Quarterly Activities Report
Highlights:
• Commenced the largest exploration program ever undertaken at the Cape Ray Gold Project, including planned:
– 45,000 metres of diamond drilling;
– Five power auger rigs to drill over 100,000 metres; and
– Heli-mag program covering 80 kilometres of strike.
• Increased landholding across Newfoundland to 750km2following a strategic review of prospective ground around the Cape Ray Gold Project and other prospective gold regions in Newfoundland
• Completed Phase One of the high-resolution Heli-mag geophysics program, covering 40 kilometres of strike along the central part of the Company’s landholding
• Successfully raised $16 million at $0.56 per share, a 28% premium to the closing share price
– Introduced two global institutional investors, Franklin Templeton and CI Financial, both of which became substantial shareholders (+5% shareholder)
• Listed on USA OTC Markets (OTCQX: MZZMF) and the Frankfurt Stock Exchange (FSE: MA3) to increase investor awareness and diversify the Company’s shareholder base
• Strong cash position of $22 million as at 30 June 2021
– Fully funded through the 2021 and 2022 exploration seasons