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- Matador Mining (MZZ) intersects 55.4 grams per tonne of gold during power auger drilling along the Big Pond area at the Cape Ray Gold Project in Canada
- This is the company’s first exploration drilling program in the Big Pond area
- The drilling found six high-priority targets for diamond drilling
- One diamond rig is currently being mobilised to the area to commence drilling on these high priority targets
- Just before the market opens for the day, Matador last traded at 42 cents per share
Matador Mining (MZZ) has intersected 55.4 grams per tonne of gold during power auger drilling along the Big Pond area at the Cape Ray Gold Project in Canada.
The company completed a systematic 200-by-50 metre spaced power auger drilling across the four-kilometre Big Pond area.
This drilling has identified bottom-of-hole gold anomalies across the Big Pond area, this includes an intersection of 55.4 grams per tonne of gold.
Through this work, Matador has generated six high-priority targets for diamond drilling.
One diamond rig is currently being mobilised to the area to commence drilling on these high priority targets.
Notably, only 10 diamond drill holes have been previously drilled in this area.
Executive Chairman, Ian Murray, said “this is a very promising start” to the first greenfield exploration program in the Big Pond region.
“This area, like the majority of the project has received very little historic exploration, which we believe is due to the thin till cover which covers nearly all of the region,” Mr Murray said.
“We are very excited that the heli-magnetic results identified a number of previously unrecognised structures in the Big Pond area, which together with these excellent power auger results, have delivered six new diamond drilling targets where drilling is now underway.”
Mr Murray is currently in Newfoundland visiting the project and said he has been “blown away by the prospectivity of the project.”
“You only truly grasp the vast potential we are slowly beginning to unlock by being on the ground,” he told the market on Tuesday.
“The team we have assembled is doing a fantastic job as they continue to work tirelessly at multiple work areas across the project. I have also had meetings with the government, and they are fully supportive of the work we are doing as they
look to accelerate the gold mining industry across the province.”
Just before the market opens for the day, Matador last traded at 42 cents per share.
