Matador Mining Doubles Gold Target at Window Glass Hill Granite

THE CONFERENCE CALLER: Matador Mining (ASX: MZZ) was holding court at its 2022 RIU Explorers Conference booth as punters took in the announcement that interpretation of detailed magnetics, lithogeochemistry and historic data has doubled the known strike length of the highly prospective Window Glass Hill Granite (WGHG) Intrusion to over six kilometres at the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining explained the new detailed magnetics and bottom of hole (BOH) lithogeochemistry data demonstrate that an untested sheared wedge of the WGHG extends three kilometres further north-east along the Cape Ray Shear Zone (CRSZ) than previously interpreted, immediately north of the 519,000 ounces gold Central Zone Mineral Resources.

“The opportunity presented by the large WGHG system to support significant mineral resource growth within a stone’s-throw of the proposed processing facility at Central Zone is extremely exciting,” Matador Mining executive chair Ian Murray said in the company’s ASX announcement.

“To find that the WGHG extends a further three kilometres to the north-east, immediately adjacent to the existing 519,000 ounce gold Central Zone Mineral Resource, in an area almost completely devoid of previous drilling, represents a great opportunity for Matador to test through 2022.

“Matador will dedicate at least one diamond drill rig throughout the 2022 summer drilling season aiming to grow the WGHG-hosted resources footprint and continue to make new discoveries across the 85 per cent of WGHG area and granite contact zones that are still to be effectively drill tested.

“We will also concurrently advance the broader greenfield discovery efforts and exploration target pipeline.”








Matador Mining Commences Winter Drill Program at Cape Ray

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) will be telling all and sundry at next week’s 2022 RIU Explorers Conference how it has commenced its first winter drill program at the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining’s inaugural winter season diamond drilling program will be focusing on a corridor encompassing the PW East, Stag Hill, Isle aux Morts and Benton prospects along the Cape Ray Shear Zone.

The program of approximately 30 diamond holes, for 3,000 – 4,500 metres has been designed to:

• Investigate the surficial geochemistry and magnetic anomalies at PW East and along the untested northern Margin of the Central Zone Mineral Resource which hosts a current Mineral Resource of 526,000 ounces at 2.2 grams per tonne gold;

• Follow up on results of the 2021 surficial and auger geochemistry and magnetic anomalies at Stag Hill;

• Drill test the brownfield depth extensions and greenfield targets proximal to the Isle aux Morts deposit identified at the end of the 2020 diamond drill program, including IAM-SW1, 2 ; and

• Follow up on results of the auger drilling, diamond drilling, surficial geochemistry, and magnetic anomalies at Benton.

“In 2021, we commenced the largest ever drill program at the highly prospective Cape Ray gold project, with 20,681 metres of diamond drilling completed during the year,” Matador Mining Executive Chair Ian Murray said in the company’s ASX announcement.

“However, winter conditions in Newfoundland typically halt traditional drilling for a few months.

“To mitigate this, our inaugural winter drill program…will allow Matador to maintain the aggressive pace of exploration that we have established at Cape Ray, during what is typically a period of inactivity in the field.

“As the winter program then segues into our 2022 summer program, Matador will prove itself as an exploration company that can successfully and efficiently execute exploration programs in all seasons, and provide investors with regular news flow throughout the year.








Matador Mining Increases Cape Ray Gold Project Gold Mineralisation Footprint

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) reported diamond drilling results from the Window Glass Hill Granite (WGHG) region within the company’s Cape Ray gold project in Newfoundland, Canada.

Matador Mining’s recent diamond drilling encountered high-grade intercepts into the new granite margin target at the WGHG, including:

19 metres at 4.2 grams per tonne gold from 9m, including 1m at 30.6g/t gold and
6m at 1g/t gold from 34m, including 1m at 4.4g/t gold and
4m at 1.9g/t gold from 114m, including 1m at 6.3g/t gold.

The company declared the 19m at 4.2g/t gold to be the best, “significant intercept”, drilled at the WGHG that sits outside the existing WGH Mineral Resource, highlighting the potential for additional high-grade gold domains across the granite body.

Matador has now completed eleven holes into this new granite margin target, all of which are mineralised and outside the WGH Mineral Resource, thus growing the known WGHG gold mineralisation footprint.

Assays are pending for an additional 13 diamond drill holes.

