- Matador Mining (MZZ) has provided an update regarding exploration work at its Cape Ray Gold Project in Canada
- A major focus for the 2019 exploration program has been the Window Glass Hill deposit
- Results grading up to 33.3g/t gold were identified
- The company now remains on track to release an updated JORC mineral resource estimate during January 2020
- Matador has ended the day steadily with shares trading for 26 cents apiece
Matador Mining (MZZ) has provided an update regarding exploration work at its Cape Ray Gold Project in Canada.
A major focus for the 2019 exploration program has been the Window Glass Hill deposit which is located approximately 1 kilometre from the Central Zone.
Given the success of this program, Matador has undertaken a detailed review of all historical reports from this area to improve its understanding of the deposit and help identify new targets for the future.
Historical data from Window Glass dates back more than 40 years.
The most significant results identified were structural mapping and 144 previously unreported rock chip samples.
In combination with Matador’s 2019 fieldwork, three priority exploration targets have been identified, all within 500 metres of the current resource.
Each of these targets is located along with vein sets and has high-grade rock chips with the targets poorly tested by historical drilling.
Significant results include 33.3g/t, 26.5g/t, and 17.8g/t.
“Window Glass Hill has been a highlight of this year’s exploration program with results indicating substantial growth to the existing resource and supporting our belief that this deposit will become a major part of the company’s future product strategy,” Executive Director Keith Bowes commented.
“This new data on structural mapping and rock chip samples, together with our own work in this area, clearly demonstrates the potential for further growth in the Window Glass Hill deposit,” he added.
Preliminary interpretation of this data shows the Window Glass Hill granite has been forked by a large brittle shear trending to the north-east and characterised by barren quartz blows that are visible in aerial imagery.
The company now remains on track to release an updated JORC mineral resource estimate during January 2020 with a scoping study later in the year.
Matador has ended the day steadily with shares trading for 26 cents apiece in a $25.71 million market cap.