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Matsa Resources’ (ASX:MAT) Lake Carey gets closer to 1Moz milestone

Materials
ASX:MAT      MCAP $15.32M
02 September 2021 14:20 (AEST)
Matsa Resources (ASX:MAT) - Executive Chairman, Paul Poli

Source: Paul Poli/LinkedIn

Matsa Resources (MAT) has announced a mineral resource update for the Fortitude stage two mine in Western Australia.

The mine’s mineral resource now stands at roughly 8.05 million tonnes at 1.9 grams of gold per tonne (g/t) for 489,000 ounces. This marks a 43 per cent increase in ounces from the previous 343,000 ounces of gold.

The resource estimate was completed using data from 942 holes, for 22,582 metres, and pit mapping in a trial mining program.

Fortitude forms part of Matsa’s broader Lake Carey Gold Project which includes multiple deposits.

As a result of the increase of Fortitude’s mineral resource, the Lake Carey Project now has a total measured, indicated and inferred mineral resource estimate of 11.2 million tonnes at 2,4g/t gold for 874,000 ounces.

Executive Chairman Paul Poli commented on the resource upgrade.

“This upgrade is a sensational result indeed. Our strategy is to increase our gold resource and we have successfully doubled it, adding 435,000 new ounces over the past 12 months. I’d say that’s a huge achievement in anyone’s language,” he said.

“I will add, I am absolutely committed towards growing our resource beyond one million ounces.”

Looking ahead, the company is re-optimising the upgraded model and if this work demonstrates a larger pit than planned and can produce a positive outcome, the company will prepare a new pit design, schedule and cashflow model.

This may potentially lead to an update of the current mining proposal for the Fortitude stage two mine.

Company shares were down 1.72 per cent to trade at 5.7 cents at 2:38 pm AEST.

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