“19 metres at 4.2 grams per tonne gold is the best gold intercept drilled in the WGHG, and better than any previously reported ‘significant intercepts’ within the WGH Mineral Resource,” Matador Mining executive chairman Ian Murray said in the company’s ASX announcement.

“What makes this intercept even more exciting is the proximity of the high-grade mineralisation to surface, and that it represents the successful definition of a new target type within the WGHG.

“The recent power auger geochemistry results, combined with structural interpretation of our new detailed magnetics, encouraged the exploration team to test a conceptual target on the granite margin south of the WGH Mineral Resource.

“This structural position is similar to that of Marathon Gold’s Valentine Lake Deposits, and the granite-hosted portions of Red 5’s King of the Hills Mine (Tarmoola) in Western Australia.

“With 11 new holes now completed into this previously untested granite margin target (all intersecting significant gold results), I am very excited by the untested potential of the remaining six kilometre strike length of the WGHG contact.

“This, combined with our ongoing targeting success delivering high-grade mineralisation near surface, augers well for the continued growth of the WGHG mineralisation footprint.

“With assay results now flowing through, and drilling using both power auger and diamond rigs, we are anticipating regular news flow for the remainder of the year and into 2022.”








Matador Mining Completes $16 Million Placement to Fund Cape Ray Gold Project Drilling

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) announced the completion of a raising that delivered proceeds of $16 million.

The funds were raised from the placement of 28.5 million shares at a price of 56 cents per share, which was a 28 per cent premium to the last closing price of Matador shares on 24 June 2021 of 44 cents per share.

Matador explained it was able to issue the New Shares at a premium, as they were issued under the Canadian flow-through share scheme, which provides tax incentives to eligible investors for expenditures that qualify as flow through mining expenditures under the country’s Income Tax Act.

The company indicated the funds raised will enable the company to expand and accelerate exploration activities at the Cape Ray gold project in Newfoundland, Canada.

This increased program is to include expanding diamond drilling from 20,000 metres up to 45,000 metres, increasing the power auger drilling capacity from three to five rigs and increasing the Heli-mag program to 80 kilometres of strike from 40 kilometres.

“I would like to thank both new and existing shareholders for their strong support in this Placement,” Matador Mining executive chairman Ian Murray said in the company’s ASX announcement.

“To have such strong demand highlights the market support for our exploration strategy to systematically test the potential of our Cape Ray Gold Project, in Newfoundland, Canada.

“These additional funds now mean that we can materially accelerate our work program, with the aim of advancing the timing of new discoveries.

“Being able to achieve this is a great result for all shareholders as we reduce dilution whilst also raising additional funds.”








Matador Mining Continues Window Glass Hill Expansion

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) reported on exploration drilling recently undertaken on the company’s 100 per cent-owned Cape Ray gold project in Newfoundland, Canada.

Matador Mining is the largest continuous land holder along the Cape Ray Shear, home to the Cape Ray gold project that comprises 120 kilometres of continuous strike in the proven, yet under-explored multi-million-ounce gold corridor.

The company’s drilling efforts have continued to expand the Window Glass Hill target, intersecting multiple, near surface, high-grade gold lodes.

The latest results include:

8 metres at 5.5 grams per tonne gold from 43m (70m outside existing Mineral Resource wireframes);

1m at 14.7g/t gold from 19m, 21m at 1g/t gold from 92m and 1m at 4.5g/t gold from 122m;

13m at 1g/t gold from 86m; and

2m at 1.4g/t gold from 18m, 1m at 3.4g/t gold from 30m, 2m at 4.2g/t gold from 53.5m and 1m at 3.9g/t gold from 63.5m.

“Assay results at Window Glass Hill continue to impress and highlight its resource growth potential,” Matador Mining executive chairman Ian Murray said in the company’s ASX announcement.

“The most recent results are in-line with previously reported results and indicate potential for multiple, high-grade gold lodes close to surface.

“The standout from the most recent results was hole CRD168 (8m at 5.5g/t gold from 43m) due to its grade, width, shallow depth.

“This high-grade intercept is 70 metres from the existing Window Glass Hill Mineral Resource wireframes and remains open to the north-west in a previously untested area.

“Coupled with the new discovery at depth, the company has multiple high-confidence drill targets at Window Glass Hill to test when exploration recommences next quarter.

