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Matador Mining Ltd.
Summary
| Project: | Cape Ray | |
|---|---|---|
| Deposit: | Cape Ray | |
| Location: | Canada | |
| Commodities: | Gold-Silver | |
| Date: | 1/30/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-1-2019: Matador Mining Ltd. announces a Resource Estimation report for its Cape Ray deposit at the Cape Ray project. Updated mineral resource estimate at the project. Matador Mining Limited (ASX: MZZ, MZZO) (“Matador” or “the Company”) is pleased to an | |
| Resources: | (Resource, I+I): 14.25Mt @ 2.2g/t Au for 1.02Moz Au contained | |
| CP/QP: | [Resources]: Marc Justras (Independent) | |
| ABSTRACT: | Matador Mining Limited (ASX: MZZ, MZZO) (“Matador” or “the Company”) is pleased to announce an increase to the resource at the Cape Ray Gold Project (“Cape Ray”) to 1.02M oz Au and 3.03M oz Ag (14.25Mt at 2.2 g/t Au and 6.6 g/t Ag). Details of the increased resource are shown below in Table 1. This is an increase of 36% to the contained gold metal and 26% to the resource gold grade compared to the previous JORC resource released in August 2018. The majority of this resource is contained within the Central Zone which hosts a resource of 810,000oz Au at a grade of 2.6g/t. The Central Zone is over a strike length of less than 3km of the total 65km of strike contained within the Matador tenements, located along the highly-prospective, yet largely under-explored Cape Ray Shear in Newfoundland, Canada. The Assessment and Reporting Criteria in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code 2012”) is presented in Appendix 2 Managing Director Paul Criddle commented: Following the completion of our inaugural drill program in late 2018, we are pleased to report the resource at Cape Ray project has grown to in excess of one million ounces of gold. This resource growth was importantly not to the detriment of the resource grade as this also improved significantly, increasing from 1.75g/t Au to 2.2g/t Au. The key area for the resource growth came from the Central Zone which grew by 55% to 810,000 oz Au. This area is quickly taking shape as being the pillar of the project’s future development, not only due to the size of the existing resource, but more importantly the relatively high-grade of the ore (2.6g/t Au). Considering the majority of mineralisation is less than 200m from surface, there is a strong possibility of an open pit operation at Cape Ray. In addition to the increased resource, initial regional exploration work is nearing completion. The purpose of this program is to identify additional targets across the extensive 65km of strike, as the majority of this ground has received little to no previous exploration work. The resul | |
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