Matador Mining is seeing impressive drill results from its 45,000m drill program on the Cape Ray Shear in Newfoundland. Up to ninety percent of the holes are expansion drilling. Matador is employing a three-layered systematic approach (heli-mag, auger drilling then diamond drilling) to exploring the Cape Ray Shear. Some recent results include diamond drilling of 19m at 4.2g/t gold only 9m down hole; rock chips samples of 191g/t gold; and auger drilling hits of 55.4g/t gold. In this interview, executive chairman Ian Murray provides an update on Matador’s progress, exploration plans and what news flow to expect over the next quarter.
Matador Mining (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) is a gold exploration company with tenure covering 120 kilometres of continuous strike along the highly prospective, yet largely under-explored Cape Ray Shear in Newfoundland, Canada. The Company released a Scoping Study which outlined an initial potential seven-year mine life, with a forecast strong IRR (51% post Tax), rapid payback (1.75 year) and LOM AISC of US$776/oz Au (ASX announcement 6 May 2020).1 The Company is currently undertaking the largest exploration program carried out at Cape Ray, with 45,000 metres of drilling, targeting brownfield expansion and greenfields exploration.
0:52 Three-layered exploration program
4:13 Matador found a way to speed up assay lab turnaround time
6:29 Target Area One drill results and exploration plans
9:30 Comparing Cape Ray Gold project to Marathon Gold’s Valentine project
11:27 Window Glass Hill Granite target testing at depth
12:24 “At a minimum we are chasing a 10-yr mine life” before starting PFS
14:13 Drilling at Big Pond intersects 55.4 g/t gold
19:28 Ninety percent of drilling is expansion drilling
21:01 Target Area Two initial results and exploration plans
24:33 Target Area Three’s prospectivity
27:10 Ian’s visit to Newfoundland
Tickers: ASX:MZZ | OTCQX:MZZMF | FSE:MA3
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