- Matador Mining (MZZ) receives additional drill results from its winter 2022 exploration program at the Cape Ray project in Canada
- Almost 6000 metres of drilling was completed over several targets with previous results returning high grades of six metres at 13.3 g/t gold from the Central Zone
- Today’s assays come from PW-East and Stag Hill, however, the latter target generated low-grade results and the company has chosen not to follow it up
- Positively, PW-East returned high grades and confirmed the Window Glass Hill Granite-hosted mineralisation extends to at least 275 metres northeast
- MZZ ends the day 2.94 per cent in the red with shares trading at 16.5 cents
Matador Mining (MZZ) has received another batch of assays from diamond drilling at the Cape Ray project in Newfoundland, Canada.
The results come from Matador’s first winter drilling effort earlier this year with almost 6000 metres of drilling completed across multiple target areas including the Central Zone, PW-East and Stag Hill.
Matador Mining already received results from the Central Zone last month which included high grades of six metres at 13.3 grams per tonne (g/t) gold from 214 metres including one metre at 45.8 g/t gold from 217 metres.
Today’s results come from PW-East and Stag Hill with the latter target returning low-grade results of three metres at 1g/t gold. The company said Stag Hill has been downgraded and no further work is planned.
At PW-East, the company drilled 20 holes, for 3190 metres, to test the northeastern extension of the Window Glass Hill Granite which is proven to be a favourable host for gold mineralisation.
Results from PW-East include three metres at 10.7 g/t gold from 26 metres including one metre at 29.4 g/t gold from 28 metres, and 11 metres at 2.9 g/t gold from 44 metres.
Matador Mining said drilling in this area confirmed the WGHG-hosted mineralisation extends to at least 275 metres northeast.
Chief Geologist Warren Potma said the PW-East results highlight the potential to extend known mineralisation in the Central Zone and along the WGHG.
“The intersection of 11 metres at 2.9 g/t gold near surface, 275 metres east along strike from the easternmost significant intercept in the PW mineral resource, demonstrates the opportunity for shallow discoveries in the poorly drilled gaps between (and around) the half million ounce Central Zone mineral resources,” Mr Potma said.
The company said the drilling program provided important data regarding the structural controls of mineralisation that will support future exploration and resource updates.
MZZ has ended the day 2.94 per cent in the red with shares trading at 16.5 cents.