Matador Mining Announces Option to Acquire High-Grade Copper Project in Newfoundland

Matador Mining Limited (ASX: MZZ;  OTCQB: MZZMF) has optioned a copper project for a modest amount in southeastern Newfoundland, Canada.

The Blue Cove Copper Project is in southeastern Newfoundland, about 175 kilometres to the east of the Company’s Hermitage Project in the Cape Ray Shear Zone.

The early-stage, copper & lead, zinc, and silver exploration project returned samples that graded up to 10.6% copper and up to 106 g/t silver in historical exploration.

The company is one of only four proximal gold companies with a defined gold Mineral Resource in the Cape Ray Shear Zone.

Highly prospective zone

The Zone hosts the Company’s current gold mineral resource of 610,000 ounces of gold grading 1.96 g/t on the CRSZ.

The zone includes Calibre Mining’s (TSX: CXB) 5.1 million ounce Valentine gold mineral resource to the north.

Matador has an extensive land package comprising 120 kilometres of continuous strike along the under-explored, multi-million-ounce Cape Ray Shear Zone.

Agreement

This agreement provides for an initial upfront payment of C$10,000 upon execution, a payment of C$20,000 on the 12-month anniversary of the Agreement, and C$30,000 on the 24-month anniversary of the Agreement.

The Blue Cove option agreement covers 78 non-contiguous claims covering 19.5 km2.

In addition to the option agreement, the Company has staked 113 mineral claims covering an additional 28.25 km2 adjacent to the Blue Cove mineral claims, completing approximately 25 kilometres of combined contiguous strike.

Targets

  • Blue Cove – Significant outcrop with high-grade copper samples grading up to 5.1% copper and 33.2 g/t silver. Copper sulphide occurs as chalcocite, bornite and chalcopyrite. Notable silver and zinc assays are also present.
  • Ryles Barisway – Known copper mineralisation in outcrop with surface samples grading up to 10.6% copper and 91.6 g/t silver.
  • Terrenceville – Copper mineralisation sampling up to 1.8 % copper.
  • Hilltop Grid – Multi-element soil geochemical anomaly with a coincident magnetic low.
  • Harbour Mille – Several high-grade historic copper samples from multiple locations grading up to 4.2% copper and up to 106 g/t silver.

Drilling to heat up

An exploration program for the calendar year including reconnaissance RC drilling commenced in early February 2024 with diamond drilling expected to commence in June 2024.

Well funded

Matador Mining held C$7.7 million (A$8.6 million) in cash on hand on 31 March 2024.

 

 

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