- Matador Mining (MZZ) unearths nine high-tenor gold grain anomalies in the Malachite area in Canada
- The company received the initial results from an extensive till sampling program which was completed in late 2021 near the Cape Ray Gold Project
- Nine high-tenor gold grain anomalies were identified during the sampling, with three of these anomalies open at the edge of the survey area
- As the company awaits its remaining assays, it says it will now prepare an exploration program over Malachite that includes infill gold grain till sampling and power auger drilling
- Matador Mining is up 3.92 per cent, trading at 26.5 cents at market close
Matador Mining (MZZ) has unearthed nine high-tenor gold grain anomalies in the Malachite area in Canada.
The company received the initial results from an extensive till sampling program which was completed in late 2021 near the Cape Ray Gold Project in Newfoundland.
“Following the completion of our 40-kilometre detailed magnetic survey of the multi-million-ounce Cape Ray Shear Zone in 2021, we identified Malachite as a priority area with a complex network of intrusions,” Matador Chief Geologist Warren Potma said.
“This area has never been drilled and has received only minor historic surface sampling.”
Nine high-tenor gold grain anomalies were identified during the sampling, with three of these anomalies open at the edge of the survey area.
Up to 716 gold grains were recovered in one of the till samples collected on prominent magnetic structures up to three kilometres north of the Cape Ray Shear Zone. The 716-grain sample contained 607 pristine gold grains, which the company says indicates the source of gold is likely within 100 metres from the sample location.
Results are still pending for 35 per cent of the sampling program.
“The Malachite area exhibits all the structural and geological complexity we look for when targeting multi-million-ounce gold ore bodies,” Mr Potma said.
As the company awaits its remaining assays, Matador says it will now prepare to start a comprehensive exploration program over the Malachite area that will include infill gold grain till sampling and power auger drilling.
The company said it will aim to identify specific areas for diamond drilling as rapidly as possible.
Matador Mining was up 3.92 per cent, trading at 26.5 cents at market close.