The Cape Ray gold project is located in Newfoundland, a large island east of the Canadian mainland. Located in the south of Newfoundland, the Cape Ray gold 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 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 extends across approximately 65 kilometres of potential strike.

Following a review of historical drilling as well as the completion of the company inaugural drill program during late 2018, a JORC resource of 1.02Moz Au at an average grade of 2.2g/t has been defined at the project.

Cape Ray Gold Project, JORC 2012 Classified Resource Summary – Gold Resources Only

 IndicatedInferredTotal
MTAu(g/t)Koz(Au)MtAu(g/t)Koz(Au)MtAu(g/t)Koz(Au)
Central Zone7.692.76602.032.31509.722.6810
Isle Aux Mort---0.782.4600.782.460
Big Pond---0.115.3180.115.318
WGH---3.641.21343.641.2134
Total7.692.76606.561.736014.252.21,020

This resource is contained within 4 areas which covers a strike of around 14km. The majority of the resource is at the Central Zone, which hosts more than 800,000oz of gold at a grade of 2.6g/t Au. 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.

Metallurgical test has also been complete at the project, which confirmed excellent recoveries, most notably from cyanide, which is used as part of a conventional CIL processing facility.

Cape Ray Gold Project – Recent Metallurgical Results

 Gold RecoverySilver Recovery
GravityWhole Ore CyanideWhole Ore FlotationGravityWhole Ore CyanideWhole Ore Flotation
Central 0425%97%95%10%53%84%
Central 4133%96%91%9%71%87%
Isle Aux Mort9%95%80%8%56%66%
Window Glass Hill (WGH)59%99%97%18%38%93%
Big Pond44%99%94%5%35%92%
Average28%96%90%9%56%82%

 

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