Matador confident of growing gold resources at Cape Ray

Matador Mining has found more high-grade gold at Cape Ray project in Canada, this time from the Central Zone.

The first assays from the Matador Mining’s (ASX:MZZ) winter diamond drilling program returned:

6m at 13.3 g/t gold from 214m, including 1m at 45.8 g/t from 217m and 1m at 11.7 g/t from 219m (CRD352);
6m at 7.1 g/t from 228m, including 1m at 22.4 g/t from 229m (CRD352);
5m at 5.4 g/t from 53m, including 2.9m at 8.9 g/t from 53m (CRD351); and
2m at 11.1 g/t from 64m, including 1m at 13.6 g/t from 64 m (CRD351).

80m gap in previous resource drilling

Chief geologist Warren Potma says CRD352 showed two separate zones of high-grade mineralisation recorded in an 80-metre gap in the previous mineral resource drilling.

“It appears some of the historic drilling in this area may have reported anomalously low grades relating to variable core recovery associated with the highly sheared host rocks,” he said.

“These new results indicate potential for higher grades and increased widths compared to the current Mineral Resource estimate.”

Greenfield targets in the spotlight

Potma says the Central Zone drill results have increased the company’s understanding of the structural controls of gold mineralisation at Cape Ray, “which is particularly important as we step out to explore new Greenfields targets such as Malachite.”

Results are still pending for 29 exploration diamond holes at the Window Glass Hill Granite, PW East and Stag Hill targets; four Central Zone geotechnical drill holes; remainder of the Stag Hill Power Auger sampling program and 96 gold grain samples from the Malachite greenfield reconnaissance program.

This article was developed in collaboration with Matador Mining Limited, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.