The Hermitage Project is the first regional target identified by the Company off the main Cape Ray Shear Zone. The Company identified this region as being highly prospective for gold exploration following a review of targets in Newfoundland that have strong exploration potential, however, have been neglected historically.
This is part of Matador’s strategy to continuously improve and build upon the pipeline of future exploration targets. The Hermitage Project covers approximately 27 kilometres of continuous strike length along the Hermitage Flexure, a large crustal scale structure which is a splay off the main Cape Ray Shear Zone.
The main splay continues to the north and hosts the Cape Ray Gold Project as well as Marathon Gold’s (TSX.MOZ) Valentine Lake Project (4.8 million oz Au). The second splay continues to the east and hosts Matador’s newly acquired Hermitage Project as well as New Found Gold’s (TSXV.NFG) newly discovered high-grade Queensway Project. Previous gold exploration in the area was conducted by Teck, Falconbridge and INCO in the late 1980s.
This work included geochemical analysis that defined a large regional area of anomalous gold, arsenic and antimony. The ground was subsequently dropped in the late 1980’s until the early 2000s when a high-resolution airborne magnetics, electro-magnetics and radiometrics were flown over the area. The Company is compiling all historical data on the Hermitage Project as the basis for target generation prior to commencing an exploration program.