Matsa looks set to have a modern-day story to tell at its Fortitude North prospect after receiving high-grade gold assays from its April drill program.

Notable results from a further five holes in the 20-hole program include 4m grading 6.5 grams per tonne (g/t) gold from 153m and 5m at 5.6g/t gold from 170m within a broader 35m interval at 3g/t gold from 150m and 6m at 5.1g/t gold from 112m within a 14m zone at 3.4g/t gold from 113m.

These add to first assays from the same drill program, which returned assays such as 19m at 2.78g/t gold from 166m and 11m at 3.79g/t gold from 108m.

With assays for another five holes still pending, Matsa Resources (ASX:MAT) notes that the drill results build on the size and scale of the Fortitude North prospect within its Lake Carey project in Western Australia’s northeastern Goldfields region.

“These continuing excellent new results from the April drilling program continue to provide exceptional building blocks to the Fortitude North story,” executive chairman Paul Poli said.

“The thicker gold intersections from these assays and the extension of the mineralised zone, which remains open both along strike and down dip, augurs well for our expectations at Fortitude North.

“We continue to hold the belief that Fortitude North could be a very significant discovery and dramatically build our gold resource at Lake Carey.”


Lake Carey project

Fortitude North is located north of the Fortitude deposit, which at 8Mt grading 1.9g/t gold – or 489,000oz of contained gold – makes up the bulk of the Lake Carey resource of 886,000oz of gold.

While Fortitude North is likely to host enough gold to take the company’s resources over the magic 1Moz mark, it has decided against estimating a resource over a small portion of the prospect.

Rather, Matsa has elected to carry out more drilling to better define the extent of gold mineralisation at the prospect, which will in turn support its plans to develop Lake Carey as a standalone project.

Given that Fortitude itself is the subject of a of a mining study outlining production of 132,000oz over 30 months to generate a surplus of $95m using a gold price of $2,400 per oz, a broader development with the addition of substantial resources at Fortitude North is likely to be even more attractive.



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.