Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF) has delivered encouraging results from an extensive till sampling program near its Cape Ray Gold Project in Canada.
The program was completed in late 2021 and eight additional high-tenor gold grain anomalies have been identified in the western side of the 15 x 4-kilometre Malachite structural target area.
Other highlights include:
- 336 gold grains recovered in one till sample collected 470 metres south of the Cape Ray Shear Zone (CRSZ) containing 76 pristine gold grains indicating the sample was taken close to the gold source.
- A total of 17 high-tenor gold grain anomalies have now been identified at Malachite, including the 716 gold grain samples previously reported.
Remaining one third of the till-HMC gold grain analysis samples together with previously reported gold grain analyses.
Prospective new area
Matador managing director Sam Pazuki has labelled the results highly encouraging as they confirm the prospectivity of the new area.
“The final batch of till samples from Malachite has further confirmed how prospective we believe this new area to be. Finding gold grains in these numbers, and with so many in pristine condition, is highly encouraging and suggests we could have gold-bearing structures in bedrock very close to the sample location,” Pazuki said.
“Matador has one of the largest tenement packages in Newfoundland and these new geochemical anomalies identified at Malachite are a primary driver for our recent decision to test the greater potential of this multimillion-ounce gold belt.
“The Malachite area is underexplored with no exploration drilling to date and only a fraction of the area sampled. We are planning our summer exploration program in which we will conduct extensive field work, primarily at Malachite, to identify specific areas in which to diamond drill and expect this drilling to commence this summer.
“Newfoundland remains one of most underexplored tier-one jurisdictions globally and we are well positioned on the largest and currently most highly endowed gold structure on the island to make new discoveries.”
About the till sampling and gold grain analysis
The Malachite area in the centre of Matador’s 120-kilometre-long Cape Ray Shear tenement package, is on the largest structural bend along a multi-million-ounce corridor which hosts Marathon Gold’s 4.8-million-ounce resource and Matador’s 837,000-ounce resource.
This area is geologically complex, with a large array of interpreted faults and shear zones splaying off the CRSZ and wrapping around multiple intrusions and other prospective host rocks.
Towards the end of 2021, Matador finished extensive till sampling across Malachite, covering 15 x 4 kilometres – an area larger than that hosting the 4.8-million-ounce Valentine Lake project to the north.
The Malachite structures were revealed through a detailed magnetic survey completed in 2021 with data received and interpreted late in the year.
In addition to conventional 1-kilogram till geochemistry samples collected at a 400 x 100 metre spacing, 12-kilogram till samples were collected on a 400 x 400 metre sample location grid which were submitted for gold grain analysis (completed for Matador by Overburden Drilling Management Ltd).
Two thirds of the gold grain results were reported on April 20, 2022, with those results identifying nine high-tenor gold grain anomalies, three of which were at the edge of the survey area and open in multiple orientations.
Of the nine anomalies identified, one sample at the northern edge of the survey area returned a gold grain count of 716 grains, including 607 pristine grains indicating the sample was likely taken less than 100 metres from the basement gold source.
This sample was taken proximal to the junction of second and third order fault splays 2.9 kilometres north of the CRSZ.
The remaining gold grain analyses being reported reveal an additional eight high-tenor gold anomalies in the western portion of the program area with one sample 400 metres to the south of the CRSZ at the edge of the survey area returning a count of 336 gold grains (including 76 pristine grains).
To the northwest, another sample returned 57 pristine gold grains from a total of 62 grains, 2.5 kilometres north of the CRSZ.
What’s next
MZZ will send several field crews to infill and extend till sampling around the priority anomalies.
The company will also refine future diamond drill targets using Matador’s power auger basement geochemistry core sampling methodology.