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.
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