Maiden Drilling At Cape Ray Ahead Of Schedule: Matador Mining

  • Nov 09, 2018 AEDT
  • Team Kalkine
Maiden Drilling At Cape Ray Ahead Of Schedule: Matador Mining

Mineral Explorer Matador today announced the progress of inaugural exploration drill campaign at the Cape Ray Gold Project. In the maiden 4000-meter drilling program at Cape Ray in Newfoundland, Canada, the company has completed approximately 3200-meter drilling, slightly ahead of schedule.

This pilot exploration program was aimed to test the extension of the currently defined deposits along strike, that could allow the company to increase the inaugural JORC resource of 750,000 ounces of Gold and 2,700,000 ounces of silver. 

Furthermore, the company has already started looking into the exploration targets for the future while commencing the first regional campaign along the 65km of unexplored Cape Ray Shear,  host to over 3.2-million-ounce gold deposits.

Matador Managing Director Paul Criddle stated that in addition to Matador’s inaugural drilling campaign, the company has also commenced a significant regional exploration program. This is the first significant greenfields exploration program at the property in 20 years.

The company’s geochemical program has discovered several true high-grade soils along key structures at Cape Ray. Moreover, the identification of soils above 1g/t gold in non-transported material was the highlight. Mr. Paul Criddle added that given the closeness to the existing resources, these greenfields hits are a great sign of prosperity of the ground at Cape Ray and “what is an evolving development story.”

Matador’s Cape Ray Gold Project is located in the province of Newfoundland in Canada. The project is hosted within Cape Ray Shear, underexplored gold belt of over 200km of strike, hosting multiple gold deposits with over 3 million ounces on a combined basis.

Progress on Matador maiden 4,000m expansion diamond drilling program has been reportedly considerable with over 3,200m completed at the end of October. The company told that the purpose of the program is to expand upon the existing resource base at Cape Ray, by targeting extension along strike.

Further, the company has also concluded a significant soil sampling program, adjacent to the current project area to identify additional drill targets along the prospective structures.

Despite announcing better than planned progress at Cape Ray exploration program, Matador closed at lower levels today. The stock price of Matador Mining Limited (ASX: MZZ) has fallen by 1.667% to close at $0.295 on 9 November 2018. But the stock has seen a positive performance change of 22.45% over the past one year.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.



All pictures are copyright to their respective owner(s) does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK