A 3,500m drilling program at the Devon Pit at Matsa’s 886,000oz Lake Carey gold program

The drilling is primarily aimed at finalising pit designs prior to mining, but the company says there is also strong potential to increase the size of the mine since the last optimisation study in April 2021 which showed $40.5 positive cashflow.

The results will be used to complete a definitive feasibility study (DFS) expected to be completed by 31 August 2023 for an open pit mine at Devon Pit.

Devon production in 2024

The drilling is being managed by Linden Gold Alliance under the Joint Venture Agreement (JVA) with Matsa Resources (ASX:MAT).

Under the terms of the JVA, the company is free carried on a non-recourse basis for all costs associated with permitting, financing, development and mining of the Devon Pit – which is expected to commence production in 2024.

Matsa is also expecting to complete a 3,300m drilling program at the Fortitude North prospect within approximately 4 weeks (once a track mounted rig becomes available) with assays expected around 8 weeks thereafter.

 

 

 

This article was developed in collaboration with Matsa Resources Limited, 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.

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