Matsa now has far greater confidence in the resources contained within the Devon Pit at its Lake Carey project after drilling returned high grade gold intercepts.

Results such as 4m grading 10.14 grams per tonne (g/t) gold from 38m (WLW8) and 1m at 18.69g/t gold from 33m (WLW2A) in the West Lode along with 1m at 16.56g/t gold from 37m (ML29) in the Main Lode are all located within the current optimised pit shell at Devon.

Matsa Resources (ASX:MAT) notes that the results from the 15 hole reverse circulation drill program validate the gross architecture and lode interpretation of the Devon Pit resource it had previously completed.

Mineralisation is interpreted to reflect classic textbook high-grade shoots within a broader lower grade mineralised envelope.

Drilling also continues to demonstrate the grade variability and distribution within the deposit, reflecting the nature and typical style of orogenic gold settings.


Devon open pit

The Devon open pit is the subject of a Scoping Study completed by Matsa, which identified a mining inventory of 265,000t grading 4.64g/t gold for 37,000oz of contained gold.

This is contained within the broader contained resource of 886,000oz at 2.4g/t gold at the Lake Carey project.

In addition to the diamond drilling program in 2022 and the RC program in March 2023, the joint venture with Linden Gold Alliance has completed additional scoping work on a pit restart and further pit optimisations with preliminary results supportive of a robust financial outcome, subject to feasibility

Under the JV agreement, Matsa is free carried on a non-recourse basis for all costs associated with permitting, financing, development and mining of the Devon Pit with Linden required to meet certain milestones.


Next steps

Looking ahead, the joint venture will need to complete all metallurgical work, update the resource estimate and pit optimisation studies as well as complete remaining studies and approvals required for the feasibility study to advance Devon towards a mining operation.

Other work includes entering into an ore processing agreement, final approvals submissions to regulatory authorities to obtain mining permits, and confirm funding for mining operations.




This article was developed in collaboration with Matsa Resources, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.