These newly acquired claims are contiguous with Matador’s Cape Ray tenement package and include highly anomalous historic lake sediment sampling with silver, lead, and zinc values in the top 3pc of all lake sediments found in Newfoundland.
Matador (ASX:MZZ) says the new package presents multiple prospective elements including anomalous lead and zinc stream sediment samples from 1979 and 1980, which appear to be related to the lake sediment anomaly.
The prospective fault within the company’s new tenure splays off the Cape Ray Shear Zone (CRSZ) identified in historic magnetic data, coinciding with VTEM conductivity targets and pathfinder geochemistry anomalies.
Interestingly, no follow-up testing of these historic anomalies has been carried out with any detailed surface or basement geochemistry sampling.
‘Incredible greenfield gold discovery opportunity’
MZZ chief geologist Warren Potma said these newly staked claims are close to the intersection of the CRSZ with the second richest gold structure on the island, which passes through Matador’s Hermitage Project and continues up through New Found Gold’s Queensway Project.
“Structural bends and intersections in major gold rich fault zones are key factors used in the targeting of major gold deposits,” he said.
“Areas like this new claim and Malachite have historically not been effectively explored.
“They have never been drilled, have limited, if any, systematic surface sampling, and present an incredible greenfield gold discovery opportunity in the significantly underexplored Newfoundland region.”
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.