Matsa Resources has caught the eye of gold bugs with impressive results from a new reverse circulation drilling campaign at the Fortitude North gold project in the rich Laverton gold fields.

Assays from the first two of nine drill holes completed at Fortitude North have come up trumps, including 26m at 3.22g/t from 147m, a hit that includes 5m stretches at 5.63g/t and 4.52g/t, and 11m at 4.2g/t from 130m, containing an interval of 6m at 6.05g/t from 134m.

Another strike of 6m at 2.1g/t from 148m was also promising for Matsa Resources (ASX:MAT), with samples from a further seven holes waiting to be returned from the assay labs.

The results are the thickest high-grade intercepts to date from drilling at Fortitude North, which remains open in that direction, extending the existing strike length of the mineralised zone beyond 1.6km.

Around 1518m of the planned 3310m drilling program has been carried out so far, with the aim of focusing on the northern strike extent to establish a maiden resource over that part of the mineralised zone. That resource would cover just one third of the identified strike extent of Fortitude North.

The rest of the drilling, comprising ten holes likely modified to take advantage of the information in the initial results, will be undertaken in February and March.

The recent results are not in isolation. They follow previous impressive drill hits like:

  • 9.4m at 3.27g/t Au from 120.8m (22FNDD009)
  • 8.0m at 2.94g/t Au from 106.3m (19FNDD001)
  • 26m at 1.95g/t Au from 58m (18FNAC36)
  • 5.0m at 5.46g/t Au from 79m (18FNRC03)
  • 4.0m at 13.63g/t Au from 79m (20FNDD002) ; and,
  • 4.6m at 5.15g/t Au from 183.4m (20FNDD005).


Matsa Resources ASX MAT
Matsa is seeking to take its resource base beyond 1Moz in the rich Laverton gold fields. Pic: Matsa

Simply sensational

Matsa executive chairman Paul Poli described the results, aimed at bolstering the explorer’s gold resource base beyond 1Moz at its Lake Carey gold project, as “simply sensational”.

“These intercepts are simply sensational, 26m at 3.22g/t and 11m at 4.20g/t from our very first two drill holes bodes extremely well for this program,” he said.

“They are the best intercepts we have seen for this deposit so far and, importantly, represent the strongest high-grade thickness intercepts in the northernmost drill area of Fortitude North.

“It will be interesting to see what we will find with additional drilling as we move north. This year, we have set out two clear key objectives for Matsa. Firstly, we aim to deliver a maiden resource at Fortitude North which would take our total Lake Carey Gold Project resource base to over 1 million ounces. I expect that will be achieved before mid-year.”

Additionally, Matsa is moving into the lithium space via tenement applications in Thailand.

“Secondly, and I’m quite excited about this, in Thailand we will advance a number of key tenement applications to grant so that we can undertake initial drilling programs for lithium where we have identified lithium bearing pegmatites,” Poli said.

“The drilling will enable Matsa to establish continuity of these occurrences both along strike and down dip. Once we can establish that, I think we could have sufficient encouragement to warrant resource level drilling.

“I am forecasting a very good year for Matsa in 2023, both in the gold and lithium space. I look forward to providing further updates in the near future as results become progressively available.”




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.