Matador Intersects High Grade Gold Mineralisation at Central Zone, Cape Ray Gold Project

Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) (“Matador” or the “Company”) is pleased to announce the first assay results from the winter 2022 diamond drilling program at the Central Zone in the Cape Ray Gold Project (the “Project”) Newfoundland, Canada.

Highlights:

• Matador has received the first assays from the inaugural winter drill program, conducted between February 2022 and April 2022.
• CRD352:
  • 6 metres at 13.3 g/t Au from 214m (incl. 1 metre at 45.8 g/t Au from 217 metres and 1 metre at 11.7 g/t Au from 219 metres); and
  • 6 metres at 7.1 g/t Au from 228m (incl. 1 metre at 22.4 g/t Au from 229 metres)
• CRD351:
  • 5 metres at 5.4 g/t Au from 53 metres (incl. 2.9 metres at 8.9 g/t Au from 53 metres); and
  • 2 metres at 11.1 g/t Au from 64m (incl. 1 metre at 13.6 g/t Au from 64 metres)
• Results are still pending for 29 exploration diamond holes at the Window Glass Hill Granite, PW East and Stag Hill targets; four Central Zone geotechnical drill holes; remainder of the Stag Hill Power Auger sampling program1 and 96 gold grain samples from the Malachite greenfield reconnaissance program2 .

Matador’s Chief Geologist Warren Potma commented:

“We are very pleased with the initial set of drill results from the first winter diamond campaign completed by Matador. Drilling at Central Zone has returned positive results from drill hole CRD352 with two separate zones of high-grade mineralisation recorded in an 80 metre gap in the previous Mineral Resource drilling. It appears some of the historic drilling in this area may have reported anomalously low grades relating to variable core recovery associated with the highly sheared host rocks. These new results indicate potential for higher grades and increased widths compared to the current Mineral Resource estimate. The Central Zone drill results have increased our understanding of the structural controls of gold mineralisation at Cape Ray, which is particularly important as we step out to explore new Greenfields targets such as Malachite.”

Drill Hole CRD352

Gold mineralisation at the Central Zone deposits occurs as quartz veins and vein arrays parallel to and splaying off the Cape Ray Shear Zone. The gold bearing quartz veins dip moderately to steeply towards the south-east, and typically develop within sediments at or near the contact with a footwall graphitic schist, as can be observed in Figure 3.

Drill hole CRD352 tested an identified 80 metre wide gap within the current mineral resource drilling. The drill hole successfully returned multiple intercepts with assays totaling 130.4 sum grams x metres Au (uncut3 ), confirming the interpreted upward continuation of a wide mineralised zone encountered at depth (see cross section Figure 3).

Two significant zones of mineralisation were intersected, reporting 6 metres at 13.3 g/t Au from 214m (incl. 1 metre at 45.8 g/t Au from 217 metres and 1 metre at 11.7 g/t Au from 219 metres), and 6 metres at 7.1 g/t Au from 228m (incl. 1 metre at 22.4 g/t Au from 229 metres and 1 metre at 7.9 g/t Au from 231 metres).

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