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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Matsa Resources Limited    MAT   AU000000MAT8

MATSA RESOURCES LIMITED

(MAT)
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Matsa Resources Limited : - Initial High Grade Resource at Devon Lake Carey Gold Project

04/08/2021 | 08:20am EDT

Matsa Resources Limited ('Matsa' or 'the Company' ASX: MAT) is pleased to announce a Mineral Resource Estimate at Devon comprising the Devon pit and Olympic prospects.

Within 500m of these two prospects lie the Hill East and LIN1 gold and SAM geophysical anomalies that are subject to an upcoming drilling program recently announced1 by the Company.

Devon Resource Model

Matsa completed 71 RC drill holes for 8,077m during 2019 and 2020 to test the grade and continuity of mineralisation at depth and along strike at Devon pit and Olympic prospects. Select highlights of recent drilling results2 listed below illustrate the high grade potential of these prospects: 19ODRC005 8m @ 6.94 g/t Au from 80m Incl. 3m @ 16.3 g/t Au

19ODRC001 2m @ 16.6 g/t Au from 74m Incl. 1m @ 28.6 g/t Au

20DVRC016 5m @ 2.13 g/t Au from 75m incl. 1m @ 8.43 g/t Au

20DVRC028 1m @ 22.07 g/t Au from 70m

20DVRC031 4m @ 15.5 g/t Au from 71m incl. 3m @ 19.6 g/t Au

20DVRC033 2m @ 8.23 g/t Au from 65m incl. 1m @ 15.19 g/t Au

20DVRC034 3m @ 6.33 g/t Au from 59m

20DVRC036 3m @ 10.56 g/t Au from 119m incl. 1m @ 25.93 g/t Au

Following receipt of final assays early in 2021, models have been prepared for both Olympic and Devon pit prospects. Whilst the drilling is sufficient to establish a Mineral Resource Estimate, mineralisation at both prospects remains open at depth and potential for offset extensions to the north and south also exist.

Modelling was completed in Leapfrog (geological wireframing) and Surpac (grade interpolation) 3D software. Ore lodes and grades are well constrained with sharp boundaries between ore and waste noted in the modelling.

The shallow high grade nature of mineralisation at Devon pit in particular, lends itself to a potential cutback mining scenario with minimal pre strip requirements, early access to ore and mining studies have commenced. The grade and mineralisation are expected to be amenable to both open pit and underground mining methods and may provide a logical add-on to the established mining plan at Fortitude Stage 2.

Exploration Potential

Both Devon pit and Olympic resources remain open at depth and potential for offset / strike extensions to the north and south remain. Historical mapping for the region has highlighted brittle deformation pointing to potential offsets of the lode structures. In addition to known structural offsets, the soil sampling conducted by Matsa over the past 6 months has highlighted a number of gold in soil anomalies that are yet to be drill tested. In the near future, the Company expects to extend its SAM coverage to the north of previously completed surveys, encompassing the Olympic and Devon pit prospects that could assist in defining further drill targets.

Devon Project Background

Devon, within the Lake Carey Gold project, is located 7km south of Matsa's Red October Mine and contains a significant number of historic gold workings. Recent successful drilling by Matsa has been focused on the Devon pit, Olympic, and Hill East prospects. The Devon pit and Olympic prospects were both mined in the early 1900s via shaft and level development. It was also mined during 2015 and 2016 by GME Resources who reported production of approximately 61kt @ 5.3g/t for 10.4koz from the Devon pit. Devon was acquired by Matsa in November 20183 which removed multiple tenement ownership impediments to exploration and at the time of acquisition, no resource was reported.

Contact:

Paul Poli

Tel: 08 9230 3555

Email: reception@matsa.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 11,2 M 8,51 M 8,51 M
Net income 2020 -5,24 M -3,99 M -3,99 M
Net Debt 2020 2,33 M 1,77 M 1,77 M
P/E ratio 2020 -6,22x
Yield 2020 -
Capitalization 20,9 M 15,9 M 15,9 M
EV / Sales 2019 2,43x
EV / Sales 2020 3,36x
Nbr of Employees 32
Free-Float 67,7%
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Managers and Directors
NameTitle
Andrew David Chapman CFO, Secretary & Non-Executive Director
Paul Poli Executive Chairman
Franciscus Sibbel Non-Executive Director
Pascal Blampain Executive Director
Richard Breyley Regional Manager-Geology
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