Special report: Explorer Matador Mining is already looking to add ounces to its inaugural resource of 750,000 ounces of gold and 2.7 million ounces of silver at the Cape Ray gold project in Newfoundland, Canada.

A maiden 4000m exploration drill campaign at Cape Ray – designed to test extensions to the currently defined gold deposits – is slightly ahead of schedule, with 3200m completed.

Much of the sampled core from that drilling is in a Newfoundland lab, with gold assays expected to become available within weeks.

Matador (ASX:MZZ) managing director Paul Criddle believes the team is more than capable of expanding the current Cape Ray resource– much like a number of massive projects developing nearby.

The Cape Ray project area covers 65km of exposure to the Cape Ray Shear, host to the 3.2-million-ounce Valentine Lake project owned by Marathon Gold to the north east of Cape Ray Gold Project.

The area is largely untested with comprehensive exploration techniques, yet hosts multiple high grade gold showings along the shear.

For the relatively untested parts of Cape Ray, a regional exploration program has identified numerous gold targets next to the current project area.

Matador's new 80 per cent owned Cape Ray project in Newfoundland, Canada
Matador’s new 80 per cent owned Cape Ray project in Newfoundland, Canada

High grade anomalies of 709 ppb (0.71 g/t) and 1056 ppb (1.06 g/t) have been identified in a recent soil sampling campaign.

Follow up sampling around these anomalies is currently being finalised, with results to be available in the coming months.

Mr Criddle said this was the first significant greenfields exploration program at the property in 20 years.

“The geochemical program, in particular, has proven successful as a number of true high-grade soils have been identified along key structures at Cape Ray,” he says.

“Soils above 1g/t Au in non-transported material is something to be excited about.

“Given the proximity to the existing resources, these true greenfields hits are a great sign of the prospectivity of the ground at Cape Ray and what is an evolving development story.”


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