Matador’s greenfield exploration strategy pays off with 55.4g/t gold
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In a strong start to its greenfield exploration strategy at the Cape Ray gold project, Matador Mining’s power auger drilling has intersected 55.4g/t gold at Big Pond.
The company received 40 anomalous bottom-of-hole gold assays from 330 power auger holes across the 4 sq km Big Pond greenfields area.
Bottom-of-hole gold anomalies intersected include:
Power auger sampling is a quick and cost-effective way to test large regions with limited outcrop and no historical drilling to identify gold and multi-element pathfinder geochemistry anomalies.
And the approach is working for Matador Mining (ASX:MZZ), with diamond drilling now underway, focusing on six new targets.
The power auger multi-element pathfinder geochemistry has reinforced the potential for multiple mineralised targets at Big Pond – with particularly strong arsenic and tungsten anomalies as well as bismuth, antimony, tellurium, lead and copper pathfinders.
“Following the strong extensional drilling results at Window Glass Hill, this is a very promising start to our first greenfield exploration program in the Big Pond region, in line with our strategy of testing greenfields targets across our Cape Ray tenements,” Matador executive chairman Ian Murray said.
“This area, like the majority of the project, has received very little historic exploration, which we believe is due to the thin till cover which covers nearly all of the region.
“We are very excited that the heli-magnetic results identified a number of previously unrecognised structures in the Big Pond area, which together with these excellent power auger results, have delivered six new diamond drilling targets where drilling is now underway.”
The Big Pond area hosts the high-grade, outcropping, Big Pond gold mineral resource of 20,000 ounces at 5.3g/t gold.
Only 10 diamond holes have been previously drilled in the area outside the resource – which the company says is probably due to the extensive shallow till cover.
Matador expects further target refinement following receipt of outstanding till assays in areas with multiple BOH point anomalies.
One diamond rig has already been mobilised to commence drill testing of the high priority ‘walk-up’ drill 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.