Matador (MZZ) launches 2024 drill run with RC rig live in Canada

  • Matador Mining (ASX:MZZ) has initiated its 2024 exploration program
  • An RC rig is plugging away at a key target in Canada
  • The first run will contain at least 200 holes across its workspan
  • Matador anticipates assay results within the coming months
  • MZZ last traded at 3.9 cents, at 10:30am AEDT

Matador Mining (ASX:MZZ) has initiated its 2024 exploration program, commencing RC drilling at the O-2 target in Malachite, Newfoundland, Canada.

The drilling program aims to uncover discoveries beneath the glacial ice and overburden covering the area.

For those playing at home: it’s the Northern Hemisphere’s winter, and it’s been a particularly bad one.

If you need evidence of that, just look at the volatility in EU and US gas futures in recent weeks as home heating demand picked up.

“Our change in strategy [has been] to increase the exploration effort in under-explored Greenfield target areas,” Matador chief Sam Pazuki said.

“The work over the past two years … has allowed us to get to the point where we are now conducting significant exploration activities in the Greenfields areas almost year round.”

Despite the name – Malachite, being a mineral often coincident with copper – the acreage is a gold play.

The O-2 target is situated at a prospective geologic feature on the Cape Ray Shear Zone (CRSZ), specifically at the intersection of a large structural bend in the shear and a major breakout structure emanating from it.

Shear zones are typically seen as must-drill assets by explorers given that due to geology and gravity they tend to ‘capture’ mineralised deposits.

The RC program includes a minimum of 200 holes, each expected to reach an average depth of ten meters.

Matador also highlighted the program’s scalability allows for expansion in the event of success.

MZZ last traded at 3.9 cents, at 10:30am AEDT.

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