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THE DAILY ROADHOUSE

 

Musgrave Minerals More Than Doubles Lena Deposit Gold Resource

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported a substantial resource update at the company’s 100 per cent-owned Lena gold deposit on the company’s Cue gold project in the Murchison district of Western Australia.

Matador Mining Raises $5.2M to Support Cape Ray Scoping Study

THE BOURSE WHISPERER: Matador Mining (ASX: MZZ) announced the raising of $5.2 million to support activities at the company’s Cape Ray gold project in Newfoundland, Canada.

 

Matador Mining Raises $5.2M to Support Cape Ray Scoping Study

THE BOURSE WHISPERER: Matador Mining (ASX: MZZ) announced the raising of $5.2 million to support activities at the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining raised the cash by way of a private placement of shares to institutional, professional and sophisticated investors at a price of 20 cents per share.

“The placement includes participation by directors of the company, who subscribed for 1.35 million shares, the issue of which will be subject to the approval of Matador shareholders at the company’s next general meeting,” Matador Mining said in its ASX announcement.

The company indicated the proceeds will be put towards the completion of a Scoping Study, which is on schedule to be completed later this quarter, as well as the recommencement of exploration activities at the Cape Ray project.

The capital raising follows a recent increase to the Resource at the Cape Ray project.

The updated Mineral Resource currently stands at 16.7 million tonnes at 2.2 grams per tonne gold and 6.6g/t silver for 1.2 million ounces gold and 3.9 million ounces silver.

 

Web: www.matadormining.com.au

THE DAILY ROADHOUSE

 

Matador Mining Increases Cape Ray Gold Resource

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) increased the Mineral Resource at the company’s Cape Ray gold project in Newfoundland, Canada.

Pioneer Resources Intersects High-Grade Lithium at Pioneer Dome

THE DRILL SERGEANT: Pioneer Resources (ASX: PIO) reported further results from a second drill program completed at the company’s 100 per cent-owned Pioneer Dome project in Western Australia.

 

Matador Mining Increases Cape Ray Gold Resource

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) increased the Mineral Resource at the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining delivered the increase on the back of drilling carried out at Cape Ray during 2019.

The Resource at the Cape Ray project increased by 18 per cent, growing to 16.6 million tonnes at 2.2 grams per tonne gold and 7g/t silver for 1.2 million ounces of gold and 3.9 million ounces of silver.

Just over half of this resource, 55 per cent, is classified in the Indicated category (650,000 ounces of gold at 2.9g/t gold)

Matador explained its major focus for the 2019 exploration program was at the Window Glass Hill deposit (WGH), which grew by 71 per cent to 230,000 ounces of gold (previously 134,000 ounces of gold).

The grade at WGH also increased by 34 per cent to 1.6g/t gold (previously 1.2g/t gold).

Drilling, structural mapping and high-grade rock chips samples taken by Matador have identified priority targets for the company’s 2020 exploration program at WGH.

Matador indicated the updated Mineral Resource will underpin an upcoming Scoping Study, which is scheduled for release in late March.

“Following the completion of the largest drill program at Cape Ray in more than 30 years, we are pleased to report the resource has grown to 1.2 million ounces of gold and 3.9 million ounces of silver,” Matador Mining executive director Keith Bowes said in the company’s announcement to the Australian Securities Exchange.

“Importantly, this growth has not been to the detriment of the resource grade, as the total average grade remains at just over 2.2 grams per tonne gold.

“Notably, at Window Glass Hill, which saw the most significant growth in resource size, the grade of this deposit also increased significantly by approximately 34 per cent.

“Window Glass Hill is our second largest deposit and will be an important part of the development plans going forward.

“It is also very pleasing to note that the discovery costs at Window Glass Hill of US$5 per ounce were very low and exceeded our expectations.

“Overall, total discovery costs, which included all greenfield drilling, were also very competitive at just US$12 per ounce.

