Matador Mining Ltd. said Aug. 28 that it agreed to acquire four mining licenses with 191 total claims from Antler Gold Inc., making the company the largest holder of continuous ground along the Cape Ray Shear in Newfoundland, owning approximately 80 kilometers.
The Cape Ray Shear hosts the company's Cape Ray gold project.
To complete the acquisition, Matador will make a cash payment of A$50,000 to Antler and issue A$15,000 worth of Matador shares.
The licenses comprise 15 kilometers of trend extent for 47 square kilometers, with Matador's northern and southern licenses joined. This is the first time the ground has been consolidated under the ownership of a single company.
The company is set to release the results of its ongoing 12,000-meter exploration program in September, which is meant to expand the project's existing mineral resource of 14.3 million tonnes at 2.2 g/t gold for 1.2 million ounces of gold.
Geochemical and structural mapping are expected to be completed this exploration season.
