Matador Mining Limited (ASX:MZZ) has the Cape Ray Gold Project in Newfoundland, a large island east of the Canadian mainland. Located in the south of Newfoundland, the Cape Ray project is about 25 kilometres northeast of the coastal town of Port aux Basques.
The Cape Ray sheer is a geological structure that extends around 400 kilometres through Newfoundland and is regarded as one of the most prospective yet under-explored regions in North America.
In 2018, Matador Mining consolidated the southern portion of this geological structure with its tenure extending across approximately 65 kilometres of a potential strike.
Following a review of historical drilling as well as completion of the company’s inaugural drill program during late 2018, a JORC resource of 1.02 million ounces of gold at an average grade of 2.2 g/t has been defined at the project.
This resource is contained within four areas which cover a strike of around 14 kilometres.
The majority of this resource is at the Central Zone, which hosts more than 800,000 ounces at a grade of 2.6 g/t.
Central zone shows excellent potential for future open pit operations as well as significant underground potential.
All deposits across the Cape Ray project are open and show excellent potential for further expansion in the future.