Matador Mining Limited announced initial results from an extensive till sampling program completed in late 2021 near the Cape Ray Gold Project (the "Project") in Newfoundland, Canada. Nine high-tenor gold grain anomalies were identified in till sampling across the 15 x 4 kilometre Malachite structural target area, with three of these anomalies open at the edge of the survey area and results still pending for 35% of the sampling program. Up to 716 gold grains have been recovered in one of the till samples collected on prominent magnetic structures up to three kilometres north of the Cape Ray Shear Zone ("CRSZ").

The 716-grain sample contained 607 pristine gold grains, indicating the source of gold is likely within 100 metres from the sample location. The highest tenor gold grain anomalies are comparable with the best gold grain counts reported in Newfoundland, and coincide with favourable structural targets associated with the multi-million-ounce CRSZ identified from the detailed 2021 magnetics survey. The Malachite area has never been drill tested, with historic surface sampling limited to a narrow corridor along the main CRSZ, identifying multi-kilometre-long gold-silver-arsenic-antimony anomalies that were never followed up.