- Matador Mining (MZZ) has increased its landholdings along The Cape Ray Shear in Newfoundland, Canada
- The company’s claims in the region now cover more than 425 square kilometres, with more than 120 kilometres of continuous strike along The Cape Ray Shear
- Matador is now evaluating historical exploration across its claims to develop an upcoming drill program, which it expects to commence this year
- The drill program will focus on greenfield sites and other under-explored sites across its holdings
- Matador Mining shares are down 4.08 per cent at market open, trading for 23.5 cents per share
Matador Mining (MZZ) has increased its landholdings along The Cape Ray Shear in Newfoundland, Canada.
The company has increased its holdings in the region by 50 per cent to 425 square kilometres, with more than 120 kilometres of continuous strike along The Cape Ray Shear.
Matador is now the largest holder of continuous ground along the shear, which neighbours numerous high-grade gold projects in the region. These include Marathon Gold’s Valentine Lake project and First Mining’s Hope Brook project, which have estimated mineral reserves of 4.2 and 1.7 million ounces of gold, respectively.
Matador is now evaluating historical exploration across its holdings to develop an upcoming drill program, which it expects to commence this year. The drill program will focus on greenfield sites and other under-explored sites in the region.
Executive Chairman of Matador, Ian Murray, says The Cape Ray Shear is one of the more prospective, yet under-explored gold structures in a tier-one jurisdiction.
“The expansion of our land holdings further strengthens the company’s position along this highly prospective area and is consistent with the company’s strategy of identifying new targets along the Cape Ray Shear which will be tested in a cost-effective, yet systematic manner,” Ian noted.
“While the 2020 season will see drilling continue at our brownfield targets, we also plan to significantly increase our greenfield exploration program with the aim of building a consistent, strong pipeline of drill-ready greenfield targets for the future,” he said.
Matador Mining shares are down 4.08 per cent at market open, trading for 23.5 cents per share at 10:57 am AEST.