“The company is finalising its planned exploration program for 2021 and will provide an update early next quarter.”










Matador Mining Hits New High-Grade Gold Zone

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) scored four gold zones in recent drilling at the company’s 100 per cent- owned Cape Ray gold project in Newfoundland, Canada.

Matador Mining hit the quaddie from a single drill hole (CRD151) drilled at the Window Glass Hill deposit.

The four high-grade gold zones intersected, include a newly discovered lode below the existing Mineral Resource.

Results include:

10.5 metres at 2.38 grams per tonne gold from 58.5m;
1.1m at 5g/t gold from 77.3m;
7.1m at 6.93g/t gold from 118.5m; and
2m at 6.91g/t gold from 154.1m (new high-grade zone).

“The majority of drilling completed so far at Window Glass Hill, our second largest deposit (232,000 ounces gold) has been to a maximum depth of only 120 vertical metres,” Matador Mining executive chairman Ian Murray said in the company’s ASX announcement.

“Drill-hole CRD151 was drilled in our recent field season to test the depth potential below the existing Mineral Resource.

“To be able to report multiple zones of high-grade mineralisation, including a new zone below the existing Mineral Resource, is very exciting.

“The intersection of higher gold grades over greater widths than anticipated within the existing Mineral Resource area in three mineralized horizons demonstrates the upside potential of this important Resource.

“Both factors are expected to add to the mineral inventory and improve the quality of the Cape Ray project.”

Matador also received final results from recent activity at the Angus greenfield exploration discovery that have extended the mineralisation footprint to 450 by 300 metres.

Angus remains open in all directions as well as at depth, returning intercepts including:

7m at 1.2g/t gold from 76m.

“Additionally, we received the final results from our new greenfield discovery, Angus,” Murray continued.

“With all 2020 results now received for Angus, including the majority of the multi-element geochemistry, our team can commence the detailed analysis and geological interpretation of this discovery which will underpin our 2021 exploration strategy for Angus, as well as other greenfield targets in our vast, but under-explored tenement holding.”









Matador Mining Drills High-Grade Canadian Results

THE DRILL SERGEANT: Matador Mining (ASX: MZZ) released results from drilling underway at the company’s 100 per cent-owned Cape Ray gold project in Newfoundland, Canada.

Matador Mining completed further Mineral Resource infill drilling at the Isle aux Morts (IAM) target that delivered wide intervals with excellent gold grades, including:

18 metres at 10.96 grams per tonne gold; and

19m at 4.6g/t gold as part of a broader intercept of 29.5m at 3.06g/t gold.

“These new assay results continue to demonstrate the prospectivity of our Cape Ray gold project,” Matador Mining executive chairman Ian Murray said in the company’s ASX annouancement.

“The grades and widths intersected at Isle aux Morts exceed those in the surrounding holes and represent some of the highest grade holes drilled on the tenement package.

“With a further six holes from Isle aux Morts pending assays, and 17 holes still in the laboratory, we aim to build on our recent successes.

“We are well advanced on planning for our 2021 exploration program and will refine our strategy as we receive the final outstanding assay results.

“We aim to commence field work as soon as possible to maximise the field time available to us.”

Matador also produced new results from the recent greenfield Angus discovery of further wide intercepts of stockwork-vein-related gold mineralisation similar to the earlier hits, including:

6m at 2.18g/t gold, include 1m at 12.13g/t gold from 43m, 12m at 0.43g/t gold from 3m, 15m at 0.47g/t gold from 78m and 13m at 0.58g/t gold from 114m

10m at 1.37g/t gold, including 1m at 10.97g/t gold.

The company said these results reinforce its view that Angus is a large, pervasively mineralised, granite-hosted, quartz-vein stockwork gold mineral system which remains open in all directions.








Matador Mining Ahead of Aussie Canadian Pack

THE CONFERENCE CALLER: Canada-focused gold explorer Matador Mining (ASX: MZZ) may well have found itself at the forefront of Australian juniors when it comes to using a much-lauded tax-based exploration funding mechanism which has received very little political sympathy Down Under. By Mark Fraser

During the middle of 2020, the West Australia-based company – which is well on the way to developing its emerging Cape Ray gold project in Newfoundland – raised $8.7 million through a share placement, adding a 40% premium to its stock via the Canadian charity flow-through shares scheme.

