- Matsa Resources (MAT) has delivered a mineral resource estimate for the Devon Project in Western Australia
- The initial resource sits at 614,000 tonnes at 4.1g/t gold for 80,000 ounces and comprises the Devon pit and Olympic prospects
- Matsa compiled data from over 8000 metres of drilling which returned impressive grades of up to 28.6g/t gold
- While completing this resource is a milestone, the prospects have significant potential to upgrade the mineral resource
- In order to achieve this, Matsa will soon begin more exploration work and drilling across the entire project area
- Company shares are up a slight 1.32 per cent and are trading at 7.7 cents
Matsa Resources (MAT) has delivered an initial mineral resource estimate for the Devon Project in Western Australia.
The Devon project area is part of the Lake Carey Gold Project and is located seven kilometres south of the company's Red October mine.
The total mineral resource estimate sits at 614,000 tonnes at 4.1g/t gold for 80,000 ounces. This indicated and inferred resource comprises the Devon pit and Olympic prospects.
To put this mineral resource together, Matsa utilised data from over 8000 metres of reverse circulation drilling conducted over the past two years. Reverse circulation drilling tested the grade and continuity of mineralisation at the Devon pit and Olympic prospects.
Best results included two metres at 16.6g/t gold from 74 metres including one metre at 28.6g/t gold, and three metres at 10.56g/t gold from 119 metres including one metre at 25.93g/t gold.
Matsa Resources received the final batch of assays earlier this year, which led to completing this initial resource. However, as mineralisation at the Devon and Olympic prospects remains open at depth, there's potential for the resource to be upgraded.
Follow up exploration across other areas at the Devon Project will begin shortly in order to increase the resource base.
Additionally, the company discovered a large number of gold prospects through sub-audio magnetics (SAM) survey work, which will be further explored.
Matsa will also conduct a SAM survey north of the Devon pit to test for potential extensions to mineralisation and define new drill targets.
Company shares are up a slight 1.32 per cent and are trading at 7.7 cents at 12:51 pm AEST.