Matsa receive drilling results for Fortitude North; discovers new gold mineralisation

Matsa Resources Limited (ASX: MAT), a gold explorer, announced on 7th May 2019 that the company received the Diamond and Reverse Circulation drilling results at Fortitude North. The company drilled one diamond drill hole and five reverse circulation drill hole at the prospect, which is within the company’s Lake Carey gold project in the Eastern Goldfields, Western Australia. The company recently commenced drilling at Red October Gold Project.

The drilling program was designed to test the northern end of a 1.8km basement gold anomaly and was planned on three sections, including section three or the southernmost part of the gold anomaly, at which the company encountered significant results previously. The previous significant results from various types of drilling such as Aircore and Reverse Circulation includes :

The drill hole identified as 18FNAC036 intersected 8m @ 5.14 g/t of gold.

The drill hole identified as 18FNRC03 intersected 50m @1.10 g/t of gold including a sub-section of 5m @ 5.46 g/t of gold.

The company intersected anomalous gold of value greater than 0.1g/t of gold in all the drill holes; however, the best intersection was provided by the section 3. The significant results from section three includes:

The drill hole identified as 19FNDD01 intersected 8m @ 2.94 g/t of gold from 106.25m including 5.75m @ 3.8g/t of gold and 1.3m @ 6.73 g/t of gold. The drill hole also intersected 3.35m @ 1.32 g/t of gold from 237.5m

This higher grade of 8m @ 2.94g/t Au from diamond drill intercept is estimated as a downdip extension of the mineralisation intercept found at the drill hole, which was identified as 19FNRC05.

The drill hole intercepted 6m @ 1.91 g/t of gold from 90m. The company previously estimated the presence of a moderately ENE dipping gold mineralisation zone and the results from section three supported the company’s estimation.

Further results are as below:

Fortitude North:

The prospect is in Kurnalpi terrain, which hosts world-class gold deposits such as Sunrise Dam, Wallaby, etc., which in turn, increases the potential of the prospect. So far, the company tested only around 20% of the 1.8km long basement gold target at the prospect, below aircore refusal. As per the company, the distance of 1.5km south of the current drilling requires deeper drilling.

Drilling Program:

Matsa identified a bedrock gold mineralisation zone of approx. 1.8km in length, just 5km north of the company’s Fortitude Gold Mine, at Fortitude North through diamond drilling in the year 2018. As per the company, the first RC drilling validated the aircore drilling results in the northern part of the primary gold mineralisation.

The current program which included one diamond drill accounted for 321.4m and five reverse circulation drill, which accounted for 911m.

Outlook ahead:

The company now intends to use conventional drilling equipment for better defining the primary mineralisation and further intend to use specialised lake drilling equipment to proceed further with the diamond drilling to define the nature of the primary gold mineralisation.

The share of the company was trading at A$0.135 (as on 7th May 2019, AEST: 03:44 PM), unchanged as compared to its previous close.


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