Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF) has appointed a new CEO after rounding out 2021 with the largest-ever annual exploration campaign at the Cape Ray Gold Project in Newfoundland, Canada.
Sam Pazuki will take up the baton as the resources stock’s new chief executive from May 1, wielding his experience across corporate strategy, mergers & acquisitions, capital markets and investor relations from Toronto, Canada.
The appointment comes after MZZ released its December quarterly report on Monday, recapping greenfields and brownfields exploration across the Cape Ray property.
The explorer was recognised as ‘Prospector/Explorer of the Year’ in December and continued to advance its environmental, social and governance strategy as it readied for 2022.
As at December 31, Matador had $11.4 million in the bank to support its exploration campaigns in the new year.
Incoming CEO
Matador advances into 2022 with a new executive on the team.
READ: Matador Mining appoints Canada-based Sam Pazuki as new CEO to steer company into next growth phase
Speaking to CEO Pazuki’s appointment, Matador executive chairman Ian Murray said: “Following an extensive executive search, we are pleased to have attracted such an accomplished and recognised executive for the role of Matador’s CEO.
“Sam has the specific skills and attributes we require to take Matador through its next phase of growth and he compliments the strong exploration team we conintue to build in Newfoundland.
“Sam and the Newfoundland team will complement our existing small Australian team.
“I look forward to working with Sam as we execute on our strategy and continue to create value for all our stakeholders.”
Greenfields/brownfields exploration
During 2021, Matador completed the largest exploration program in the history of the Cape Ray Gold Project.
The key objectives of this program were to expand the known deposits — hosting a current mineral resource of 837,000 ounces at 2 g/t gold.
It also aimed to test and define new greenfield exploration targets across the company’s large but under-explored landholding within the highly prospective Cape Ray Shear Zone.
The exploration program progressed well through the December 2021 quarter and after a short hiatus, exploration is expected to resume as the inaugural winter drill program starts in February 2022.
On the greenfields front, diamond drilling extended high-grade gold mineralisation 75 metres along strike to the south-west at the Window Glass Hill Granite (WGHG) Margin Target.
Two standout holes reported thick zones of gold mineralisation:
- 32 metres at 2.6 g/t gold from 14 metres, including 2 metres at 28.9 g/t; and
- 18 metres at 1.2 g/t from 146 metres, including 2 metres at 5.4 g/t.
In terms of brownfields work, drilling in proximity to the Window Glass Hill mineral resource (located within the 3-kilometre-long granite-hosted WGHG Mineral System) continued to intersect gold mineralisation.
Infill drilling within the current WGH mineral resource reported:
- 3 metres at 3.1 g/t from 38 metres, including 1-metre at 6.9 g/t;
- 5 metres at 1.6 g/t from 56 metres, including 1-metre at 3.7 g/t;
- 4 metres at 4.0 g/t from 109 metres, including 1-metre at 13.5 g/t;
- 2 metres at 3.1 g/t from 139 metres, including 1-metre at 3.1 g/t;
- 17 metres at 1.4 g/t from 24 metres, including 1-metre at 8.8 g/t;
- 7 metres at 1.0 g/t from 51 metres, including 1-metre at 4.2 g/t;
- 8 metres at 3.0 g/t from 97 metres, including 1-metre at 6.9 g/t; and
- 9 metres at 1.1 g/t from 17 metres, including 1-metre at 3.1 g/t and a high-grade interval of 1-metre at 12.8 g/t from 106 metres.
Matador is on track to start its inaugural winter season drilling program, weather permitting, which will comprise roughly 30 diamond drill holes for between 3,000 and 4,500 metres.
‘Prospector/Explorer of the Year’
In December 2021 Matador was recognised by the Newfoundland and Labrador Branch of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM NL) as ‘Prospector/Explorer of the Year’ for "continuous advancement and outstanding results" at the Cape Ray Gold Project.
CIM NL chair and president Jamie Powell said: “Matador continues to expand mineralisation and generate new targets within the Window Glass Hill Granite (WGHG).
“During September 2021, the company announced a 19-metre intercept of 4.2 g/t gold which is described as the best intercept drilled in the WGHG and which is outside the existing WGH mineral resource, highlighting the potential for additional high-grade gold domains across the granite body.
“Moreover, Matador is currently undertaking the largest exploration program ever carried out at Cape Ray, including brownfield expansion and systematic greenfields exploration on a 120-kilometre strike length of the Cape Ray Fault, with upwards of 45,000 metres of diamond drilling being completed in this program during 2021/2022.
“The company is well-positioned to continue its objective to expand its gold resource and make new discoveries across the broader Cape Ray Project.
“Based on its achievements, Matador Mining is a deserving winner of the 2021 CIM Newfoundland and Labrador Explorer of the Year Award.”