Matador Mining starts winter drilling at Malachite in search of gold

SYDNEY, AUSTRALIA: Matador Mining Limited (ASX:MZZ | OTCQB:MZZMF) has launched its 2024 exploration field season with a reverse circulation (RC) drilling program at the O-2 target at Malachite in Newfoundland, Canada. The company hopes to make major discoveries of gold under the glacial till and overburden covering the area.

The O-2 target is located at a promising geologic feature on the Cape Ray Shear Zone (CRSZ), where a large structural bend in the shear and a major breakout structure splay off it. The company’s managing director and CEO, Sam Pazuki, said that the O-2 target was a high-ranked structural target with considerable gold-in-till anomalism and compelling geophysics, prospecting and mapping results.

He also said that the O-2 target had geological similarities to other major global mineral deposits such as Obuasi in Ghana, Salobo in Brazil, and the Victory-Revenge complex in Western Australia. He added that the RC drilling method, which involves sampling the basal till and the bedrock, could be transformative for the company’s discovery success and for the province in general.

The RC program consists of at least 200 holes with an average depth of ten metres per hole. The program is scalable and can expand if successful. The company expects assay results between four and six weeks on average from when the samples arrive at the laboratory.