Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF) has confirmed the presence of basement gold during its inaugural diamond drill program over the Cape Ray Shear Zone’s (CRSZ) Malachite Target in Newfoundland, Canada.
The gold explorer conducted 1,740 metres of diamond drilling and discovered anomalous gold in four of 11 holes. The best intersections include:
- 1-metre at 1.72 g/t gold from 34 metres;
- 1-metre at 1.21 g/t from 74 metres;
- 1-metre at 0.73 g/t from 80 metres; and
- 1-metre at 0.50 g/t from 112 metres.
Diamond drilling “the very beginning”
Matador CEO Sam Pazuki said: “With the presence of gold mineralisation in basement rocks, the results from the first-ever drill holes into the Malachite target area have met our expectations and increased our confidence in the prospectivity of this target area.
“The Malachite area is large … the 11 drill holes Matador completed before the end of 2022 are only the very beginning of our Malachite exploration efforts.
“In fact, the specific focus areas we drilled, particularly at MAL02 and MAL03, are themselves expansive areas requiring a lot more work, which we are planning for in 2023.
“This initial and inaugural diamond drill program was designed to test specific interpreted geological structures splaying off the CRSZ and to confirm the presence of primary gold mineralisation.
“As a reconnaissance drilling program, it was designed not only to discover gold but also to allow us to better understand the source of the significant mineralisation we previously identified on surface through our till sampling and prospecting programs.
“Based on the data collected from our 2022 exploration program, we are currently going through comprehensive analysis, the results of which will inform our specific exploration activities for 2023.”
Emerging gold target
The Malachite target encompasses a 60-square-kilometre prospective trend at the centre of Matador’s 120-kilometre continuous strike tenement package.
It’s on a major bend along the CRSZ, a multi-million-ounce gold structure that hosts Matador’s 837,000-ounce resource and Marathon Gold’s +5-million-ounce resource.
Malachite has become a priority target due to its potential to host large, multi-million-ounce gold deposits. The prospect has compelling geochemistry but has seen limited systematic exploration and no diamond drilling.
Within the Malachite target, Matador is honing in on three areas of interest, each of which fit the bill for helicopter-supported diamond drilling in late 2022.
Fast forward to today, and the explorer’s first-pass reconnaissance program met all three of its objectives:
- to test possible major structures;
- to identify large hydrothermal systems; and
- to intersect bedrock gold mineralisation.
Work continues in 2023
Matador’s focus has turned to analysing the data collected across Malachite and other greenfield targets.
Concurrently, evaluation is underway across the brownfield assets, home to the company’s mineral resource. Ultimately, this evaluation will set a course for the 2023 drill program.
This year’s program is expected to focus on Malachite but there’s more work to be done at a suite of greenfield prospects.
Activity on the cards includes reverse circulation and diamond drilling, as well as prospecting and desktop analysis.
Pazuki concluded: “My expectation is that we will conduct a comprehensive 2023 exploration campaign … I expect our main focus and activities, collectively with our strategic partner B2Gold, to be in exploring Malachite.
“Our exploration program is expected to also include additional work at the separate Hermitage Project and other targets along and within the multi-million-ounce CRSZ.”