Matsa Receives More Positive News
Matsa Resources Limited (ASX: MAT) has received further positive results from its underground drilling programme currently progressing at the Red October gold mine in Western Australia.
Highlight results include 0.70m @ 137.50 g/t Au, 2.00m @ 16.14 g/t Au and 2.00m @ 28.97g/t Au, confirm the potential to add new ounces to the mine plan.
The Phase 1 drilling programme at Red October is designed to provide grade control near the current production area, and infill the existing resources to define and de-risk potential future mining areas.
Results received to date provide encouraging insights into the potential for Lionfish, Marlin 410 and Dory targets to add meaningful ounces to the mine plan in the near term, with all of the targets close to existing workings.
The MH Fault target area requires geological review of structural data to determine its continuity along strike and dip.
The Lionfish Phase 1 programme has been designed to test the continuity of lodes and high-grade shoots below the previously mined N-1255 level, with a view to completing the infill and defining mineable ounces.
High grades evident within the main Lionfish lodes (HW 357 and HW 356) and a subsidiary structure (Splay 555) down-plunge of the N-1255 level have been tested with four drillholes (ROGC747 to ROGC750 inclusive). A possible grade shoot north of the existing N-1255 level workings was also tested with one drillhole (ROGC751).
Drilling assay results received to date confirm the presence of the Lionfish lodes and discrete, high- grade shoots within them.
Significant intercepts from Lionfish Phase 1 include: ROGC751: 0.28m @ 161.50g/t Au from 37.50m (HW 356)
Results received provide further confidence on the potential for Lionfish to add additional ounces to the current mine plan building upon previously reported results
On the strength of the intercept in drillhole ROGC751, further drillholes have since been completed in this area with assays pending. If there is continuity of structures and grade shoots, this area is immediately accessible for mining. A decision on infilling the remainder of Lionfish Phase 1 shall be made prior to the drill rig returning to site in December/January.
The Marlin 410 programme aims to infill two potential mining levels below the previously mined S-842 level. This area presents a compelling mining opportunity and is easily accessible by continuing the South Decline downwards, with all mining infrastructure in place. Ten drillholes have been completed for this purpose, with five drillholes still pending assays.
