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Matsa Resources Executes $101M Deal for Lake Carey with AngloGold Ashanti Australia

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THE BOURSE WISPERER: Matsa Resources (ASX: MAT) may hae put any talk of takeovers to bed following its announcement of a Tenement Option Agreement executed with AngloGold Ashanti Australia.

Matsa Resources has stuck a deal with AngloGold Ashanti providing the latter with the option to acquire the majority of the former’s Lake Carey gold project near Laverton Western Australia.

The cost for Anglo to take the is a lazy $101 million (at a gold price of A$4,500) subject to other conditions being met.

An important factor of the deal is that Matsa retains the company’s near-term production Devon Pit Gold Mine, the Fortitude North Project and the Red October Accommodation Village, as well as associated tenements.

“This transaction is the culmination of negotiations over the past 12 months with AngloGold Ashanti and I am thrilled with this outcome,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.

“To attribute a value of approximately $101 million to the Lake Carey Gold Project speaks volumes for the exploration potential of this project.

“Not only that, Matsa retains the highly valuable, near term production Devon project, Red October Accommodation Village and what I consider to be a very exciting exploration project in Fortitude North where recent drilling highlighted its potential.

“This transaction has been a long time in the making.

“I would like to thank AngloGold Ashanti and their team for the way in which the negotiations were conducted.

“To have a party of the ilk of AngloGold Ashanti speaks to the true potential value of Matsa’s assets and has attributed a ‘see through’ value of in excess of $85 per resource ounce based on the current market gold price.

“I believe shareholders can now have a better understanding of the value of Matsa and what that now means for them and into the future.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Anticipation Builds for RIU Explorers Conference

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THE CONFERENCE CALLER: The RIU Explorers Conference kicking off in Fremantle next week will have a bit of everything for everyone ranging from positive drilling results to on-market takeover bids. We can’t wait.

 

Patronus Resources’ Makes Matsa Resources Takeover Bid Just in Time for RIU Explorers

THE CONFERENCE CALLER: A takeover bid by Patronus Resources (ASX: PTN) for Matsa Resources (ASX: MAT) provides next week’s RIU Explorers Conference a bit of colour.

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Carnaby Resources Drills Further Encouragement at Greater Duchess

THE DRILL SERGEANT: Carnaby Resources (ASX: CNB) released results from a recent busy round of drilling completed at the company’s Greater Duchess copper gold project in Mt Isa, Queensland.

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Black Cat Syndicate Resumes Paulsens Underground Drilling

THE DRILL SERGEANT: Black Cat Syndicate (ASX: BC8) is conducting underground drilling at the company’s Paulsens gold operation in Western Australia.

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Critica Declares Jupiter Maiden Resource as Australia’s Largest Clay Hosted REE Resource

THE DRILL SERGEANT: Critica (ASX: CRI) released, what the company claims as being, the “largest and highest-grade clay hosted rare earth resource”, in Australia.

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Hot Chili Confirms LaVerde Copper-Gold Porphyry Discovery

THE DRILL SERGEANT: Hot Chili (ASX: HCH) declared confirmation of a copper-gold porphyry discovery at the La Verde copper-gold discovery near the company’s Costa Fuego copper-gold project in Chile.

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Matsa Resources Encounters High-Grade Gold Intercept at Fortitude North

THE DRILL SERGEANT: Matsa Resources (ASX: MAT) rebuked a take over offer from Patronus Resources (ASX: PTN) while announcing a high-grade gold intercept at the company’s Lake Carey gold project in Western Australia.

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Mt Malcolm Mines Producing Gold Sales from Golden Crown Bulk Sampling

THE DRILL SERGEANT: Mt Malcolm Mines (ASX: M2M) continues to produce gold recoveries of note from the company’s Golden Crown prospect in Western Australia.

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Red Metal Confirms REO Continuity via Infill Drilling at Sybella Discovery

THE DRILL SERGEANT: Red Metal (ASX: RDM) has drilled confirmation that of wide zones of rare earth oxide mineralisation continue at the company’s Sybella rare earth discovery near Mt Isa.

