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Matsa Resources (ASX:MAT) - Executive Chairman, Paul Poli
Executive Chairman, Paul Poli
Sourced: Kalgoorlie Miner
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  • Matsa Resources (MAT) has received results from its February reverse circulation (RC) drilling program at the Hill East deposit
  • Drilling at six gold targets at Hill East has highlighted the potential for shallow gold mineralisation and five of the targets returned significant intercepts
  • Results ranged from 1.53 to 6.82 grammes per tonne gold
  • Ground geophysical surveys have now been planned to test the mineralisation at depth
  • Matsa has ended the day four per cent in the green with shares trading for 13 cents each

Matsa Resources (MAT) has received results from its February reverse circulation (RC) drilling program at the Hill East deposit.

Hill East is part of the Lake Carey Gold Project which is part of the eastern goldfields in Western Australia.

Drilling at six gold targets at Hill East has highlighted the potential for shallow gold mineralisation and five of the targets returned significant intercepts.

HE 4

Matsa believes that the HE 4 target is the most significant of all the ones drilled given that the mineralisation is associated with an east-west set of quartz veins.

These quartz veins are located in deeply weathered basalt which has limited historic workings.

Approximately 10 holes were drilled to test the continuity of the shallow mineralisation and to determine the developmental potential.

Significant results include one metre at 13.3g/t gold from 21 metres, two metres at 7.14g/t gold from seven metres, and three metres at 6.82g/t gold from 15 metres.

Not only have these results shown good mineralisation, but they have also confirmed that the HE 4 target is a good development opportunity.

HE 1

Mineralisation at HE 1 is associated with auriferous quartz veins (gold-containing quartz veins).

Previous drilling at this target has intersected broad gold mineralisation at shallow depths.

A total of three holes were drilled and the aim was to confirm the results from previous drilling programs.

Results include three metres at 2.23g/t gold from 28 metres and 27 metres at 2.04g/t gold from two metres.

These intersections have confirmed the presence of a significant zone of gold mineralisation.

HE 2

Four holes were completed at HE 2 where gold mineralisation is associated with quartz veins in deeply weathered mafic volcanics.

High-grade results include four metres at 3.29g/t gold from four metres and seven metres at 1.53g/t gold from 20 metres.

HE 3

Gold mineralisation at the HE 3 target is associated with anastomosing (connection or opening between two things that are normally separate) quartz veins.

A total of 16 holes were drilled to test the continuity of the shallow gold mineralisation.

Results include one metre at 4.06g/t gold from 39 metres, two metres at 2.68g/t gold, and six metres at 1.33g/t gold.

HE 5

Mineralisation at HE 5 is associated with an east-west trending quartz vein that has been subject to a number of historical workings.

This recent drilling consisted of four holes and the results collected validate further drilling programs.

Significant results include four metres at 6.3g/t gold from 13 metres and 13 metres at 1.86g/t gold.

HE 6

Matsa’s final target, HE 6 is located 600 metres west from HE 2 and mineralisation is associated with northeast-southwest trending quartz veins.

This target has had minimal drilling, but it has indicated the potential for shallow gold mineralisation.

Two holes were completed, however, no significant mineralisation was intersected and the target has been downgraded.

What’s next?

Matsa has now planned ground geophysical surveys across the HE 1 to HE 4 targets.

The aim of this is to develop drill targets to identify gold mineralisation at depth.

Extra reverse circulation (RC) has also been planned to evaluate the potential for near-surface gold mineralisation.

Matsa has ended the day four per cent in the green with shares trading for 13 cents each in a $28.36 million market cap.

MAT by the numbers
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