Matador Mining Ltd (ASX:MZZ) has made a new gold discovery, Angus, about 1-kilometre southwest of Window Glass Hill (WGH) deposit which further enhances the potential of the Cape Ray Gold Project in Newfoundland, Canada.
The discovery was made during an ongoing 12,500-metre drilling program with results of up to 12 metres at 3.8 g/t gold from 85 metres.
Five of the first eight holes at Angus intersected multiple intervals of gold mineralisation with other strong results including 35 metres at 0.52 g/t from 34 metres and 10 metres at 0.67 g/t from 15 metres.
The gold mineralisation style at Angus is different to the WGH Deposit, confirming a third mineralisation style on the Cape Ray Project.
“Excellent start”
Executive chairman Ian Murray said a new gold discovery so early in exploration was an excellent start.
He said: “Whilst more work is required to prove the potential of the Angus discovery, early results are promising.
“We drilled this target after systematically compiling and interpreting multiple data sets to define and rank exploration targets.
“The company will continue to apply this strategy to ongoing exploration efforts."
Expanded footprint
Murray said: “In addition to the Angus area, we are pleased to have expanded the mineralised footprint around the Window Glass Hill deposit.
“Identification of additional, steeply dipping, mineralised vein sets subordinate to the known shallow dipping high-grade vein set increases the potential to expand the resource base.”
Drill targets are based on a reinterpretation of historical IP and geochemical data integrated with newly acquired detailed ground magnetics.
A further 16 holes have been drilled cross the WGH and Angus areas with results pending.
Integrated exploration approach
Step-out drilling has also extended gold mineralisation to the southwest with results including:
- 1.53 metres at 13.99 g/t from 40.2 metres and 2 metres at 4.81 g/t from 46 metres;
- 3.6 metres at 3.48 g/t from 9.4 metres; and
- 5 metres at 1.41 g/t from 93 metres and 0.3 metres at 45.87 g/t from 138.6 metres.
This initial drill success was achieved through an integrated exploration approach, providing the company with a targeting tool for this type of mineralisation style elsewhere in the Cape Ray Gold Project.
Looking ahead
A second strong linear magnetic low trending east-west in the centre of the ground magnetic survey has been identified and will undergo an initial drill campaign in coming weeks.
Additional drilling is planned to test for these previously under-sampled vein orientations within the WGH mineral resource.
This has the potential to yield additional gold endowment within the current mineral resource volume.
In addition to the ongoing assessment and drilling of additional greenfields exploration targets across the project, Matador aims to follow-up on this exciting new gold discovery when the outstanding assay results have been received and interpreted.