- Significant new gold trend at Lake Carey
- AngloGold Ashanti has now completed 41 holes for 11,355m
- Drilling a mix of RC, diamond core and diamond tail drilling
- AngloGold Ashanti’s drilling part of the tenement option agreement
Matsa Resources (ASX:MAT) has reported promising early results from a drilling program being completed by AngloGold Ashanti as per a tenement option agreement related to the Lake Carey gold project in WA.
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AngloGold Ashanti has advised they have completed 41 holes for 11,355m with promising assay results for 34 holes received so far, from which Matsa has interpreted a mineralised gold trend extending over a strike length of two km.
Executive chairman, Paul Poli, said the drilling comprises a mix of reverse circulation, diamond core and diamond tails drilling.
“AngloGold Ashanti have been quite active in this area and has conducted geophysical (gravity) surveys, flora, fauna and heritage surveys and has now completed a substantial drilling program over the past six months,” Mr Poli said.
“Drilling and assay results so far, are encouraging and it is clear from some of the depths of the drilling that Anglo are reaching, they are quite serious about the project and what they are aiming to achieve. Obviously, they are being thorough.
“Whilst it is still early in the program, it appears that mineralisation has been intersected over a sustained strike length. Furthermore, the drilling AngloGold Ashanti completed on their adjacent tenement also extended along the boundary.
“Based on these observations, it suggests that AngloGold Ashanti’s findings warrant further investigation.”
The third and final option instalment under the agreement, prior to exercise, was received last week.
“Matsa has a great working relationship with Anglo, and we look forward to seeing them continue their exploration efforts on these tenements. I look forward to providing further results as they become available to Matsa.”
Peak gold values range up to 10.87 grams per tonne (g/t), 10.91g/t, 11.64g/t and 12.61g/t.
Overall there were 114 intercepts grading better than 1.0 g/t Au and 53 intercepts grading better than 2.0 g/t.
MAT is up 5.26% to 6.0¢. Mkt cap $55.35M.
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