Matador Mining secures new ground at Newfoundland gold asset following phase one heli-mag survey

Matador Mining Ltd (ASX:MZZ) (OTCMKTS:MZZMF) (FRA:MA3) is nearly finished phase one of its high-resolution heli-mag survey over the Cape Ray Gold Project that has added to the Canadian project's high-grade potential.

The ASX-lister surveyed 448 square kilometres, equivalent to 40 kilometres of strike, during phase one of its geophysics program across the Newfoundland project.

Promisingly, a data review has helped Matador identify and stake its claim at five other prospective areas, covering 320 square kilometres, neighbouring its existing portfolio.

Ultimately, the program will enable Matador to evaluate the ground at Cape Ray in great detail, helping it fine-tune its exploration targets as it prepares for diamond and auger drilling.

The company will kick off data processing imminently, with results anticipated over 2021’s September quarter.

“Structural complexity persists throughout”

Commenting on the phase one survey’s imminent conclusion, Matador Mining exploration manager Warren Potma said the company was very fortunate the project’s rock types exhibited significant magnetic contrast.

“This enables the geometry of different rock units to be mapped through the shallow till cover. Where these rock units are cut by faults, shear zones and other structures known to concentrate gold across the project, the structures are highly visible in the magnetic maps.

“The known deposits at Central Zone, Isle aux Morts, Big Pond and Window Glass Hill, are all related to key shear zones, cross faults and granite intrusions that are clearly visible in the new detailed magnetics.

“It is now evident from these new data that this structural complexity, a key ingredient in world-class orogenic gold systems, persists throughout the length of Matador’s Cape Ray Gold Project area.

“These structures were effectively invisible in the less detailed historical magnetics data. This new ultra-detailed heli-mag dataset will facilitate a step-change in structural targeting for Matador and has already resulted in Matador staking new ground adjacent to our existing Cape Ray Gold Project tenements”.

The phase one program

Matador’s latest survey follows in the footsteps of a detailed ground magnetics survey it conducted over the Window Glass Hill Granite and Big Pond targets last year.

Under its phase one heli-mag program, the ASX-lister collected 16,500 line kilometres of data at 30-metre flight line spaces around 25 metres above the ground.

Considering the wider 120-kilometre tenement package, the survey covered around one-third of Cape Ray’s strike length.

Phase one also surveyed 23 of the company’s 33 priority targets at the Canadian gold play, areas which were identified in 2020 based on existing historical data.

Next, a phase two campaign will take the survey a further 35 kilometres northeast, covering the remaining targets either later this year or in 2022.

Staking new ground

Even though it’s still finalising the phase one program’s wind-up, Matador has already identified and secured 320 square kilometres of new ground outside of the existing Cape Ray tenement.

A preliminary date review uncovered five areas of interest, highlighting previously unrecognized splays off the Cape Ray Shear Zone and other magnetic features considered highly prospective by the Matador geology team.

Matador intends to follow up these targets with power auger drilling during the 2021 exploration season.