across the project – which is located in Newfoundland, along the Cape Ray Shear Zone – with results from the final 110 holes showing a new gold-in-bedrock anomalism.
This same drilling showed one hole grading 127 parts per billion (ppb) gold from 6 to 7 metres, and across the new zone, three consecutive lines have been intersected, with the whole zone being 1.2 kilometres in strike length.
Matador managing director and CEO Sam Pazuki said the company was pleased with the exploration work, which was seeking gold in bedrock and glacial till.
“With the second batch of results just received, we believe we have identified another
large, gold zone with alteration extending over 1.2 kilometres in strike at the O-2 target in Malachite,” he said.
“The latest results also included the largest area of basal till gold anomalism of the entire RC drill program indicating a compelling drill target.
“The combination of gold and pathfinder anomalism in bedrock, combined with multigram
prospecting samples suggests significant mineralised fluid flow and potential for large under-cover gold deposits.”
He added that several highly prospective diamond drill targets had been defined through the work, with these to be tested in the second phase of drilling during the Canadian summer.
Matador shares have been trading up, sitting at 80 cents at 10:36 AEST, a rise of 11.11 percent since market open.