Big Pond Area Diamond Drilling Highlights Potential for New Discoveries

Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) (“Matador” or the “Company”) is pleased to announce the first significant intercepts from the Big Pond Area greenfield diamond drilling, and additional significant intercepts from Window Glass Hill Granite (“WGHG”) diamond drilling, at the Cape Ray Gold Project (the “Project”) in Newfoundland, Canada.

Highlights

• First significant intercepts from reconnaissance greenfield diamond drilling of the Big Pond Area indicates potential for structurally controlled gold mineralisation:
  • 1 metre at 6.7 g/t Au and 1 metre at 1.9 g/t Au (CRD296)
  • 3 metres at 2.8 g/t Au and 3 metres at 2.1 g/t Au and 1 metre @ 2.3 g/t Au(CRD288)
• WGH Mineral Resource Infill drilling: 1 metre at 12.8 g/t Au and 9 metres at 1.1 g/t Au(CRD226)
• WGHG Margin: 2 metres at 5.6 g/t Au (CRD287), 1.2 metres at 6.7 g/t Au (CRD289), 4.2 metres at 2.1 g/t Au and 2 metres at 2.3 g/t Au(CRD291)
• Assays are pending for 31 diamond holes (4,241 metres) across four target areas

Executive Chairman Ian Murray commented:

“I am pleased to see gold mineralisation intersected from our first reconnaissance diamond drilling program assessing multiple conceptual targets in the Big Pond Area. This initial greenfield drilling success confirms the efficacy of our integrated exploration targeting approach and highlights the discovery potential of the large and prospective district we control.

The Big Pond Area still has multiple untested targets less than five kilometres from the Central Zone Mineral Resources, which is the site of the proposed central processing facility. This is contiguous to the Window Glass Hill Granite where we continue to demonstrate resource expansion potential with new discoveries like the Granite Margin Target and extension of mineralisation around and beneath existing WGH Mineral Resources.

The WGHG Margin target potential continues to expand. Infill drilling within the WGH Mineral Resource continues to increase our confidence in future Mineral Resource growth and conversion of Inferred to Measured and Indicated. We aim to have one diamond drill rig solely dedicated to drilling the Window Glass Hill Granite target area throughout the 2022 season to accelerate Mineral Resource growth.”

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