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Patronus Resources Makes Matsa Resources Takeover Bid Just in Time for RIU Explorers

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THE CONFERENCE CALLER: A takeover bid by Patronus Resources (ASX: PTN) for Matsa Resources (ASX: MAT) provides next week’s RIU Explorers Conference a bit of colour.

The week could, of course, run its usual course with companies espousing their investment opportunities, but a bit of subterfuge between chums never goes astray.

Earlier this week Patronus Resources announced an on-market takeover offer for Matsa Resources where the former declared its intentions to acquire all of the shares of the latter it doesn’t already own.

It’s not as if Patronus is going in blind, after all it and its associates combine to currently hold the largest shareholding interest in Matsa, with an interest of 19.57 per cent of that entities fully paid ordinary shares.

The announcement did everybody a favour taking Matsa’s share price from four cents on 6 February 2025 to a nice little earner of 5.2 cents at the time of writing, a much-improved price compared to the 4.5 cents offered by Patronus.

Patronus told Matsa shareholders its offer would give them an “attractive, certain and immediate value,” for their holding. It would certainly appear so given the boost its intentions ignited.

Patronus continued its spiel, saying the offer was made, “with the intention of increasing its ownership in Matsa and will seek to potentially restructure the existing Matsa Board / management and conduct a strategic review of Matsa’s asset base”.

The company went on to say it was “supportive of Matsa securing additional equity funding to repay Matsa’s existing indebtedness in order to concurrently remove the security claims provided to these existing secured debt providers”.

Unsurprisingly Matsa Resources responded by telling shareholders to bide their time in an announcement telling them, “The Directors of Matsa are carefully considering the unsolicited Offer and intend to provide their recommendation to shareholders via the release of a target statement in the coming weeks”.

“In the interim, shareholders are advised to TAKE NO ACTION at this stage in relation to the Offer or any documents shareholders may receive from Patronus.

“There will be sufficient time after the release of Matsa’s target statement for shareholders to consider the Offer.”

The Roadhouse will, of course, be attending the RIU Explorers Conference next week and will be making all efforts to get the thoughts from both companies on any developments that may arise in the meantime.

 

 

Matsa Resources Encounters High-Grade Gold Intercept at Fortitude North

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) rebuked a take over offer from Patronus Resources (ASX: PTN) while announcing a high-grade gold intercept at the company’s Lake Carey gold project in Western Australia.

Matsa Resources reported a gold encounter at the Fortitude North prospect at Lake Carey of:

24FNDD010
22.4 metres at 9.19 grams per tonne gold from 329.7m, including 9.14m at 11.93g/t gold from 329.7m and 7.2m at 12.98g/t gold from 345m.

Matsa claimed the intercept as being the highest grade result it has received to date whilst supporting the trend that grades are increasing at depth and to the north.

The company acknowledged the result had confirmed the presence of a second lode structure approximately 120m below the mineralisation it had defined via its the 2023 drilling program.

“This new intercept lends significant weight to Matsa’s exploration model that Fortitude North represents multiple stacked lode systems plunging to the north and dipping to the east,” Matsa Resources said in its ASX announcement.

“The presence of multiple stacked mineralised lode structures can be found elsewhere such as the nearby Goldfields’ Wallaby Mine and Anglogold Ashanti’s Sunrise Dam Gold Mine.

“The exploration space at Fortitude North has been significantly expanded with this drilling result.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Matsa Resources Achieves Further High-Grade Gold Assays From Devon Pit Gold Mine

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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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Matsa Resources Confirms Large Gold System at Fortitude North

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) received results from its latest round of reverse circulation (RC) drilling at Fortitude North within the company Lake Carey project in Western Australia.

Matsa Resources reported the drilling has extended the Fortitude North discovery by 200 metres resulting in a strike extent of 1.7 kilometres that remains open in both directions along strike.

The drilling also extended mineralisation down dip to the east by 70m for a total width of some 250m across strike, which the company declared to have greatly added to the potential size and scale of Fortitude North.

