Matador Mining Ltd (ASX:MZZ) (OTCMKTS:MZZMF) executive chairman Ian Murray presented at Proactive’s Gold Webinar on May 11 highlighting the latest news from its Cape Ray Project in a global hotspot for gold exploration - Newfoundland, Canada.
The company’s project, which lies in a proven multi-million-ounce gold system called the Cape Ray Shear Zone has a strike length of around 120 kilometres, including 105 kilometres which have never been tested before.
Murray discussed the province’s exploration renaissance with Canadian companies such as New Found Gold Corp (CVE:NFG) and Marathon Gold Corp (TSE:MOZ) – boasting market caps of $1 billion and $600 million respectively - hunting for the next major discovery close to MZZ’s tenements.
Well-funded to advance exploration
Fully funded with a market cap of around A$65 million and A$8 million in the bank, the company is in a strong position to advance its 2021 exploration program.
Following the company’s discovery of the Angus target after 10,500 metres of drilling – the first discovery in more than 20 years on the Cape Ray Shear Zone - Matador is kicking off its largest program ever undertaken in May with more than 20,000 metres of diamond drilling.
Matador plans to use an innovative ATV-mounted power-auger multi-element geochemistry drilling program for systematic and rapid definition of advanced targets for follow-up diamond drilling.
This program is aimed at expanding gold mineralisation around known deposits while testing up to nine new greenfield target areas.
Strong news flow through 2021
Murray said: “This year we aim to make additional new discoveries on this belt – last year we made the discovery of Angus and this year we aim to make more discoveries by testing nine priority targets that we identified last year.
“These targets are ready for immediate testing in 2021.”