Matsa Resources Limited provided an update of drilling results from the Devon Pit in Western Australia's Eastern Goldfields. The drilling comprised eight diamond holes for 839m and was completed by Linden Gold Alliance Limited ("Linden") as part of their background and feasibility studies to advance the Devon Pit to mining. Whilst the drilling was completed in June 2022, assay results have only now become available.

Four of the twelve holes planned were not completed. Resource infill and expansion drilling is expected to commence in December 2022, subject to approval from the JV committee as per the previously announced joint venture agreement. The drilling was designed to target both the main and western lodes within the current optimised pit shell at the Devon Pit.

The diamond drilling has validated the gross architecture and lode interpretation of the Devon Pit resource previously completed by Matsa in 2021. These interpreted lode wireframes, geological rock units, weathering profile, optimised pit shell and new drilling results. Mineralisation is interpreted to reflect classic textbook high grade shoots within a broader lower grade mineralised envelope, depicted in the Devon Pit long section.

The results also continue to demonstrate grade variability and distribution within the deposit, reflecting the nature and typical style of orogenic gold settings. Based on historical mining voids and sampling, these underground workings also infer targeted mining of shoot trends. Actual geological mapping does not seem to have been undertaken.

An open pit operation is proposed for development of the Devon Pit resource. Most of the results are considered to be likely above mining cutoff grades (eg 3gram-meters in the main lode in drill hole DVD045) although the actual mining cutoff grades are yet to be calculated Highlights of the drilling results include: 4.0m @ 7.45g/t Au from 5.7m; 1.9m @ 11.89g/t Au from 67.6m; 4.2m @ 6.85g/t Au from 76.1m; 1.1m @ 22.12g/t Au from 49.7m; 1.3m @ 44.8g/t Au from 88.4m.