Matador Mining (ASX:MZZ) doubles gold strike length at Cape Ray in Canada

• Matador Mining (MZZ) says interpretation of new and historic data has doubled the known strike length of the Window Glass Hill Granite (WGHG) intrusion at its Cape Ray gold project in Newfoundland, Canada
• The company says the intrusion has been extended from three to six kilometres and is prospective for gold
• Less than 15 per cent of the six-kilometre strike length of the WGHG has reportedly been drill tested near surface, which the company says creates great discovery potential
• The company intends dedicating at least one diamond drill rig throughout the 2022 summer drilling to season to grow the WGHG-hosted resources footprint
• MZZ shares steady at 29.5 cents

Matador Mining (MZZ) has doubled the known strike length of the Window Glass Hill Granite (WGHG) intrusion at its Cape Ray gold project in Newfoundland, Canada, following interpretation work covering new and historic data.

The company said the intrusion has been extended from three to six kilometres and is located near the project’s Central Zone, which hosts a mineral resource of 519,000 ounces of contained gold.

New detailed magnetics and bottom of hole lithogeochemistry data indicate that an
untested sheared wedge of the WGHG extends three kilometres further north-east along the Cape Ray Shear Zone (CRSZ) than previously interpreted, immediately north of the Central Zone resource, which occurs in sheared sediments.

Matador said the WGHG extension is hosted entirely within the CRSZ and buried under a shallow veneer of till. Having not been subject to rock chip sampling or diamond drilling, the company said it believes it is potentially an “exceptional” untested structural target for gold mineralisation.

“The opportunity presented by the large WGHG system to support significant mineral resource growth within a stone’s-throw of the proposed processing facility at Central Zone is extremely exciting,” Executive Chairman Ian Murray said.

“To find that the WGHG extends a further three kilometres to the north-east, immediately adjacent to the existing 519,000-ounce Central Zone mineral resource, in an area almost completely devoid of previous drilling, represents a great opportunity for Matador to test through 2022.

“Matador will dedicate at least one diamond drill rig throughout the 2022 summer drilling season aiming to grow the WGHG-hosted resources footprint and continue to make new discoveries across the 85 per cent of WGHG area and granite contact zones that are still to be effectively drill tested.”

Matador said power auger sampling through till cover and surface rock chip samples weighing in at greater than 1 g/t gold in areas of outcrop demonstrate the potential for vein-hosted gold mineralisation across the project area.

Less than 15 per cent of WGHG’s six-kilometre strike length has been drill tested near surface, according to the company.

Matador said most drilling to date had been limited to above 120 vertical metres below surface, “leaving significant discovery potential at depth”.

MZZ shares were steady at 29.5 cents at 10:55 am AEDT.