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Matador Mining Ltd.
Summary
| Project: | Cape Ray | |
|---|---|---|
| Deposit: | Cape Ray | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 11/27/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-11-2018: Matador Mining Ltd. announces an Exploration/Drilling Update report for its Cape Ray deposit at the Cape Ray project. Drilling results incl. 27.8m @ 1.18g/t Au from 5.0m. Matador Mining Limited (ASX: MZZ, MZZO) (“Matador” or “the Company”) is | |
| Resources: | (Resource, I+I): 13.354Mt @ 1.7g/t Au, 6.3g/t Ag for 750Koz Au, 2.7Moz Ag contained at Cape Ray | |
| CP/QP: | [Overall Report]: Alfred Gillman (Independent) | |
| ABSTRACT: | Matador Mining Limited (ASX: MZZ, MZZO) (“Matador” or “the Company”) is pleased to provide an update on the progress on its 4,000m diamond drilling program at the Cape Ray Gold Project (“Cape Ray”) in Newfoundland, Canada. Cape Ray has a JORC resource of 750,000oz Au and 2,700,000oz Ag (13.35mt at 1.75 g/t Au and 6.3 g/t Ag). This resource is hosted within only a small central portion, totaling approximately 3km of the consolidated 65km, of highly prospective ground along the Cape Ray Shear. Matador Managing Director Paul Criddle commented: “These are further strong results from our inaugural drilling campaign, as all but one drill hole (from the 22 assay results received) has intersected gold mineralisation. This is pleasing as it indicates we remain on track with our target of this program of growing our existing JORC resource of 750,000 oz Au. “The results from the 04 Zone provide validation and extension of the deposit with a high-grade tenor observed in widths in line with the resource. We also note the grade of the assay results are higher than that of the current resource at this deposit, being 1.60 g/t Au. “Isle aux Morts is an early stage, however higher-grade deposit (resource grade 3 g/t Au). Results received are encouraging, as significant widths were encountered, indicating the possibility to expand on volume and inventory at this deposit further. We look forward to providing further results from the other targets drilled in this campaign in the coming weeks.” Diamond drilling program progress at the Cape Ray Gold Project The inaugural drill program at Cape Ray is now completed and results from the final batches of drilling are due in the coming weeks. Once all results have been received, Matador will process and analyse all results to understand what the growth has been and to assess where the next round of targets to continue that growth story would be. | |
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