Matador Mining Limited announced the discovery of anomalous gold mineralisation through the 2022 prospecting program at the Long Range (formerly Grand Bay) target area along the Cape Ray Shear Zone in Newfoundland, Canada. At the southwestern end of the Company's claims is the Long Range target area, which hosts the Windsor Point Group in an analogous structural setting to the Company's Central Zone gold deposits. In 2022, the Company conducted limited prospecting activities in incised valleys and brooks in the Long Range area during periods of weather-related downtime at Malachite, which was aided by the proximity of the target area to the Company's field office at Port aux Basques.

The prospecting activities spanned a strike length of four kilometres on the same structure as historic multi-gram gold findings. Prospecting results at Long Range yielded numerous sulphide-bearing quartz veins highly anomalous in favourable pathfinder geochemistry1The peak gold value of the program was 0.77 g/t Au (MR0011331 ­ float sample). Pathfinder geochemistry is observed to intensify towards the northeast where prospecting was terminated due to inclement weather and seasonal shutdowns.

Reported tellurium values at Long Range peak at 89 ppm, which is approximately 10-100 times greater than Tellurium values associated with gold at the Central Zone deposit and other gold target areas across the CRSZ. The association of high tellurium and bismuth (up to 97ppm Bi) values with the mineralisation at Long Range could provide a compelling pathfinder element pair. This could indicate a potentially different mineralising fluid association at Long Range that points to a possible association of gold with tellurides and bismuth, an important association observed in other major gold systems globally.

The Company is currently targeting an additional eight kilometres of strike for future prospecting near the LRM01 focus area (formerly `Keats Find: KF_12), which contains an in-situ cluster of undrilled sulphide-bearing quartz veins within Windsor Point Group grading up to 11.6 g/t Au3 The Long Range area has had limited historical work. Reconnaissance surficial geochemistry programs, IP surveys and subsequent trenching was conducted by BP and Inco in the 1980's. The most comprehensive historical work was conducted by Dolphin between 1989 and 1991 where the LRM01 target was discovered from a soil sampling grid returning a value of 1.1 g/t Au. The target was recommended to receive follow up trenching and diamond drill testing however the work never availed.

Cornerstone and Benton Resources both followed up on this historic Dolphin prospect and delineated outcropping sulphide-bearing quartz veins hosted within the Windsor Point Group. The LRM01 focus area has an anomalous footprint of >300m along and across strike, with peak in situ gold values of 11.6 g/t Au sampled4. The Company has ranked the Long Range target area as a diamond drill target during its 2023 drilling campaign.

In addition to drilling, the Company will conduct follow-up prospecting, mapping and sampling at Long Range, infilling the eight kilometres of open strike to the LRM01 showing. This open area is in a favourable structural position, located on the structural hanging wall of the CRSZ, hosted within the Windsor Point Group. The Company's current Mineral Resources are exclusively hosted in the Windsor Point Group and associated intrusions.