Brownfield Exploration

The Cape Ray Gold Project hosts an existing resource of 1.02Moz at 2.2g/t Au and contained within four zones (Central Zone, Big Pond, Window Glass Hill and Isle Aux Mort) along a strike of approximately 14km (Image 1).  Matador’s total landholding along the Cape Ray shear represents approximately 65km of potential strike.

Image 1: Brownfields exploration targets – Cape Ray

The major area of focus for the 2019 exploration season will be at Central Zone (see below), which hosts an existing JORC (2012) resource of 810,000oz Au at 2.7g/t Au.    Historically, Central Zone was modelled as numerous discrete deposits, however recent drilling indicates these deposits are likely to be part of a single continuous gold system.  

The program at Central Zone will focus specifically on closing the “gaps” between each of the deposits, testing the extensions of the deposits beyond the current 2.5km of strike (soil geochemistry and arsenic anomalies) as well as selectively testing at depth where high-grade intercepts have been encountered and remain open (refer to Image 4).

In addition to Central Zone, the Company will continue to assess the Window Glass Hill, Big Pond and Isle Aux Mort projects.  Each project is at an earlier stage of development in comparison to Central Zone, however all show excellent potential for further growth.  

Central Zone

Central Zone is the most advanced zone at Cape Ray and currently hosts a resource of 810,000oz Au at 2.7 g/t Au1 across a strike of approximately 2.5km.  The gold mineralisation at Central Zone is hosted in graphitic schists, along the contact between the Windsor Point Group and the Grand Bay Complex as highlighted in Image 2 below.  

Image 2: Geology of the Central Zone resources

The Cape Ray Shear Zone and splay structures are interpreted as the primary pathways for mineralising fluids and the geological contacts and intrusive bodies provide favourable geological contrasts to enable gold deposition.  The structural complexity of the Cape Ray Shear Zone also offers the potential for mineralised structures to form parallel to the main contact.

Mineralisation is strongly associated with sulphide occurrences (chalcopyrite, galena) and is lode-style, quartz vein hosted in nature.  Quartz veins are sub-parallel to stratigraphy which strikes ENE-WSW, and dip between 40 and 60 degrees to the southeast. Vein thickness at the project typically varies between 0.5m to 5m with an overall gold grade averaging 2.7g/t Au.  Higher grades of up to 300g/t Au have been reported as highlighted in Image 3 below (ASX announcement 5th April 2018).

Image 3.  High-grade intercepts at Central Zone2

Matador’s 2018 drilling program expanded the mineralised envelope and enabled a revised geological interpretation that significantly impacted the resource volumes and grade.  It was also interpreted that discrete zones of mineralisation may form part of a larger continuous system; this model will continue to be tested and may result in narrowing the “gaps” between the deposits as highlighted in Image 4, Target A below.  The Company had success with this strategy during the 2018 exploration campaign between the previously defined 04 and 41 deposits (ASX announcement 6th December 2018).

Image 4.  High Priority Target Areas within Central Zone resources.  Infill targets (A) circled in red, depth targets (B) circled in yellow, strike extensions (C) circled in green

A review of the block models for Central Zone also indicates several high-grade shoots that are open at depth and these will be tested by deeper drilling.  The main target areas for this deeper drilling are highlighted above in Image 4, Target B.  

Finally, geochemical analysis has identified several trends of gold in soil anomalies (refer to Image 5 below) and arsenic in soil anomalies (refer to Image 6 below) along the main host contact zone and parallel to the contact zone.  Importantly, the gold in soil anomalies are mirrored by the arsenic in soil anomalies, the latter being an important geochemical pathfinder element for gold mineralisation.

Historical drilling in this area has been sporadic and was not designed to intersect mineralisation based on the updated geological interpretation of the resources.  This area has the potential to extend the current 2.5km of strike at Central Zone as highlighted in Image 4, Target C above.

Images 5 and 6.  Gold and arsenic in soil anomalies along contact zone and parallel to contact zone  



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