The Malachite Project is a new, large, and previously untested exploration project on the Cape Ray Shear Zone (CRSZ) in Newfoundland.

Geological fieldwork, this time namely prospecting, has identified extensive areas with outcropping sulphide, quartz veining, and hydrothermal alteration which has not been previously identified in historic data.

High-grade gold grain samples were also returned, with values within the vast Machite area hitting as high as 1,201 gold grains – 97% of which were pristine, reinforcing interpreted proximity to a gold source and delivering a high-priority walk-up drill target.

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Matador Mining Canada tenement package.

The right setting for major gold discoveries

Matador Mining (ASX:MZZ) managing director and CEO Sam Pazuki says follow-up activities and these ensuing results have increased confidence in discovery potentially large gold systems.

The decision to pivot to a greenfields exploration focus was made back in May 2022 and by June, the team had mobilised swiftly and safely to carry out the necessary geological mapping, prospecting, sampling, and testing to identify areas for diamond drilling.

“Results from this exploration campaign have exceeded my expectations,” he says.

“It has confirmed the structural complexity of the area, including confirmation of shearing coincident with a major structural bend of a known multi-million-ounce gold structure, and identification of several cross-cutting structures splaying off this same structure.

“Essentially, it presents the right geological setting for major gold discoveries.”

As MZZ waits for assays the team is preparing to begin inaugural drilling at Malachite in the next few weeks.

Next on the agenda

During the first half of the 2022 summer field season, a program of geological mapping, prospecting and rock chip sampling was conducted to provide more detailed geological context for the regional anomalies generated in 2021.

This program covered some 22km of strike from Grandys in the southwest to Malachite in the northeast – and led to the development of the most detailed geological interpretation of the area to date.

Two of the highest priority targets have now been followed up with infill and extensional till sampling, with results delivering the highest gold grain sample ever recorded from the Machite area at a peak count of 1,201 gold grains.




This article was developed in collaboration with Matador Mining, 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.