Matador ramps up drilling after ‘highly encouraging’ heli-mag program

Matador Mining has completed Phase One of the high-resolution heli-mag geophysics program at the Cape Ray gold project in Canada – and preliminary analysis has already identified multiple new structures for priority drill targets.

To put this in context, all known gold mineral resources along the Cape Ray Shear Zone (CRSZ) are associated with subordinate (second and third order) fault splays and cross structures.

And Matador Mining’s (ASX:MZZ) newly acquired magnetics provide high-resolution mapping of these important structures along one-third of the 120km strike length of the Cape Ray gold project (which motivated the new ground staking announced in June).

The survey identified a complex array of second and third order fault structures splaying off the main CRSZ in an area which has had no historic soil or till sampling, and only five surface rock chip samples within a 30km2 area.

New structures in areas of limited historical exploration

“The importance of high-resolution magnetics at the project cannot be underestimated, as all deposits discovered to date are located on important splay structures off the main Cape Ray shear,” executive chairman Ian Murray said.

“Preliminary analysis from the program is highly encouraging, with multiple new structures identified in areas where limited historical exploration has occurred.

“With further analysis, additional structures will likely be identified in the coming months.”

Auger drilling is underway testing a 5km gold trend associated with the multiple structures identified from the heli-mag program – as well as historic high-grade rock chip gold samples up to 191 g/t.

The company has also expanded drilling activities, with five active drill rigs, including two diamond drill rigs and three power auger drill rigs.

Window Glass Hill a key target

The company has completed 855 power auger drill holes over a 6km2 area between the Big Pond and Window Glass Hill deposits.

Multi-element geochemistry assay results are pending and will be integrated with the detailed magnetics to provide well constrained (de-risked) diamond drill targets for follow-up testing in the latter part of the 2021 season.

The Window Glass Hill area has also been the major focus of Matador’s initial diamond drilling this season, targeting lateral and depth extensions to the existing Mineral Resource and follow-up drilling at Angus.

A second diamond drill rig has been mobilised to site and has commenced drilling on double shifts.

One rig is now focused on undrilled greenfields exploration targets within the greater Window Glass Hill area, while the second rig is undertaking infill and extensional drilling in the Window Glass Hill mineral resource area.

Following up on assays up to 191 g/t

Power auger drilling has also commenced in a target area 3km northeast of Isle aux Morts.

The program covers a 5km rock chip gold anomaly with peak gold values up to 191 g/t Au3 (Figure 5).

Just like the WGHG-BP greenfields auger drilling, this program is designed to generate multiple, well constrained, diamond drilling targets for the latter part of the summer and/or winter drilling programs.

Most of the BE target area is obscured by thin glacial till cover which essentially requires a combination of power auger till and basement geochemistry and structural targeting using the new detailed magnetics to provide what the company believes will be a step-change in targeting effectiveness for the area.

Matador said that historically, only four diamond drill holes have been drilled into the 8km2 anomaly, which is clearly insufficient to test an area with positive early-stage indications of gold mineralisation.

Ramping up already extensive 45,000m drilling program

The company is currently undertaking the largest exploration program carried out at Cape Ray, with upwards of 45,000m of diamond drilling, targeting brownfield expansion and greenfields exploration.

And now it’s ramping up even further, with five rigs now active on site.

“The team is focused on ramping up both our diamond and auger drilling, and delivering quality results from these programs,” Murray said.

“Like many others in the industry, we are experiencing slow assay turn-around times.

“However, with the foresight to establish a mobile sample preparation laboratory on-site we anticipate assay turnaround to improve to industry-best levels.”

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.