Join our daily newsletter At The Bell to receive exclusive market insights
- Gold explorer Matador Mining (MZZ) has reported on the company’s activities during the quarter ending December 31, 2020
- The company successfully concluded its 2020 exploration program at the Cape Ray Gold Project, drilling a total of 83 holes
- In particular, Matador welcomed significant gold intercepts at the Isle aux Morts and Window Glass Hill deposits
- As of December 31, 2020, the company’s cash balance stood at approximately $8.1 million
- Matador Mining closed 7.35 per cent higher to trade for 36.5 cents per share
Gold explorer Matador Mining (MZZ) has reported on the company’s activities during the quarter ending December 31, 2020.
The company’s main focus has been on developing and exploring the Cape Ray Gold Project in Newfoundland, Canada. The Project is located across 120 kilometres of continuous strike in a proven but under-explored Cape Ray Shear.
During Matador’s most recent quarter, the company successfully concluded its 2020 exploration program the Cape Ray Project. In total, 10,561 metres were drilled across 83 holes.
32 of those holes were drilled for greenfields exploration, with 30 holes for brownfields extensional drilling, and 16 holes for resource infill drilling. Results for 31 holes from the year’s drilling will be reported during the March 2021 quarter.
Matador reported a number of significant intersections, including the first new gold discovery at the Project in over 20 years. The company also reported significant intercepts at the Isle aux Morts and Window Glass Hill deposits.
In Matador’s review of its quarterly activities, the company stated that both resource expansion and greenfields exploration drilling delivered pleasing results, with shallow multi-gram-metre gold intersections.
“Approximately 75 per cent of the 2020 drilling program was focused on newly identified greenfield targets and resource expansion step-out drilling,” the statement read.
“Results to date reinforce the company’s firm view that the Project has potential to host significant gold systems, but remains poorly explored, which represents a compelling opportunity to grow the existing Mineral Resource base on the Cape Ray Project,” the company added.
During the quarter, Matador Mining also appointed Carol Marinkovich as Joint Secretary of the company, a role she shares with Stuart McKenzie. Carol has over 25 years of experience in the resources industry, and is well-versed in company secretary and corporate governance practices.
As of December 31, 2020, the company had a strong unaudited cash balance of approximately $8.1 million.
Matador Mining closed 7.35 per cent higher to trade for 36.5 cents per share.
