- Matsa Resources (MAT) updates the mineral resource at the Fortitude stage two mine by 43 per cent
- The WA-based mine now has a mineral resource estimate of 8.05 million tonnes at 1.9g/t gold for 489,000 ounces
- Fortitude forms part of the Lake Carey Gold Project which, as a result, now has a total resource estimate of 11.2 million tonnes at 2,4g/t gold for 874,000 ounces
- Executive Chairman Paul Poli says this is a sensational result and he’s “absolutely committed towards growing our resource beyond one million ounces”
- Company shares are down 1.72 per cent to trade at 5.7 cents
Matsa Resources (MAT) has announced a mineral resource update for the Fortitude stage two mine in Western Australia.
The mine’s mineral resource now stands at roughly 8.05 million tonnes at 1.9 grams of gold per tonne (g/t) for 489,000 ounces. This marks a 43 per cent increase in ounces from the previous 343,000 ounces of gold.
The resource estimate was completed using data from 942 holes, for 22,582 metres, and pit mapping in a trial mining program.
Fortitude forms part of Matsa’s broader Lake Carey Gold Project which includes multiple deposits.
As a result of the increase of Fortitude’s mineral resource, the Lake Carey Project now has a total measured, indicated and inferred mineral resource estimate of 11.2 million tonnes at 2,4g/t gold for 874,000 ounces.
Executive Chairman Paul Poli commented on the resource upgrade.
“This upgrade is a sensational result indeed. Our strategy is to increase our gold resource and we have successfully doubled it, adding 435,000 new ounces over the past 12 months. I’d say that’s a huge achievement in anyone’s language,” he said.
“I will add, I am absolutely committed towards growing our resource beyond one million ounces.”
Looking ahead, the company is re-optimising the upgraded model and if this work demonstrates a larger pit than planned and can produce a positive outcome, the company will prepare a new pit design, schedule and cashflow model.
This may potentially lead to an update of the current mining proposal for the Fortitude stage two mine.
Company shares were down 1.72 per cent to trade at 5.7 cents at 2:38 pm AEST.