Matador Mining Limited (ASX:MZZ) has discovered anomalous gold mineralization through the 2022 prospecting programme at the Long Range target area along the Cape Ray Shear Zone (CRSZ) in Newfoundland, Canada.
Highlights
• Prospecting at Long Range yielded a peak gold value of 0.77g/t Au (MR001131 – float) along with anomalous pathfinder elements including silver, bismuth, copper, lead, tellurium, etc.
• Gold mineralization discovered was located 8km away from multigram historical samples, extending the strike extent of anomalous gold mineralization at Long Range to 11km.
• Historic Long Range work includes a focus area with an anomalous footprint of >300m along and across strike, with a peak undrilled in situ gold value of 11.6g/t Au sampled.
• Long Range now ranks as a high-grade, in-situ, gold-bearing diamond drill target for the Company in 2023.
“The latest results from our 2022 Greenfields prospecting programme continue to demonstrate the prospectivity of our extensive tenement package in Newfoundland along the vastly underexplored Cape Ray Shear Zone,” Managing Director and CEO, Sam Pazuki, said.
“The Long Range target area is another large area in our portfolio that is only 10km away from Channel-Port aux Basques and easily accessible from the Trans-Canada Highway. Despite some high-grade historic samples, it has remained largely underexplored despite its favourable logistical setting.
“The 2022 prospecting at Long Range took place on days where Malachite was inaccessible due to weather. In these instances, which became more frequent in November, our field crews were dispatched instead to areas like Long Range that are accessible by road. In addition to accessibility, we selected the Long Range target area due to historic work completed further along strike.
“The results from our program at Long Range exceeded our expectations with new gold showings several kilometres away from the 11.6 g/t historic in-situ sample on the same structure. As a result, we now have a new, large area that is drill ready for us to explore.”
“Although the bulk of our 2023 exploration program will be focused on the extensive Malachite target area, we will undertake low cost, high-value work at other areas including Long Range with prospecting, sampling, mapping and reconnaissance diamond drilling.
“As previously mentioned, we are currently working through comprehensive analysis of the extensive amount of data collected over the past few years. This work is to allow us to prioritize our 2023 exploration activities to maximize return on investment and deliver long-term shareholder value.”
Historic Work
The Long Range area has had limited historical work. Reconnaissance surficial geochemistry programs, IP surveys and subsequent trenching was conducted by BP and Inco in the 1980’s. The most comprehensive historical work was conducted by Dolphin between 1989 and 1991 where the LRM01 target was discovered from a soil sampling grid returning a value of 1.1g/t Au.
The target was recommended to receive follow up trenching and diamond drill testing however the work never availed. Cornerstone and Benton Resources both followed up on this historic Dolphin prospect and delineated outcropping sulphide-bearing quartz veins hosted within the Windsor Point Group. The LRM01 focus area has an anomalous footprint of >300m along and across strike, with peak in situ gold values of 11.6g/t Au sampled.
Planned 2023 Exploration Activities at Long Range
The company has ranked the Long Range target area as a diamond drill target during its 2023 drilling campaign. In addition to drilling, the Company will conduct follow-up prospecting, mapping and sampling at Long Range, infilling the 8km of open strike to the LRM01 showing.
This open area is in a favourable structural position, located on the structural hanging wall of the CRSZ, hosted within the Windsor Point Group. The company’s current Mineral Resources are exclusively hosted in the Windsor Point Group and associated intrusions.
For further information please visit: https://matadormining.com.au/
