Company
ASX:MZZ
AuMEGA Metals Ltd is utilising best-in-class exploration to explore on its district scale land package that spans 110 kilometers along the Cape Ray-Valentine Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada’s largest identified gold structure. This zone currently hosts Equinox Gold’s Valentine Gold Project, a multi-million-ounce deposit which is the region’s largest gold project, along with AuMEGA’s expanding Mineral Resource.
146 stories · page 6 of 8
Drilling has delivered strong grades and widths, extensions to the east and better defined the geometry of high-grade domains within the existing Isle Aux Morts mineral resource area.
Canaccord analysts Paul Howard and Tim McCormack believe the real prize of a brand new + 1 million ounces discovery at the company’s Cape Ray Gold Project remains likely in 2021.
The intersection of higher gold grades over greater widths than anticipated within the existing mineral resource area demonstrates the upside potential of the resource.
Hole CRD162 is the highest-grade intersection drilled at Isle aux Morts and the best hole drilled by Matador on the project.
Exploration work at the Cape Ray Gold Project has successfully concluded for the 2020 exploration season with a total of 83 holes for 10,561 metres drilled.
The company is systematically exploring along a 120-kilometre-long strike at the Cape Ray Gold Project in Newfoundland, Canada.
Both Stuart McKenzie and Carol Marinkovich will act as joint company secretaries for the company.
Looking forward, the company is focused on its exploration program across its landholding at Cape Ray with 12 targets expected to be drill tested next year.
The company’s strategy is to prioritise growth through new greenfield discoveries while continuing to progress mineral resource extension and infill drilling in the known deposits.
Drilling also extends Window Glass Hill and Isle aux Morts mineralisation outside their existing mineral resource wireframes, with significant gold intercepts.
The gold explorer has identified 12 new top-priority exploration targets which, following additional groundwork, are expected to be drill tested in 2021.
Step-out drilling at Angus and further extensional drilling at the Window Glass Hill deposit is planned, along with drill testing of additional regional exploration targets.
Dr Nicole Adshead-Bell has been appointed a non-executive director and will support the company’s efforts to enhance its profile in North America and broaden its shareholder base.
Post the June quarter, Matador raised $8.7 million via a placement to institutional, professional and sophisticated investors.
The company believes the Cape Ray Project shows great potential to become a gold operation in the future and is planning extensive exploration to expand the project's mine life.
Potma’s appointment positions the company to deliver on its target of identifying new discoveries across the Cape Ray tenements in Newfoundland, Canada.
Shaw and Partners has initiated coverage on Matador with a Buy recommendation and an 80 cents per share price target.
Following quarter end the company set out its exploration strategy with the primary objective to grow the resource base through brown-fields expansion.
Between 2,000 and 7,000 metres of drilling is planned for follow-up on the most prospective targets identified from the magnetics and trenching.
The company’s shares closed at an all-time high of 48 cents on Friday, which is a four-fold rise from 12 cents per share in March this year.
