Matador finds 8 new ‘high-tenor’ gold anomalies near Cape Ray
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Matador Mining says it received ‘outstanding’ results from extensive till sampling completed last year near the Cape Ray gold project in Canada – with eight additional high-tenor gold grain anomalies identified.
Notably, the company recovered 336 gold grains in one till sample collected 470 metres south of the Cape Ray Shear Zone (CRSZ) containing 76 pristine gold grains indicating the sample was taken close to the gold source.
“The final batch of till-samples from Malachite has further confirmed how prospective we believe this new area to be,” Matador Mining’s (ASX:MZZ) MD and CEO Sam Pazuki says.
“Finding gold grains in these numbers, and with so many in pristine condition, is highly encouraging and suggests we could have gold-bearing structures in bedrock very close to the sample location.
“Newfoundland remains one of most underexplored tier-one jurisdictions globally and we are well positioned on the largest and currently most highly endowed gold structure on the island to make new discoveries.”
The anomalies are in the western side of the 15 x 4km Malachite structural target area, and now a total of 17 high-tenor gold grain anomalies have been identified at Malachite.
“Matador has one of the largest tenement packages in Newfoundland and these new geochemical anomalies identified at Malachite are a primary driver for our recent decision to test the greater potential of this multi-million-ounce gold belt,” Pazuki says.
“The Malachite area is underexplored with no exploration drilling to-date and only a fraction of the area sampled.
“We are planning our summer exploration program in which we will conduct extensive field work, primarily at Malachite, to identify specific areas in which to diamond drill and expect this drilling to commence this summer.”
Multiple field crews are scheduled to infill and extend till sampling around the priority anomalies – as well as refining future diamond drill targets using Matador’s power auger basement geochemistry core sampling methodology.
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.