Matador Mining’s Cape Ray project in Canada is shaping up to be larger than originally thought – with diamond drilling at the Window Glass Hill Granite (WGHG) deposit intersecting 36 g/t gold outside of the existing mineral resources.

Bottom-of-hole core assays have returned up to 2.4 g/t and generated five new high priority targets in previously untested areas of WGHG.

The company is confident this indicates the gold mineralisation is widespread in these previously undrilled areas.

Diamond drilling results include:

  • 8 metres at 5.1 g/t from 62 metres, including 1 metre at 36.2 g/t (CRD212);
  • 22 metres at 1.2 g/t from 91 metres, including 1 metre at 5.0 g/t (CRD212);
  • 4 metres at 3.6 g/t from 74 metres, including 1 metre at 5.2 g/t (CRD210);
  • 6 metres at 2.2 g/t, including 1 metre at 9.7 g/t from 351 metres (CRD187); and
  • 3.4 metres at 3.6 g/t, including 1 metre at 8.8 g/t from 141.6 metres (CRD188).

Assays are pending for an additional 20 diamond drill holes (at WGHG), and 330 power auger holes at Big Pond.

Potential for an open pit gold project 

Matador Mining (ASX:MZZ) executive chairman Ian Murray said the company was bolstered by the continued results from WGH.

“Our initial diamond drilling program targeted extensions to the existing Window Glass Hill mineral resource, with results successfully increasing the known gold mineralised region, providing potential for further mineral resource growth,” he said.

“Importantly, most of the drilling intersected gold at less than 100 metres from surface, which is a positive indicator for the targeted open pit gold project.”

Larger gold system than previously thought

“Possibly more significant in the long-term are power auger results indicating potential for the entire Window Glass Hill Granite to be a much larger gold system than previously considered,” Murray said.

“The majority of this system is untested historically, in part we believe, due to the thin till cover.

“We now have the tools to cost-effectively and successfully test below this veneer, providing an improved understanding of the geology, and generating exciting new targets at a rapid rate.

“Finally, with five rigs now active in the field (two diamond and three power auger rigs) as well as being over the initial ‘hump’ in receiving our first significant batch of results, we anticipate ongoing news flow moving forward.”

Testing greenfields target areas

The power auger drilling strategy is central to the company’s greenfield exploration program because the agile rigs are capable of drilling through up to 10 metres of till cover – providing a basal till sample and a bottom of hole diamond core sample for gold and multi-element analysis.

Essentially this approach allows Matador to test large regions rapidly and cost-effectively with limited outcrop and no historic drilling with highly effective multi- element pathfinder geochemistry.

Two diamond drilling rigs and three power auger rigs are currently active, with the focus now shifting to testing high priority greenfields target areas.

 

 

 

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.

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