Of the 20 holes drilled there were:
10 intercepts above 25 gram metres;
3 intercepts above 50 gram metres;
1 intercept above 100 gram metres, and
13 intercepts greater than 10m thick.

Matsa Resources interpreted the width and grade of these intersections to be confirmation it has discovered a major gold mineralised system that is open in all directions that with additional drilling could further add to the size of the defined mineralisation.

“These fantastic results speak for themselves and whilst further work is obviously required, we see this as a confirmed significant discovery,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.

“In fact, I think Fortitude North will be substantially better than our Fortitude Gold Mine, only six kilometres to the south, where we have a gold resource of 489,000 ounces.

“Matsa’s geology team tell me that they can see multiple phases and styles of mineralisation that speaks to a very long lived system, with up to four gold forming events.

“Before this drilling, we were targeting another Fortitude, but all this now points to something much more substantial and our target is now much bigger commensurate with these bigger intercepts.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Fortitude North Assays “Dramatically” Add Potential at Matsa’s Lake Carey

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THE CONFERENCE CALLER: Matsa Resources (ASX: MAT) executive chairman Paul Poli had a spring in his step at the 2023 RIU Sydney Resources Round-up today, with fresh assay results he believes help demonstrate the multimillion-ounce potential at Fortitude North.

The latest results included 6m at 5.1 grams per tonne gold, within 14m at 3.4g/t from 113m.

“We think these are absolutely massive results for a [potential] open pit mine,” Poli, who is the company’s second-largest shareholder, told the conference.

The “gold company with a twist of lithium” believes Fortitude North could dramatically build the resource at its 886,000 ounce Lake Carey gold project in Western Australia’s Goldfields.

Poli told Resources Roadhouse on the sidelines it was early days at Fortitude North, where drilling has only gone to 200m deep, but they were seeing “quite substantial” similarities to AngloGold Ashanti’s nearby Sunrise Dam open pit and underground operation.

A 2021 feasibility study on Fortitude, not including Fortitude North, indicated positive cash flow of about $95 million using a $2,400/oz gold price.

Poli told delegates this would increase to $200 million using the current $3,000/oz price.

“It just needs a home for its ore and that’s what we’re addressing,” he said.

Lithium is Matsa’s second focus, added about 18 months ago, and Poli said testing had shown the company’s lepidolite and polylithionite samples were “easily processable” by Yongxing Special Materials Technology, one of China’s largest lepidolite miners and processors.

Matsa arguably holds the largest tenement applications for lithium exploration in south-east Asia of circa 2,000 square kilometres and Poli expected the granting process to begin “soon”.

 

 

Matsa Resources Reports New Gold Intercepts at Fortitude North

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) will be keen to speak with delegates at the RIU Sydney Resources Roundup about recent drilling results from Fortitude North at the company’s Lake Carey gold project in Western Australia.

Matsa Resources reported its latest drilling campaign has extended the Fortitude North mineralised zone by almost 200 metres to the north resulting in a strike extent of 1.7 kilometres that remains open in both directions along strike.

The drilling has now extended mineralisation across strike to the east by 60m for a new total width of some 250m.

Matsa declared it has become clear that the Fortitude North mineralisation remains open at depth.

“Our recent drilling results have returned thicker packages of mineralisation than we’ve seen before,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.

“What is really pleasing is that the mineralised zone has been extended and remains open along strike, and importantly, across strike to the east as well.

“Downdip has also not been tested to its full extent.”

Matsa explained that the MRE it had pencilled in earlier this year at Fortitude North that it expected would take the total Lake Carey gold project resource base to over one million ounces would now be postponed.

“Whilst this new drilling is sufficient to formalise a model over a small portion of the deposit, we’ve chosen not to embark on completion of a technical JORC compliant model at this stage,” Poli said.

