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