Matador Mining Limited has successfully completed a US$12 million (A$16 million) share placement, issuing 28.6 million shares at US$0.42 (A$0.56) per share, a 28% premium to the closing price.
The funds will accelerate exploration at the Cape Ray Gold Project in Newfoundland, Canada, including expanding diamond drilling to 45,000 metres and increasing the Heli-mag program's strike length to 80 kilometres.
Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF) announces the nearing completion of Phase One of its high-resolution heli-mag geophysics program at the Cape Ray Gold Project, covering 448km2 and 40 kilometres of strike. The program has flown 16,500 line-kilometres, identifying five new prospective areas (320km2) adjacent to current tenements. This dataset enhances the understanding of geological structures that may host gold mineralization, improving future drilling targets. Data processing will begin soon, with results expected in September 2021.
Matador Mining Limited (OTCQX: MZZMF) has expanded its landholding in Newfoundland by 37%, increasing its area to 750km2. This expansion includes the acquisition of two adjacent blocks near the Cape Ray Gold Project. The Hermitage Project, covering 150km2, has also been identified as highly prospective for gold exploration. This strategic move follows a comprehensive review of potential gold regions in Newfoundland, aiming to enhance exploration opportunities in a jurisdiction renowned for recent gold discoveries.