Updated: Apr 13
✦ 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.
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.
Remember to download the first Ebook (FREE) from Samso as it is all about VMS (Volcanogenic Massive Sulfides).