33 New Targets Identified At Cape Ray Gold Project
Matador Mining Limited (ASX: MZZ) has accelerated its Cape Ray Gold Project greenfield exploration activities in Newfoundland, Canada and identified 33 new gold targets.
Executive Chairman, Ian Murray, said the company is moving ahead strongly in its aim to explore and develop the Cape Ray Gold Project, which is located across 120 km of continuous strike in a proven, yet under-explored multi-million ounce gold structure.
Its current greenfield exploration activities are progressing with ground magnetics, structural, geochemical, and spectral analysis programs well underway. This work was fundamental in the identification and drill testing of the recent Angus gold discovery.
The company has now identified 12 new top-priority exploration targets which, following additional groundwork, are expected to be drill tested in 2021. An additional 21 prioritised exploration targets are also in the project pipeline.
The company has focused on data mining of historical exploration information, combined with new greenfield exploration, during the early part of the 2020 programme to increase the probability of drill success.
This included completing 323 line-km ground magnetic survey along with mapping, soil and rock chip sampling and person portable drilling over 20 square km of the tenement package.
Specialist structural geologists have supported the mapping and first pass rock chip/soil sampling program in the northern part of the Cape Ray Gold Project. This approach is integral to designing systematic geochemical sampling programs in new areas.
“I was initially attracted to Matador due to the scale of the known gold system combined with the under-explored nature of the Cape Ray Gold Project. However, I did not appreciate just how little exploration had occurred at the Project outside of the area with the defined Mineral Resources,” Mr Murray said,
“The Project has features similar to other prolific greenstone belts hosting multi-million-ounce gold deposits yet has minimal drill testing with only 20 holes across 105 km of strike. “I am confident that our exploration team will continue to deliver outstanding exploration results. Longer term, the Project will benefit from its first world location in a jurisdiction with a strong history of resource extraction and proximity to existing infrastructure.”