Matador Mining Limited announced the discovery of gold mineralisation at depth from the recently completed inaugural diamond drilling program at the Company's Malachite target area along the Cape Ray Shear Zone ("CRSZ") in Newfoundland, Canada. Highlights: Completed first ever diamond drilling at Malachite with eleven drill holes for 1,740 metres of diamond drilling. Anomalous gold mineralisation identified in four out of eleven holes, with intercepts including: 1.72 g/t Au over one metre from 34 metres (CRD361); 1.21 g/t Au over one metre from 74 metres (CRD357); 0.73 g/t Au over one metre from 80 metres (CRD360); 0.50 g/t Au over one metre from 112 metres (CRD358).

All four reconnaissance drill holes at MAL02 intersected anomalous gold in bedrock. Identified the first known occurrence of gold in basement in the CRSZ hanging wall rocks south of the CRSZ. Drilling was designed to confirm the presence of gold mineralisation in major faults and second and third order structures identified previously through interpretation of the Company's high-resolution magnetic data, and prospecting, mapping and sampling program.

A significant hydrothermal system with associated veining, gold and anomalous pathfinder geochemistry has been identified, further highlighting the prospectivity of the vast and underexplored Malachite target area. The Malachite target area encompasses a 15 by 4 kilometre (or 60 square-kilometre) prospective trend situated in the centre of the Company's 120 kilometres of continuous strike tenement package on a major bend along the CRSZ, a multi-million-ounce gold structure that hosts Matador's 837 Koz gold resource1 and Marathon Gold's 5Moz+ gold resource. The Malachite area was prioritised by the Company as a potential host for large, multi-million-ounce gold deposits due to its structural and stratigraphic complexity, compelling geochemistry, lack of systematic historical surface exploration and the absence of any past diamond drilling.

Structural desktop evaluations of Malachite were followed by 2021's reconnaissance indicator till survey and 2022's comprehensive field mapping and prospecting campaign.