Matsa Resources Limited (ASX: MAT) has received further “excellent” results from reverse circulation (RC) drilling at Fortitude North, Lake Carey project in Western Australia.
The drilling has now extended the Fortitude North discovery by 200m to the north resulting in a strike extent of 1.7km which remains open in both directions along strike. In addition, the drilling has extended mineralization down dip to the east by 70m for a total width of some 250m across strike. The new 2023 drilling has added significantly to the potential size and scale of Fortitude North.
“These fantastic results speak for themselves and whilst further work is obviously required, we see this as a confirmed significant discovery. In fact, I think Fortitude North will be substantially better than our Fortitude Gold Mine, only six km to the south, where we have a gold resource of 489,000oz,” Executive Chairman, Paul Poli, said.
“Matsa’s geology team tell me that they can see multiple phases and styles of mineralization that speaks to a very long lived system, with up to four gold forming events. Before this drilling, we were targeting another Fortitude, but all this now points to something much more substantial and our target is now much bigger commensurate with these bigger intercepts.
“With this new information and the fact that mineralization is still open in the major directions, we are targeting a mineralized system which is potentially in excess of 1Moz at Fortitude North, all the ingredients are there.”
Of the 20 holes drilled there were:
o 10 intercepts above 25 gram metres
o Three intercepts above 50 gram metres
o One intercept above 100 gram metres, and
o 13 intercepts greater than 10m thick
Multiple lodes were intersected within a number of holes
Drilling continues to extend the bedrock mineralization at Fortitude North towards the eastern and northern directions and at depth. Mineralized intersections continue to display excellent downhole thicknesses and good continuity.
The combination of multiple, thick and high-grade mineralized intersections demonstrates the presence of a large hydrothermal gold system and supports Matsa’s belief that, with further drilling, Fortitude North will be defined as a major gold deposit.
For further information please visit: https://www.matsa.com.au/