“In addition to the increased resource, our regional exploration program has identified additional targets.

“Regional exploration is expected to form a more significant part of future exploration at Cape Ray.”

 

Email: info@matadormining.com.au

Web: www.matadormining.com.au

 

Matador Mining (ASX: MZZ) Explorers 2020

THE CONFERENCE CALLER: Matador Mining is looking for gold in Canada, specifically on the company’s 80 kilometres of continuous strike along the highly prospective, yet largely under-explored Cape Ray Shear in Newfoundland.

To date, only a 14km zone of that 80km package that makes up the company’s 100 per cent owned Cape Ray gold project has been drilled, but this has already established a JORC code-compliant Resource of 14.25 million tonnes at 2.2 grams per tonne gold for 1.02 million ounces of gold.

Matador Mining believes the exploration opportunity it has at Cape Ray to be extensive, something that could be considered a fair assumption, give only a small portion of the 80km strike has been drilled, and numerous high-grade gold occurrences have been observed along trend.

Indicative of this potential was the results the company achieved in the latter part of 2019 from a drill program focused on shallow resource extensions at Window Glass Hill (WGH) (currently 134,000 ounces at 1.2g/t gold).

This program consisted of 30 drill holes drilled at an average depth of 118m that substantially expanded the strike of mineralisation at WGH from approximately 500m to around 1.2km and remains open.

The drilling determined that hat mineralisation to the north is trending in an up-dip trajectory from the existing resource, with the average depth between 30m to 70m from surface.

This shallow mineralisation encountered in drilling aligned with the company’s strategy of targeting open pittable gold.

“The 2019 drill program at Window Glass Hill provides further confirmation of the importance of this deposit to the company’s overall long-term exploration and development strategy,” Matador Mining executive director Keith Bowes said.

“To have expanded the mineralisation of this single deposit to 1.2 kilometres, which remains open along strike and identified numerous new drill targets in close proximity, is a great result for our exploration team.

“We look forward to 2020’s program, which we expect will further add to this resource that is likely to become an integral part of our mining strategy at Cape Ray.”

Matador Mining has identified a number of ‘walk up’ drill targets for 2020, the testing of which will be focused on further growing the WGH resource.

Two step-out drill targets have been identified from interpreted mineralisation extensions.

The northern extents of the Central Shear 2, combined with drill results highlights the potential for further resource growth in these areas.

Three brownfield targets were identified through a combination of structural mapping, high-grade rock chips as well as historical drill results.

Exploration will initially include additional mapping and sampling prior to reconnaissance drilling later in the season, although the company is already confident in the potential of these targets, given the similarities to the current resource surface geology.

Matador believes there is plenty of untested greenfield potential about the place, withits eyes initially on the WGH granite contains the WGH deposit as well as the PW deposit, which is located on the southern extension of Central Zone.

Outside of the interpreted mineralised area, only three drill holes have been drilled on the southern portion of the granite unit on this area that stretches for approximately 2km of potential strike.

The company also completed the first soils program over the nearby Granites prospect during 2019, results from which were expected in early 2020.

Infill sampling, structural mapping and rock-chipping are planned for this area prior to potentially testing with drilling later in the season.

Matador Mining has appointed DRA Pacific to carry out a Scoping Study that will assess gold production at the Cape Ray gold project and the potential for an open pit gold operation with ore processed through a standard carbon in leach (CIL) facility.

Metallurgical testwork completed early 2019 determined average gold recoveries of 96 per cent across all deposits.

Key inputs for plant and infrastructure design have been sufficiently progressed to accurately scope the work required by the engineering consultancy.

The Study will be based on an updated mineral resource that was expected to be released early in 2020.

The mineral resource update will incorporate results from the extensive 2019 exploration program that involved the largest program at the project in more than 30 years.

“We have taken the time to complete a comprehensive review of the project so as to understand how to extract the optimum value from the asset and have ensured the key input data is available for the Study so as to limit assumptions and reduce risks going forward,” Bowes said.