Not only did this help Matador fund its planned 2021 Canadian field program, it also saw the junior become one of the first ASX-listed outfits to complete such a placement – in effect making it a leader of an industry tax reform movement which hasn’t received much publicity lately, but has remained in the background since the case for this investor-friendly tax mechanism was unsuccessfully made to consecutive Coalition and Labor federal governments during the first decade of the 2000s.

No doubt the company will be successful in highlighting the effectiveness of this incentive to the appropriate authorities, judging from the results it’s achieving while turning Cape Ray into a viable investment concern.

Matador controls 425 square kilometres of exploration tenements in Newfoundland’s lightly explored, but highly prospective, Cape Ray Shear Zone, a geological structure which runs about 400km through the island province.

The company is the largest ground holder along this shear (about 120km of continuous strike) and its tenement boundary sits around 50km along strike from Marathon Gold’s (TSX: MOZ) 4.2-million-ounce Valentine Lake gold project.

When completed Valentine will be the largest gold mine in Atlantic Canada and a major contributor to the Newfoundland and Labrador economies.

As of last October, Cape Ray had a total mineral resource of 12.9 million tonnes at 2.02 grams per tonne for 873,000 gold ounces.

This, however, didn’t take into account the new Angus discovery, about 1km south west of the already existing Window Glass Hill ore body, where five of the first eight holes intersected multiple intervals of yellow metal including 12 metres at 8.3g/t from 85m, 35m at 0.52g/t from 34m and 10m at 0.67g/t from 15m.

Towards the end of 2020, Matador released further drill results that caught the market’s eye sourced from three target areas – Window Glass Hill, the Isle Aux Morts and Angus.

Resource infill and extension drilling at Window Glass Hill returned gold assays of 15m at 1.01g/t from 34m and 6.7m at 1.51g/t (within 13m at 0.87g/t) from 116m, as well as 0.34m at 12.31g/t from 151.4m.

Meanwhile, at the Isle Aux Morts, some of the better mineral resource infill drilling numbers were 20m at 5.08g/t from 8m (including 1.67m at 35 g/t), 11m at 2.51g/t from 7m (including 6m at 4.12g/t), 12m at 1.02g/t from 45m (including 2.47m at 3.84g/t), 1.47m at 1.7g/t from 72m and 1m at 1.96g/t from 79m.

As for Angus, the intersections kept coming, including 7m at 2.02g/t (within 30m at 0.74g/t) from 19m, 3m at 0.67g/t from 67m as well as 1m at 2.66g/t from 92m in one hole, followed by 7m at 1.27 g/t (within 11m at 0.9g/t) from 98m, 7m at 1.12g/t from 116m and 21m at 0.34g/t from 71m in another.

This was followed by 3m at 1.95g/t from 48m (including 0.3m at 17.73g/t).

Matador’s stage-gated “drill and assess” approach to Angus was implemented to allow detailed structural analysis and modelling of the early drill results in order to optimise the follow-up drilling of this new target area.

Cape Ray executive chairman Ian Murray said the resource expansion and greenfields exploration drilling continued to deliver shallow multi-gram per metre gold intersections.

“Approximately 75 per cent of the 2020 drill program was focused on newly identified greenfield targets and resource expansion step-out drilling,” he explained.

“Results to date reinforce our thesis that we are in a sizeable, but poorly explored, gold system as we focus on materially growing our current mineral resource.

“Whilst drilling has successfully concluded for the year, we still have 31 holes/4,325m of drilling pending assay results, which we anticipate will be announced during the March 2021 quarter.”

Matador’s corporate strategy is to increase its resource base to a size that will support a 10-year operation.

This will come from a combination of expanding the resource at existing discoveries and drilling greenfields targets.

The company is undertaking a target generation program at the project, to systemically test a number of previously underexplored priority areas where there appears good potential for gold mineralisation.





Warren Potma Matador Mining (ASX: MZZ) December 2020



Matador Mining (ASX: MZZ) is implementing a strategy of identifying greenfield gold prospects along the company’s Cape Ray Shear project located in the Canadian province of Newfoundland. Exploration Manager Warren Potma ZOOMed into The Resources Roadhouse to tell us what the strategy entails and how it has already been successful with the recent Angus gold discovery.



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.