- Matador Mining (MZZ) is releasing the results from drilling at the Cape Ray gold project in Canada
- Results from reconnaissance diamond drilling at the Big Pond Area have shown potential for shallow, structurally-controlled higher-grade mineralisation
- Further, drill results from the Window Glass Hill Granite demonstrate resource expansion potential with new discoveries and mineralisation extensions
- Matador plans to complete further drilling at both areas in the 2022 field season
- Company shares ended the day 8.22 per cent in the red at 33.5 cents
Matador Mining (MZZ) has received results from drilling at the Cape Ray gold project in Newfoundland, Canada.
Some of the results come from reconnaissance greenfield diamond drilling at the Big Pond Area (BPA) with best results including one metre at 6.7 grams of gold per tonne (g/t), three metres at 2.8g/t gold, and three metres at 2.1g/t gold.
The company said the BPA results indicate potential for the area to host shallow, structurally-controlled zones of higher-grade mineralisation.
Drilling at the BPA has wrapped up for the season but assays are still pending for four diamond holes and the company plans to drill further targets in the area in 2022.
Executive Chairman Ian Murray has welcomed the more recent results.
“The Big Pond Area still has multiple untested targets less than five kilometres from the Central Zone mineral resources, which is the site of the proposed central processing facility,” he said.
“This is contiguous to the Window Glass Hill Granite where we continue to demonstrate resource expansion potential.”
Matador Mining also received assays from infill and diamond drilling at Window Glass Hill Granite (WGHG).
Infill drilling within the WGH mineral resource returned nine metres at 1.1g/t gold from 17 metres and a higher-grade interval of one metre at 12.8g/t gold from 106 metres. Two other infill holes targeting the margin of the resource area returned low grades.
Assays for five holes testing extensions to the WGHG margin target included one metre at 11g/t gold from 12 metres, 1.2 metres at 6.7g/t gold from 185.5 metres and five metres at 1.8g/t gold from 22 metres.
“The WGHG Margin target potential continues to expand. Infill drilling within the WGH mineral resource continues to increase our confidence in future mineral resource growth and conversion of inferred to measured and indicated,” Mr Murray said.
Matador said it aims to have one diamond rig dedicated to drilling the WGHG area throughout 2022 to accelerate resource growth.
Company shares ended the day 8.22 per cent in the red to trade at 33.5 cents.