Matador Mining Ltd (ASX:MZZ) is on track to grow the 750,000-ounce gold resource at the Cape Ray Gold Project in Newfoundland, Canada, after receiving further high-grade results from drilling.
Of 22 holes completed and reported to date from a 36-hole, 4,000-metre diamond drilling program, all but one has intersected strong gold mineralisation, along strike of the existing resource.
This resource is hosted within a small central portion, totalling around 3 kilometres of the consolidated 65 kilometres of highly prospective ground along the Cape Ray Shear.
READ: Matador Mining extends high-grade gold mineralisation at Cape Ray Gold Project
Best new results from the Central sector of 04 Zone are 2.0 metres at 10.8 g/t gold from 78 metres; 4.9 metres at 4.8 g/t from 63 metres and 3.0 metres at 2.4 g/t from 69 metres.
Highlights from infill drilling in the Northern sector of the Isle aux Morts Zone are 10.6 metres at 2.26 g/t from 9 metres, including 5.6 metres at 3.72 g/t, 27.8 metres at 1.18 g/t from 5 metres and 3.0 metres at 1.68 g/t from 92 metres.
The inaugural 4,000-metre campaign has now completed with further results to follow in the coming weeks.
Matador managing director Paul Criddle said, “These are further strong results from our inaugural drilling campaign.
“Results from 04 Zone provide validation and extension of the deposit with a high-grade tenor observed in widths in line with the resource.
“We also note the grade of the assay results are higher than that of the current resource at this deposit, being 1.60 g/t gold.
“Isle aux Morts is an early stage, however, higher-grade deposit with a resource grade of 3 g/t.
“Results received are encouraging, as significant widths were encountered, indicating the possibility to expand on volume and inventory at this deposit further.”
READ: Matador Mining advances exploration work at Cape Ray Gold Project in Canada, returns high-grade soil samples
Once all results have been received, Matador will process and analyse all results to understand what the growth has been and to assess where the next round of targets to continue that growth story would be.
Cape Ray also hosts a silver resource of 2.7 million ounces.