Matsa Resources Achieves Further High-Grade Gold Assays From Devon Pit Gold Mine
THE DRILL SERGEANT: Matsa Resources (ASX: MAT) reported results from drilling undertaken at the Devon Pit Gold Mine, situated within the company’s Lake Carey gold project south of Laverton in Western Australia.
Matsa Resources has received the final results for a 53 reverse circulation (RC) drill hole program completed in September 2023 at the Devon Pit Gold Mine.
The company declared the drilling results had continued to return strong intercepts, providing support to recent updated studies to recommence open pit mining at the Devon Pit Gold Mine.
Drilling results from the West Lode have again returned consistent high-grade intercepts.
Matsa is progressing permitting as it investigates potential mine design and pit scheduling options that could provide early cash flow.
Permitting applications for development and mining at the Devon Pit Gold Mine have been lodged with several approvals already granted.
“The results of the drilling are pleasing in that they confirm our modelling,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.
“Having said that, 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 where three small shafts were sunk on what appears to be high-grade shoots.
“These shafts are not very deep and with these new drilling results, we’re confident the West Lode will be a significant contributor to the mining operation.
“Importantly, ore from the West Lode is expected from surface.
“Our studies to date have demonstrated a potential mine that produces in excess of 250,000 tonnes at over four grams per tonne which is exciting.
“Earlier this month, Matsa signed a Heads of Agreement with BML Ventures Pty Ltd to formalise a mining contract for the Devon Pit Gold Mine.
“We are expecting this to be signed and sealed in the coming days and I’m very excited about that because it will generate cash flow for Matsa.
“With the recent approval of our dewatering application, we now only have a couple more approvals required before mining can commence and we are expecting these approvals in the coming months.
“The recent rains have delayed the final flora survey planned for late March by a few weeks which is unfortunate.
“This final survey is required for the mining application to be processed and, other than timing of this field work, we don’t see an adverse impact to our schedules.”
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