Sampling at Matador’s malachite-rich Cape Ray plants a red flag for multi-million-ounce gold targets
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Matador Mining’s till sampling at its Canadian Cape Ray gold project has returned nine gold grain anomalies.
Up to 716 gold grains have been recovered in one of the till samples collected on prominent magnetic structures up to three kilometres north of the Cape Ray Shear Zone (CRSZ).
Notably, the 716-grain sample contained 607 pristine gold grains – which the company says indicates the source of gold is likely within 100 metres from the sample location.
Results are still pending for 35% of the sampling program.
Matador Mining (ASX:MZZ chief geologist Warren Potma said the 60km2 Malachite area is an exciting greenfield target for the company.
“Following the completion of our 40-kilometre detailed magnetic survey of the multi-million-ounce Cape Ray Shear Zone in 2021, we identified Malachite as a priority area with a complex network of intrusions, crosscut by faults and shears splaying off the largest bend anywhere along the CRSZ,” he said.
“This area has never been drilled and has received only minor historic surface sampling.
“The Malachite area exhibits all the structural and geological complexity we look for when targeting multi-million-ounce gold ore bodies.
“As we await the remaining assays, we are now preparing to start a comprehensive exploration program over the Malachite area that will include infill gold grain till sampling and power auger drilling with an aim to identify specific areas for diamond drilling as rapidly as possible.”
This article was developed in collaboration with Matador Mining Limited, 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.