New Discovery A Highlight Of 2020 Programme
Matador Mining Limited (ASX: MZZ) has completed a significant 2020 drilling programme at the company’s 100% owned Cape Ray Gold Project in Newfoundland, Canada.
The Cape Ray Gold Project comprises of 120km of continuous strike in the proven, yet under-explored multi-million-ounce Cape Ray Shear gold corridor. Matador is the largest continuous land holder along this highly prospective shear zone.
Matador’s 2020 drilling programme yielded some of the best drilling results ever reported from the Cape Ray Gold Project despite a delayed start to the 2020 field season due to COVID-19.
A total of 10,768 metres of exploration drilling (all diamond drill holes) was completed between July- November 2020, comprising a combination of greenfields (41%), extensional (40%) and Mineral Resource infill (19%) drilling.
An additional 1,528m of geotechnical and hydrological drilling was also completed to support ongoing mining and environmental studies.
Executive Chairman, Ian Murray, said the 2020 drilling season yielded numerous successes for Matador:
- The highest-grade assay ever drilled by Matador at the Project one metre at 79.9g/t Au;
- The best intercept ever drilled by Matador at the Project 18 metres at 11 g/t Au (197g.m Au);
- The first new discovery on the Project in more than 20 years – Angus discovery hole (20 metres at 2.4 g/t Au) approximately one kilometre south-west of Window Glass Hill Mineral Resource;
- Of the 75 holes drilled (10,768m), 76% reported significant intercepts (>0.5g/t Au cut off); and
- 80% of all gold contained in significant intercepts for 2020 drilling is within 80 (vertical) metres of surface (All reported significant intercepts for 2020 are within 150 vertical metres of surface).
“The 2020 drill programme set the benchmark for the company. We achieved multiple records and milestones, highlighted by the first new gold discovery at the Cape Ray Gold Project in more than 20 years and the expansion of gold mineralisation around existing Mineral Resources,” Mr Murray said.
One of the more impressive 2020 drilling statistics is that 80% of all gold is contained in significant intercepts drilled within 80 vertical metres of surface. This demonstrates the potential of the Cape Ray Gold Project and supports the ongoing company strategy of targeting shallow, open-pittable gold deposits in an immature exploration environment, as we look to expand upon the already robust platform that was set in the May 2020 Scoping Study.
“With the foundations now established, we look forward to providing additional information shortly on what will be one of the most ambitious exploration programmes undertaken at the Cape Ray Gold Project. With preparations well advanced, we are looking to hit the ground running early next quarter.”