Matador Mining generates new gold targets near Window Glass Hill deposit at Cape Ray Gold Project

Matador Mining Ltd (ASX:MZZ) (OTCMKTS:MZZMF) (FRA:7MR) has generated multiple new priority geophysical gold targets near the Window Glass Hill (WGH) deposit within the Cape Ray Gold Project in Newfoundland, Canada. Eight targets have been ranked within three kilometres of WGH following the interpretation of the 2020 detailed ground magnetics program. Each of these is under shallow (less than 5 metres) till cover and share similar geophysical characteristics to the Angus discovery. “Rapid evolution of exploration targeting” Executive chairman Ian Murray said: “It is exciting to see the rapid evolution of exploration targeting tools used by Matador’s exploration team. “The Angus discovery in 2020 demonstrated our ability to find new gold mineral systems under cover close to our existing mineral resources. “The project has undergone minimal exploration outside the known deposits and our increased understanding of their geophysical, geochemical and structural footprints should result in additional exploration success. “We are initially focused on areas that are within trucking distance of the proposed Central Processing Facility, due to the lower economic hurdle but remain excited about the medium-term prospectivity of our wider tenement package.” Angus discovery A similar anomalous magnetic low was identified 1-kilometre southwest of WGH, coincident with an IP geophysics chargeability high (interpreted to be associated with disseminated sulphides) and surface gold and pathfinder element anomalies. Drilling of this target in 2020 resulted in the Angus discovery with analysis of drill core indicating gold mineralisation was associated with sericite plus clay alteration. This explained the demagnetised features and demonstrated the potential for detailed magnetics data to directly map the alteration relating to gold mineralisation. Several magnetic anomalies with coincident pathfinder element footprints, similar to Angus, have now been identified in the detailed ground magnetics data across the broader WGH Granite intrusion and 2 kilometres southwest to BP. These have been prioritised for follow-up power-auger geochemistry and diamond drilling in 2021 Detailed aeromagnetic survey Following the exploration targeting success on detailed magnetic surveys and geochemistry in 2020, Matador is mobilising a detailed (30-metre line-spaced) heli-magnetic survey covering the area between BP and Benton Five. Airborne magnetic data capture is quicker and cheaper (on a line-kilometre basis) than ground-based acquisition, providing Matador with rapid delivery of a crucial detailed exploration targeting dataset. The proposed survey area covers the high priority central 45 kilometres of the project strike length surrounding the proposed Central Processing Facility. A second phase of aeromagnetic data acquisition, covering most of the north-eastern portion of Matador’s tenement package is planned for late 2021 or 2022. The company has mobilised its exploration team to site and will begin fieldwork shortly.