Matador strikes best gold intercept to date outside 230,000oz Window Glass Hill resource
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Matador Mining has landed the best intercept to date at its Window Glass Hill deposit in a new style of mineralisation outside its existing 230,000 ounce resource.
Matador (ASX:MZZ) struck a wide 19m at 4.2g/t at just 9m below surface and 1m at up to an ounce to the tonne (30.6g/t) in the southern contact of its granite margin 500m south-west of its high grade central shoot.
The target is hosted in the Window Glass Hill Granite, a geological feature boasting similarities to the major structures that feed Marathon Gold’s 4.2Moz Valentine Lake deposits and Red 5’s similarly sized King of the Hills gold mine.
It underlines the potential for Matador to host multiple high grade shoots at Window Glass Hill, which makes up around a quarter of the 837,000oz resource at its Cape Ray gold project in Newfoundland, Canada.
Hole CRD214 also returned hits of 6m at 1.0g/t gold from 34m, including 1m at 4.4g/t and 4m at 1.9g/t Au from 114m, including 1m at 6.3g/t.
With assays pending for another 13 diamond drill holes totalling more than 1500m of core, there could be more success on the way as well.
“19 metres at 4.2g/t Au is the best gold intercept drilled in the WGHG, and better than any previously reported ‘significant intercepts’ within the WGH Mineral Resource,” Matador executive chairman Ian Murray said.
“What makes this intercept even more exciting is the proximity of the high-grade mineralisation to surface, and that it represents the successful definition of a new target type within the WGHG.
“The recent power auger geochemistry results, combined with structural interpretation of our new detailed magnetics, encouraged the exploration team to test a conceptual target on the granite margin south of the WGH Mineral Resource.
“This structural position is similar to that of Marathon Gold’s Valentine Lake Deposits, and the granite-hosted portions of Red 5’s King of the Hills Mine (Tarmoola) in Western Australia.”
Led by an experienced explorer like Ian Murray, former head honcho at Gruyere gold mine founder Gold Road Resources, it is little wonder Matador will keep the drill rigs turning at pace.
Murray is not one to rest on his laurels when he picks up the scent of a gold find.
Indeed, CRD214 was working off promising but not as significant results around 40m to the south of 8m at 5.1 g/t from 62m and 22m at 1.2 g/t Au from 91m.
The Western Glass Hill Granite is about 3km long by 800m, but just 50% of the feature has been drill tested.
Matador are hoping to find rich shear hosted mineralisation in the granite, which has not been encountered to date, but it remains open to the north and north-east in the direction of the defined Window Glass Hill resource.
Drilling will continue to assess the potential for this zone to connect with that bounty to the north and extend along the granite contact to the northeast which remains untested over a strike length of 500m along the contact.
“With 11 new holes now completed into this previously untested granite margin target (all intersecting significant gold results), I am very excited by the untested potential of the remaining 6kmstrike length of the WGHG contact,” Murray said.
“This, combined with our ongoing targeting success delivering high-grade mineralisation near surface, augers well for the continued growth of the WGHG mineralisation footprint.
“With assay results now flowing through, and drilling using both power auger and diamond rigs, we are anticipating regular news flow for the remainder of the year and into 2022.”
Drilling remains ongoing at Cape Ray, where Matador has committed to a major 20,000m campaign this year.
Diamond rigs are currently turning at the greenfields Big Pond and Benton targets.
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.