“We…are confident that we will achieve a highly positive and robust result”

 

Email: info@matadormining.com.au
Web: www.matadormining.com.au
Directors: Keith Bowes, Adam Kiley, Grant Davey

THE DAILY ROADHOUSE

 

Stavely Minerals Expands Thursday’s Gossan Mineralisation

THE DRILL SERGEANT: Stavely Minerals (ASX: SVY) received assay results for further diamond drill holes undertaken at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.

Musgrave Minerals Intersects High-Grades at Mainland

THE DRILL SERGEANT: Musgrave Minerals (ASX: MGV) reported high-grade gold results from reverse circulation (RC) drilling at Mainland on the company’s Cue gold project in Western Australia, where it has an option agreement to acquire 100 per cent of the basement gold rights.

Corazon Mining Adds Further Nickel to Lynn Lake Resource

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) announced an upgraded Mineral Resource Estimate for the comapy’s Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Matador Mining Progresses Cape Ray Environmental Assessment

THE BOURSE WHISPERER: Matador Mining (ASX: MZZ) updated the market on progress of the Environmental Assessment (EA) process for the company’s Cape Ray gold project in Newfoundland, Canada.

 

Matador Mining Progresses Cape Ray Environmental Assessment

THE BOURSE WHISPERER: Matador Mining (ASX: MZZ) updated the market on progress of the Environmental Assessment (EA) process for the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining said it has made good significant progress in the latter half of this year regarding Environmental Assessments, specifically in the important areas of First Nation and Stakeholder Consultation.

The company has had meetings with the two Mi’kmaq First Nation Communities, from which it said positive feedback was received from the Chiefs and Band Councils.

Public meetings were also held in Port aux Basques and Isle aux Morts to present the project to the local communities that were both very well attended with local support for the project on show.

The company also provided insight to Environmental Baseline studies it has underway to satisfy Environmental Impact Statement Guidelines.

These are nearing completion and are expected to be completed early in 2020.

Meetings with officials at the provincial and federal environmental assessment agencies provided positive feedback on the process.

Matador has a Project Environmental Impact Statement (EIS) submission date targeted for Q3 2020 with approvals targeted for early 2021.

Other meetings have also been held with Newfoundland and Labrador Hydro (NLH) that have identified potential grid connection points and internal studies have been initiated by Newfoundland and Labrador Hydro to determine optimal grid connection points for project power.

Matador indicated this could have potential to reduce operating costs, which will be highlighted in the company’s development study that remains on track to be released during Q1 2020.

“The pace at which we have been able to move ahead with our Environmental Assessment for the Cape Ray gold project has been very encouraging and initial discussions with elected officials in Newfoundland have garnered significant project support with the permitting process expected to be completed in a relatively short time frame,” Matador Mining technical director Keith Bowes said in the company’s announcement to the Australian Securities Exchange.

“In parallel with our assessment work we are also pursuing options for grid power connections for a future operation.

“Newfoundland has an abundance of hydroelectric power (through the new Maritime link) which will benefit the project as grid connections are in close proximity to the site and power authorities have already expressed a willingness to support the project.

“Given the current status of the Environmental Assessment, the progress made with the exploration program and our initial assessment work, Matador is on track to potentially become the next major gold producing mine in Newfoundland.”

 

Email: info@matadormining.com.au

 

Web: www.matadormining.com.au

 

THE DAILY ROADHOUSE

 

Bellevue Gold Returns Further High-Grade Gold Hits

THE DRILL SERGEANT: Bellevue Gold (ASX: BGL) is beavering away at the company’s Bellevue gold project in Western Australia.

Alicanto Minerals Encounters High-Grades in Sweden

THE DRILL SERGEANT: Alicanto Minerals (ASX: AQI) has enjoyed swift success from the maiden exploration program underway in Sweden. Alicanto Minerals announced drilling on the Oxberg and Naverberg VMS (Volcanogenic Massive Sulphide) project within the Bergslagen Mining District of Sweden has returned high-grade results.

