Ticker: ASX: MZZ
Project Stage: Exploration
Location: South West Newfoundland
Matador Mining is exploring the Cape Ray Gold Project in Newfoundland, Canada. The Project is located across 120 kilometres of continuous strike in a proven, yet under-explored multi-million ounce gold corridor. The Project is about 25 km northeast of the coastal town of Port aux Basques. The Company is the largest holder of ground along the Cape Ray shear, with approximately 120km of continuous strike along the shear.
The Project hosts a current resource of approximately 840koz at 2g/t, with 96% of the resource less than 200m from surface. The Project is supported by excellent existing infrastructure including roads (15km from site), water, skilled workforce (drive in drive out) as well as workforce as well as World class, low cost grid power access.
The Company’s strategy is to prioritise growth through new greenfields discoveries, while continuing to progress Mineral Resource extension and infill drilling in the known deposits. On 29th October 2020, the Company announced 33 new targets identified for follow-up and is in the process of testing the 12 highest priority targets this year and in to 2021. Drilling has successfully identified multiple gram-metre intersections in all new greenfields drill targets tested to date, demonstrating the greenfields exploration potential of the Project.
The Company released a positive Scoping Study in 2020 proposed a 1.2 Mtpa standalone mining and processing operation, the Scoping Study has demonstrated potentially strong financial metrics for the Cape Ray Gold Project. The preliminary economics indicate the Project has positive financial metrics over an initial mine life of 7 years with capital payback during the first 1.75 years of the Project’s life.
Matador Mining will be showcasing their projects to prospective investors at Mines and Money Online Connect. Apply for your complimentary investor pass here.