Matador Mining to discuss 12,000-metre drilling in Canada at Proactive’s gold webinar on Tuesday

Matador Mining Ltd (ASX:MZZ) is set to begin a 12,000-metre drilling campaign at the Cape Ray Gold Project in Newfoundland, Canada, targeting resource expansion and priority greenfield prospects.

Adam Kiley, Corporate Development, will outline the company's exploration strategy to grow its resource base to a size that would support a 10-year operation, at Proactives virtual investor conference on Tuesday, July 28 at 12pm AEST (10am AWST).

Share price at all-time high

Matadors shares last closed at their all-time high of 48 cents per share on Friday.

Executive chairman Ian Murray recently said the companys strategy moving forward was to increase its resource base to a size that will support a 10-year operation.

“To achieve this, we have designed an exploration program that focuses on expanding the resources around our known deposits whilst systematically testing our vast greenfield package to improve and develop a high-quality pipeline of discovery projects into the future.

“Our major brownfield targets for 2020 are at Window Glass Hill and Isle Aux Morts.

“The company had success at Window Glass Hill last season with the endowment increasing by 75% at a discovery cost of only US$5/ounce.

“We are planning for similar extensional growth at Window Glass Hill this year, whilst also looking for success at Isle Aux Morts where we are embarking on the most significant exploration program since the early 1990s.”

Greenfields potential is “most exciting”

Murray said while the brownfield program had the highest probability of adding to the resource base in the near-term, the greenfields potential along the 120-kilometre landholding on the Cape Ray shear system was the most exciting.

“While significant anomalism has been defined along the trend in high-grade soil and rock-chip geochemistry, there remains only limited drilling in most areas, demonstrating the vastly underexplored nature of the project.

“Through our systematic approach, we are excited by the likelihood of uncovering new discoveries into the future.”

Well-funded for exploration

Matadors recent $8.7 million placement was strongly supported by Australian and international institutional investors.

The placement along with existing cash and anticipated proceeds from the exercise of listed options means Matador expects to be funded to complete its 2020 and 2021 exploration programs.

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