- Matsa Resources (MAT) has received more strong results from 14 holes drilled at the Red October gold mine
- This phase one diamond drilling program aimed to provide grade control near the current production area and infill existing resources to define and de-risk potential mining areas
- Drilling focused on four target areas — all of which returned outstanding, high-grade gold results including up to 137.5 and 161.5 grams per tonne
- However, some assays are still pending and the next round of drilling will begin in either December or January
- Company shares are trading flat at 13.5 cents
Matsa Resources (MAT) has received more strong results from its 14 diamond holes drilled at the Red October gold mine.
The phase one diamond drilling program aimed to provide grade control near the current production area and infill the existing resources to define and de-risk potential future mining areas.
Drilling focused on the Lionfish, Marlin 410, Dory and Smurfette 320, and MH Fault target areas.
Lionfish returned a high-grade intercept including 0.28 metres at 161.5g/t gold from 37.5 metres.
This result builds on previous high-grades including 0.7 metres at 137.5g/t gold from 29.5 metres and 0.9 metres at 11.25g/t gold from 79.56 metres and two metres at 16.14g/t gold from 56 metres.
The latest assays, as well as previous ones, have provided further confidence on the potential for Lionfish to add additional ounces to the current mine plan.
Further holes have since been drilled at Lionfish and assays are pending.
Out of 10 holes drilled at Marlin 410, assays for five have been received.
Two of these holes returned outstanding results including 1.3 metres at 8.14g/t gold from 99.5 metres including 0.40 metres at 23.3g/t gold from 100.40 metres, 1.7. metres at 51.68g/t gold from 97 metres including one metre at 58.1g/t gold from 97 metres.
The Dory and Smurfette 320 lodes sit adjacent to each other and are both prospective for high-grade gold.
Dory returned 0.81 metres at 22 g/t gold from 34 metres and Smurfette 320 returned seven metres at 5.24g/t gold and 4.04 metres at 4.62g/t gold from 25.96 metres.
The MH Fault was initially being tested for other lodes, however high-grade intercepts were identified on the modelled MH Fault position and also on an unknown lode.
Best results include 3.8 metres at 30.98g/t gold from 97.2. metres, including one metre at 102.5g/t gold from 99 metres.
This first phase of underground drilling at Red October has been completed ahead of schedule, with further assays still pending. The next phase of drilling is expected to begin in December or January.
Company shares are trading flat at 13.5 cents at market close.