Matsa Resources Limited (ASX:MAT) has received further excellent results from the remaining seven holes of the of nine completed holes as part of a 19 hole 3,310m RC drilling programme at Fortitude North at the Lake Carey Project in Western Australia.
The drilling has provided significant insights into the geometry of high-grade shoots in the Fortitude North mineralized system and importantly, indicates that the system remains open to the north and the south.
The results are substantially thicker grading intercepts than any drilling results from past drilling and importantly, indicate the system remains open to the north. The results demonstrate that the Fortitude North mineralized system contains high grade shoots with thicker widths than previously thought.
At Fortitude Gold Mine, a resource of 489,000oz has been defined and Matsa believes the geology, thickness, grade and morphology of the mineralization at Fortitude North is comparable, if not stronger, than that of Fortitude Gold Mine.
To date the grades, widths and strike length identified shows that Fortitude North is a significant mineralized system that has the potential to be mined by open pit or underground methods.
The mineralization is shear zone hosted and associated with laminated quartz veining, albite alteration and pyrite. Similar geological setting and mineralizing style has been observed at Matsa’s Fortitude Gold Project some six km south, where trial open pit mining has taken place.
This focussed RC drilling programme of an initial 3,310m is aimed at providing sufficient drilling coverage to establish a maiden resource over the northern portion of the prospect which represents only one third of the identified 1.6km strike extent of Fortitude North.
“These results continue to support our view that Fortitude North is a bigger system than the Fortitude Gold Mine where Matsa has an established resource of 489,000oz and a 2021 mining study that indicates a positive cash flow of A$95M,” Chairman, Paul Poli, said.
“The thicker intercepts in the high-grade shoots provide substantial volumes of gold not seen in previous drilling and certainly eclipse what we have seen at Fortitude Gold Mine. I am confident that with additional drilling, we can start to replicate some of these results further along strike and back towards the south.
“What is really exciting, is that the drilling previously completed to the north appears to have completely missed the orientation of these high grade shoots. This new drilling emphatically indicates the system remains open to the north, potentially due to simple fault offset. The results have forced us to rethink our model in a very positive way.
“I want to reinforce that this year, we have set out a clear key objective for Matsa. We aim to deliver a maiden resource at Fortitude North and take our total Lake Carey Gold Project resource base to over 1 million ounces before mid-year. Never have I been more confident that we can deliver on this objective.
“In 2023, Matsa is determined to deliver strong exploration results in both precious and green metals, and I am confident this will be a real turning point for the company.”
For further information please visit: https://www.matsa.com.au/