Matador Mining Ltd (ASX:MZZ) has increased the gold resource at its Cape Ray project in Newfoundland, Canada, by 36% to in excess of 1 million ounces.
Resources have been defined across four areas within the exploration area, which covers a strike of around 14 kilometres consisting of the Central Zone, Window Glass Hill, Big Pond and Isle Aux Mort.
810,000 ounces at 2.6 g/t
The majority of this resource is contained within Central Zone, which hosts 810,000 ounces at a grade of 2.6 g/t.
This zone is over a strike length of less than 3 kilometres of the total 65 kilometres of strike within the company’s tenements.
Matador Mining managing director Paul Criddle said: “Following the completion of our inaugural drill program in late 2018 we are pleased to report the resource at the Cape Ray project has grown to in excess of one million ounces of gold.
Potential open pit operation
“The key area for the resource growth came from the Central Zone which grew by 55% to 810,000 ounces.
“This area is quickly taking shape as being the pillar of the project’s future development, not only due to the size of the existing resource but more importantly the relatively high-grade of the ore.
2019 exploration planned
“Considering the majority of mineralisation is less than 200 metres from the surface, there is strong possibility of an open pit operation at Cape Ray.”
“In addition to the increased resource, initial regional exploration work is nearing completion with the result of this work and an outline of the 2019 exploration program for release in the coming weeks.”
- Jessica Cummins