Matador Mining Hits High-Grade Gold Intercepts at Window Glass Hill

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) has encountered some high-grade gold hits during an ongoing exploration program at the company’s Cape Ray gold project in Newfoundland, Canada.

NTM Gold Highlights New Gold Trends

THE DRILL SERGEANT: NTM Gold (ASX: NTM) recently completed a 125-hole aircore program at the company’s 100 per cent-owned Redcliffe gold project located near Leonora in Western Australia.

 

Matador Mining Hits High-Grade Gold Intercepts at Window Glass Hill

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) has encountered some high-grade gold hits during an ongoing exploration program at the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining reported drilling results from Window Glass Hill within the Cape Ray project that has continued to deliver strong exploration results, including:

CRD091
29m at 1.9 grams per tonne gold, including 3m at 9.7g/t gold from 44m and 9m at 3g/t gold from 64m;

CRD087
21m at 1.3g/t gold, including 2m at 11.4g/t gold from 38m;

CRD086
13m at 1g/t gold, including 3.2m at 3.4g/t gold from 89m;

CRD090
3m at 3.4g/t gold from 47m; and

CRD089
5m at 1g/t gold from 47m.

Matador Mining said the drilling at Window Glass Hill has now stepped out more than 240m from the existing resource and results have confirmed the potential for this to be a large tonnage, low strip deposit.

According to the company, the drilling also confirmed mineralisation is trending in an up-dip trajectory from the existing resource with recent drilling encountering higher grade gold mineralisation than previously reported, which Matador thinks may indicate the potential for a high-grade section at the Window Glass Hill deposit.

Drilling at the southern extension of Central Zone at the PW deposit, intercepted mineralisation up-dip to the previously reported hole (CRD052), returning:

CRD088
5.8m at 2.1g/t gold from 57m.

“We are pleased with the continued drilling success at Window Glass Hill, as results give further encouragement that this is shaping up as a shallow, large tonnage deposit,” Matador Mining executive director Keith Bowes said in the company’s announcement to the Australian Securities Exchange.

“With drilling having identified shallow resource extensions, mining at Window Glass Hill is expected to be simple and cost effective, providing support for project development.

“In addition, up-dip drilling at the PW deposit in Central Zone has confirmed a higher-grade section of this deposit and extended the previous 2.5 kilometre resource boundary at Central Zone.

“Given that both PW and Window Glass Hill are granites deposits, there is potential for these to join.

“There has been limited to no drilling between these deposits which are approximately one kilometre apart and this is a priority area for follow up work.”

Window Glass Hill hosts an existing resource of 134,000 ounces of gold at 1.2g/t gold and is located approximately one kilometre from form the PW deposit at Central Zone.

 

Email: info@matadormining.com.au

Web: www.matadormining.com.au

 

THE DAILY ROADHOUSE

 

Matador Mining to Follow High-Grade Rock Chips as Exploration Guide

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) recently completed a regional soil sampling program at the company’s Cape Ray gold project in Newfoundland, Canada.

Pantoro Highlights Potential for a Large Low-Grade Gold System

THE DRILL SERGEANT: Pantoro Limited (ASX: PNR) has completed follow up drilling at the company’s Mary River gold project near Halls Creek in Western Australia.

Barra Resources Banks $1.5 Million After Raising

Barra Resources (ASX: BAR) announced the completion of a Share Purchase Plan (SPP) and concurrent Share Placement. Barra Resources said subscriptions from eligible shareholders under the SPP will result in the issue of 47,725,000 shares totalling $954,500.

Auroch Minerals Shuffles Boardroom Setting Following Chairman Resignation

THE BOURSE WHISPERER: Auroch Minerals (ASX: AOU) advised that it has given current non-executive director Edward Mason a bigger seat at the Boardroom table by appointing hm as non-executive chairman.