MATSA ANNOUNCES HIGH-GRADE GOLD FINDS AT DEVON PIT GOLD MINE

New Assays Bolster Confidence in Lake Carey Gold Project

Matsa Resources Limited (ASX:MAT) has recently unveiled impressive high-grade gold assay results from its Devon Pit Gold Mine, located within the expansive Lake Carey Gold Project. These findings come in the wake of a Heads of Agreement with BML Ventures to embark on a mining contract for the site.

Notable Assay Results:

  • West Lode discoveries include remarkable grades such as 6.0m @ 36.16g/t Au from 48m, along with several other significant findings ranging from 5.56g/t Au to 32.07g/t Au across various depths and lengths.
  • Main Lode also demonstrated notable grades, including 2.0m @ 5.23g/t Au from 12m and 4.0m @ 11.79g/t Au from 68m, amongst others, reaffirming the lode’s productive potential.

Forward Steps:

  • A formal mining contract with BML Ventures for the operation of the Devon Pit Gold Mine is anticipated to be concluded shortly.
  • Regulatory clearances for essential environmental permits and mining operations are expected to be secured within the first half of 2024.
  • Ongoing modeling and optimization efforts are set to enhance the project’s efficiency and yield.

Project and Resource Overview:

  • The Devon Pit Gold Mine, fully owned by Matsa, forms a crucial part of the Lake Carey Gold Project, which boasts a global gold resource nearing 1 million ounces. Upcoming drilling programs aim to further delineate and expand this resource.

Executive Commentary:

Matsa’s Executive Chairman, Mr. Paul Poli, shared his optimism regarding the recent developments:

The results of the drilling are pleasing in that they confirm our modeling. We are hoping these new high-grade intercepts from the West Lode will give us an uplift. Whilst the Main Lode was mined as recently as 2016, the West Lode has seen no mining activity since the 1920s… with these new drilling results, we’re confident the West Lode will be a significant contributor to the mining operation.

Our studies to date have demonstrated a potential mine that produces in excess of 250,000 tonnes at over 4g/t which is exciting. We are expecting the formal mining contract with BML Ventures Pty Ltd for the Devon Pit Gold Mine to be signed and sealed in the coming days and I’m very excited about that because it will generate cash flow for Matsa.

Read the full announcement

Goldman

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