The primary portion of an in depth survey over Matador’s Cape Ray Gold Venture is almost full, uncovering 5 new targets in shut proximity to current exploration tenements.
Matador Mining Ltd (ASX:MZZ) (OTCMKTS:MZZMF) (FRA:MA3) is almost completed part one among its high-resolution heli-mag survey over the Cape Ray Gold Venture that has added to the Canadian mission’s high-grade potential.
The ASX-lister surveyed 448 sq. kilometres, equal to 40 kilometres of strike, throughout part one among its geophysics program throughout the Newfoundland mission.
Promisingly, a knowledge evaluate has helped Matador determine and stake its declare at 5 different potential areas, protecting 320 sq. kilometres, neighbouring its current portfolio.
In the end, this system will allow Matador to judge the bottom at Cape Ray in nice element, serving to it fine-tune its exploration targets because it prepares for diamond and auger drilling.
The corporate will kick off knowledge processing imminently, with outcomes anticipated over 2021’s September quarter.
“Structural complexity persists all through”
Commenting on the part one survey’s imminent conclusion, Matador Mining exploration supervisor Warren Potma stated the corporate was very lucky the mission’s rock sorts exhibited vital magnetic distinction.
“This allows the geometry of various rock models to be mapped by the shallow until cowl. The place these rock models are reduce by faults, shear zones and different constructions identified to pay attention gold throughout the mission, the constructions are extremely seen within the magnetic maps.
“The identified deposits at Central Zone, Isle aux Morts, Large Pond and Window Glass Hill, are all associated to key shear zones, cross faults and granite intrusions which are clearly seen within the new detailed magnetics.
“It’s now evident from these new knowledge that this structural complexity, a key ingredient in world-class orogenic gold programs, persists all through the size of Matador’s Cape Ray Gold Venture space.
“These constructions have been successfully invisible within the much less detailed historic magnetics knowledge. This new ultra-detailed heli-mag dataset will facilitate a step-change in structural focusing on for Matador and has already resulted in Matador staking new floor adjoining to our current Cape Ray Gold Venture tenements”.
The part one program
Matador’s newest survey follows within the footsteps of an in depth floor magnetics survey it carried out over the Window Glass Hill Granite and Large Pond targets final yr.
Below its part one heli-mag program, the ASX-lister collected 16,500 line kilometres of knowledge at 30-metre flight line areas round 25 metres above the bottom.
Contemplating the broader 120-kilometre tenement bundle, the survey lined round one-third of Cape Ray’s strike size.
Part one additionally surveyed 23 of the corporate’s 33 precedence targets on the Canadian gold play, areas which have been recognized in 2020 based mostly on current historic knowledge.
Subsequent, a part two marketing campaign will take the survey an extra 35 kilometres northeast, protecting the remaining targets both later this yr or in 2022.
Staking new floor
Though it’s nonetheless finalising the part one program’s wind-up, Matador has already recognized and secured 320 sq. kilometres of latest floor exterior of the prevailing Cape Ray tenement.
A preliminary date evaluate uncovered 5 areas of curiosity, highlighting beforehand unrecognized splays off the Cape Ray Shear Zone and different magnetic options thought of extremely potential by the Matador geology staff.
Matador intends to comply with up these targets with energy auger drilling through the 2021 exploration season.