Matador Mining Limited (ASX: MZZ) has made a new gold discover in its ongoing 12,500m drill programme at the Cape Ray Gold Project in Newfoundland, Canada.
Assays have confirmed gold mineralisation in the new Angus discovery near the Window Glass Hill deposit at Cape Ray.
The company’s strategy at Window Glass Hill (WGH), which hosts an existing Mineral Resource of 232,000oz at 1.6g/t Au, is to test extensions to the known gold zones and infill drill the main zone to increase Resource confidence.
Following a close-spaced ground magnetic survey across the southern portion of the WGH granite in August 2020, and reprocessing and reinterpretation of historic IP chargeability and surface rock chip geochemical data, the company identified a number of conceptual targets (Targets A-C) up to one kilometre south-west of the existing WGH Mineral Resource.
Executive Chairman, Ian Murray, said drilling was immediately directed to testing the most compelling of these new conceptual targets, with assays confirming gold mineralisation in the new gold discovery on Target A, now known as the Angus discovery.
A new gold discovery so early in this exploration season is an excellent start. Whilst more work is required to prove the potential of the Angus discovery, early results are promising,” Mr Murray said.
“We drilled this target after systematically compiling and interpreting multiple data sets to define and rank exploration targets.
“The company will continue to apply this strategy to ongoing exploration efforts.
“In addition to the Angus area, we are pleased to have expanded the mineralised footprint around the Window Glass Hill deposit. Identification of additional, steeply dipping, mineralised vein sets subordinate to the known shallow dipping high-grade vein set increases the potential to expand the resource base.”
The initial drill programme completed over Angus resulted in five of the first eight holes intersecting multiple intervals of gold mineralisation, including:
- 12m at 3.81 g/t Au from 85 metres; and
- 10m at 0.67 g/t Au from 15m and 35m at 0.52 g/t Au from 34 metres; including one metre at 5.37 g/t Au, one metre at 1.47 g/t Au and two metres at 2.4 g/t Au.
Mr Murray said the broad lower grade intersections indicate that the mineralisation style in this area of the WGH Granite is different to the discrete stacked high-grade quartz-galena-gold vein-style mineralisation typical of the existing WGH Mineral Resource. This expands the gold endowment potential of the Cape Ray Gold Project.
Angus gold mineralisation remains open in all directions, and the true thickness and orientation of the mineralised intervals are currently unknown due to the multiple stringer vein orientations associated with the host stockwork structures.
Another exploration drill hole fence was drilled to test the ~700m long continuation of the coincident Mag-IP anomaly between the new discovery holes and the existing WGH Mineral Resource. Assays are pending.