Company’s Largest Ever Exploration Programme Underway In Newfoundland
Matador Mining Limited (ASX: MZZ) has begun exploration activities at the company’s 100% owned Cape Ray Gold Project in Newfoundland, Canada, and are anticipated to continue through 2021 and into 2022.
The 2021 programme has commenced three months earlier than previous year’s programmes and is anticipated to incorporate the first winter exploration drilling undertaken by the company.
The highlight is the largest diamond drilling programme ever undertaken by the company with upwards of 20,000 metres planned
The average drill hole depth in 2020 was 120 metres from surface with 80% of gold mineralisation encountered less than 80 metres from surface.
Other highlights include:
- The 2021 drilling programme is aimed at expanding gold mineralisation around known deposits while testing up to nine new greenfield target areas
- Innovative ATV-mounted power-auger multi-element geochemistry drilling program will be used for systematic and rapid definition of advanced targets for follow-up diamond drilling
- Pathfinder elements from basement multi-element geochemistry will be used to map the mineralisation halo below shallow till cover, which previous work has indicated can extend up to 100 metres from the gold mineralisation.
- A detailed heli-magnetic geophysics programme will be carried out to improve targeting of potentially mineralised structures beneath the shallow till cover over 45 km of Project strike
Executive Chairman, Ian Murray, said the company is in a strong financial position with C~$8million cash as at March 31, 2021:
“Following our successful 2020 exploration season, we are excited to start this year’s program in what is shaping up to be the largest undertaken by the company,” Mr Murray said.
“Significant planning occurred during the northern winter season to allow for the early start to the drilling campaign, and I would like to thank our geological team and in-country contractors for the effort they have put in.
“We see excellent potential for Mineral Resource growth at each of our known deposits, which will be the initial focus of our diamond drilling program. However, the potential for transformational new discoveries across our under explored package is the most exciting part of the program.
“Preliminary work on the first of nine new high priority target areas is underway. Importantly, each of these target areas is within only 15 kilometres of existing Mineral Resources and our Central Project Area.
“This year promises to be an exciting one for the company on a number of fronts and should ensure strong on- going news flow throughout. We would like to thank all existing shareholders for your continuing support and look forward to keeping you regularly updated on our activities throughout the year.”