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Matador Mining Limited (ASX: MZZ) is Seeing the Birth of a Tier-1 Gold Miner

Updated: Apr 13, 2022

✦ Noel Ong, CEO of Samso is finally having his long awaited conversation with Ian Murray, Executive Chairman of Matador Mining Limited (ASX:MZZ).

The market does not realise that Matador is a miner in the making. Matador is a company that will be a miner with multi million ounces of gold.

If his memory serves him right, Noel first met Mr. Murray in 2011 at Mines and Money in Hong Kong. They had a brief conversation then about what Gold Road was doing and how Noel was impressed with their tenure in the Yarmana Greenstone Belt.

Since then Noel had wanted to speak to Mr. Murray again. It took some time, but as they say, better late than never.

A few years down the road and it looks like the company is on another similar project. What stands out in this project is it looks easier, and is destined to be a gold mining district.

Basically, the Cape Ray project is one that has the potential to be a multi million ounce gold mine.

All it needs now is drilling. And more drilling.

For Noel, Matador is not being valued appropriately. This is why:

1) They have projects with a market capitalisation of just under AUD64M. 
2) They have resources of over 800K ounces.
3) They have a project that is striking 120km. 

So clearly, there is a great disconnect in this picture.

Of course, one could say that well, they have a non-Australian project. Yes, and we also need to remember that the world is moving past the pandemic, and we are finding ourselves in a very inflationary situation.

So, a good gold project in a Tier-1 jurisdiction is actually critical.

With Matador, it is no longer about whether they will have a resource. For Noel, his focus is on these three things:

1. How big is it?

2. When will they be in production?

3. When will they be consumed by a bigger player?

Take a good look at the fundamentals of the company and DYOR. It's not the first time the company is doing this. It is a simple process of making sure funding exists, and to keep drilling.

Noel had had another earlier conversation with Warren Potma about how the company is systematically working on the project, and one of the imposing features of this project is the 120 km of strike (length), where the company is continuously finding gold mineralisation.

Mr. Murray updates what has been happening since then in the company, what they are doing now and what is to come. What Noel appreciates in this conversation is the lack of a blue sky style narrative. With Mr. Murray, it's simple and clear facts.


00:00 Start

00:20 Introduction

01:11 Ian Murray introduction

02:03 Update on the Cape Ray Project.

04:19 Can Cape Ray be big?

06:32 Is there a consistent style of mineralisation?

07:54 The low grade vs. high grade question.

10:10 How waste can dilute an ore body.

11:08 The unloved nature of the gold narrative.

12:25 The need to be relevant in the market.

14:23 Is the Matador story a Simple Story?

16:15 Are there surprises in the geology of Cape Ray Shear?

19:05 Are there any Metallurgical concerns?

20:02 Is there a magical geological formula?

22:16 Will Matador do Cape Ray justice?

24:19 Cape Ray is a Company maker.

25:07 A Hermitage story?

26:44 Potential for pegmatites.

27:09 Can the Cape Ray shear host high grade deposits?

28:37 Newfoundland has little history of exploration.

29:54 TSX vs. ASX.

32:35 How is the Matador story being received?

34:27 News flow for the next 12 months.

36:41 Conclusions

Remember to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides).


About Ian Murray

Mr Murray is a Chartered Accountant, a Member of Australian Institute of Company Directors, and holds an Executive degree in Advanced Management & Leadership from the University of Oxford, Saïd Business School. With over 25 years’ mining industry experience in senior leadership positions, including the position of Executive Chairman and Managing Director of Gold Road Resources Ltd (ASX: GOR) and DRDGold Ltd (NYSE & JSE: DRD), he has also held executive positions with international ‘Big Four’ accounting firms.

Mr Murray brings a wealth of financial, corporate, project development and operational experience to the Board and most recently led Gold Road as it transitioned from explorer to large scale gold producer. Mr Murray has been the recipient of many awards during his leadership of Gold Road, including the Gavin Thomas award for leadership, the Diggers and Dealers Deal of the year award in 2017, after winning the best emerging company award in 2011 as well as the CEO of the year award from CEO Magazine.

About Matador Mining Limited (ASX: MZZ)

Matador Mining Limited is an exploration company that is listed on the Australian Stock Exchange (ASX). The company has its main project in the south-western area of Newfoundland, Canada. The Project is about 25 km northeast of the coastal town of Port aux Basques and is located on the Cape Ray shear, one of the most prospective, yet under-explored gold regions in North America. The Company is the largest holder of ground along the Cape Ray shear, with approximately 120 km of continuous strike along the shear. The Company’s tenement boundary is located approximately 50 km along strike from Marathon Gold’s (MOZ.TSX) 4.2Moz Valentine Lake Gold Project.

The Cape Ray Gold Project

The Cape Ray Gold Project (Cape Ray or the Project) covers approximately 120km of strike along the highly prospective, yet under explored Cape Ray Shear located in Newfoundland, Canada. The Project hosts a current resource of 837,000oz Au at 2g/t Au, across four deposits, all of which are within 15km of strike.

A 2020 Scoping Study (ASX announcement 6 May 2020) highlighted that Cape Ray has the makings of an excellent gold project, with low estimated All In Sustaining Operating costs (US$776/oz Au), strong IRR (51% post Tax) and rapid payback (1.75 year).

These strong outputs were driven by the Project’s high grade, yet shallow gold mineralisation, (average head grade of 2.6g/t au during the first four years of production – 88,000oz Au per annum) that ranks the Project as one of the highest grade, undeveloped open pit projects globally.

However, prior to commencing a Pre-Feasibility Study, the Company identified the requirement to grow the Resource further to ensure the initial seven years mine life assumed in the Scoping Study is increased. To achieve this, the Company believes a blend of expansion drilling around known deposits as well greenfield exploration to test the vast, yet under explored Project area as the optimal strategy. The Company therefore outlined the most expansive exploration program for the 2021/22 season, including:

  • 45,000 metres of diamond drilling;

  • Five power auger drill rigs;

  • 80 kilometre Heli-Mag program; and

  • Inaugural winter exploration program.

Contact Matador Mining Limited

a/ Level 20, 140 St George’s Terrace, Perth WA 6000



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About the Author

Noel Ong, CEO of Samso tells compelling stories by engaging business leaders to reveal insights beneficial to the investment community.

Contact Samso

Samso helps executives tell ASX stories that pique interest.

t/ +61 490 092 814


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