The company will simultaneously begin a two-year greenfield exploration program aimed at systematically targeting and testing new areas to generate a pipeline of future drill targets and deposits.
Shares have been as much as 14% higher to a new record of A$0.455
Matador Mining Ltd is set to begin a 12,000-metre drilling campaign at the Cape Ray Gold Project in Newfoundland, Canada, targeting resource expansion and priority greenfield prospects.
The company’s exploration strategy aims to grow the resource base to a size that would support a 10-year operation through brownfields expansion and new greenfield discoveries.
Mobilisation to the site is underway with road clearance and camp maintenance nearing completion.
New record high
Shares have hit a new record high of A$0.455 after being up as much as 14% intra-day.
A comprehensive review of the project’s exploration potential was completed following the 2019 field season.
Priority targets
This review identified priority brownfield and greenfield targets for this season’s work program:
Brownfields:
- Window Glass Hill resource extension and new targets; and
- Isle Aux Mort resource extension and new targets.
Greenfields:
- The Granites: granitic intrusion on the Cape Ray Shear two kilometres west of Window Glass Hill;
- Big Pond-Sleeper: under-explored area adjacent to The Granites; and
- Grandy’s Lake – Benton.
Target location map.
Focused on expanding resources
Executive chairman Ian Murray said the company’s strategy moving forward was to increase its resource base to a size that will support a 10-year operation.
“To achieve this, we have designed an exploration program that focuses on expanding the resources around our known deposits whilst systematically testing our vast greenfield package to improve and develop a high-quality pipeline of discovery projects into the future.