“Why? Because we only need 114,000 ounces to get us over the one million ounce resource mark and we firmly believe we’d be selling Fortitude North short, when the prize appears to be so much bigger.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Matsa Resources Aims for 1Moz ‘And Beyond’ at Lake Carey

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THE CONFERENCE CALLER: Drilling results announced today give Matsa Resources (ASX: MAT) confidence its Lake Carey gold project will increase beyond 1 million ounces, executive chairman Paul Poli told the 2023 RIU Explorers Conference. By Ngaire McDiarmid

Results included 14m at 2.87 grams per tonne gold and 19m at 3.77g/t from Fortitude North, at the project in Western Australia’s Goldfields.

“We didn’t expect to find these types of grades, it’s completely opened up the ground to the north,” Poli told the conference.

The nearby permitted Fortitude deposit holds 489,000oz of the project’s current 886,000oz.

Describing Matsa as “a gold company with a twist of lithium”, Poli said whether it remained a company with two prongs was yet to be seen.

Its second focus is as a lithium “trailblazer” in Thailand.

Poli said Matsa had amassed just under 1,200 square kilometres, pointing to DSO potential at Phang Nga which was “littered with lithium occurrences throughout that pegmatite”.

He was at pains to dispel the misconception that processing lepidolite was difficult.

“I say to all the naysayers, lepidolite is valuable, the proof is here,” he said.

The company had announced a lithium testing agreement this week, for 80kg of its Thai samples, with Yongxing Special Materials Technology, one of China’s largest lepidolite miners and processors.

“We’ve had a bit of fun with our share price this week,” Poli noted.

“It’s up 50 per cent – and little bit of luck, that will continue.”

 

READ MORE HERE

 

Matsa Resources Reports New Drilling Results from Lake Carey Gold Project

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THE DRILL SERGEANT: Matsa Resources (ASX: MAT) provided a market update on recent exploration drilling undertaken at the company’s Lake Carey gold project in the Eastern Goldfields of Western Australia.

Matsa Resources recently completed two diamond drill holes, one at the Fortitude North target and the other at the FF1 target.

The company explained a further eight diamond holes were also completed at the Devon target, however the results of this drilling were not available yet.

Assays received included:

2FFD001
9.4 metres at 3.27 grams per tonne gold from 120.8m at Fortitude North; and

22FNDD009
1m at 6.57g/t gold from 148m at FF1.

“Over the last few months, we have been busy at our Lake Carey gold project completing a number of ground magnetic and soil geochem surveys in support of exploration drilling which also commenced during the quarter,” Matsa Resources executive chairman Paul Poli said in the company’s ASX announcement.

“The aircore drilling completed to date has already identified new gold in basement anomalism at Phantom Well and Wilga West that adds to our exploration pipeline.

“With a focus on developing the area near the Fortitude gold mine, I’m particularly pleased to say we have recommenced drilling at Fortitude North.

“As a result of the reinterpretation of the Fortitude North mineralising and grade shoot geometry model, we have planned a staged diamond drilling program starting with a hole completed down dip of the northern most high-grade intercept to target an interpreted high-grade shoot.

“We are thrilled that the drilling has confirmed the existence of a higher-grade shoot, so follow-on drilling will be undertaken.

“Notably, the results of this drilling returned a thicker, higher-grade intercept in comparison to previous drilling in that part of Fortitude North.

“What I really like about this intercept is that it has returned 36 per cent more gold than the previous drill hole.

“What also bodes well for this prospect is that these results demonstrate that grades appear to increase as the exploration gets deeper.

“As we develop and improve our geological understanding of the Fortitude North prospect, these types of results give me high confidence we can deliver another Fortitude Gold Mine type resource of between 400,000 and 600,000 ounces in the not too distant future.

“Lastly, at FF1 only one kilometre to the north of Fortitude North, we’ve completed the very first diamond drill hole where in 2020, we defined a large gold in basement anomaly and overlying channel sands.

“It is promising to see an alteration zone of 19 metres in the core, which indicates strong fluid movement and suggests a fertile package of rocks.

“I’m looking forward to developing FF1’s story with more drilling and also drilling the untested large bullseye magnetic anomaly only a couple of hundred meters to the north.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: reception@matsa.com.au

 

Web: www.matsa.com.au