- Matsa Resources (MAT) gets results from three targets within the Devon Hub of its Lake Cary Gold Project in Western Australia
- The company has conducted a 42-hole drilling program to test exploration targets defined from gold anomalism and extensions to existing resources
- Positively for Matsa, drilling has returned highly encouraging results which show the Devon Hub offers a "tremendous opportunity"
- Matsa will further review the results while it plans additional drilling across the Devon Hub later this year
- Company shares are up 1.05 per cent to trade at 9.6 cents
Matsa Resources (MAT) has received results from three targets which form part of the Devon Hub of its Lake Cary Gold Project in Western Australia.
The company completed a 42-hole reverse circulation (RC) drilling program across the Devon Pit, Hill East and LIN targets to define and test mineralisation extensions and test new targets.
Assays from Hill East include three metres at 16.8 grams of gold per tonne (g/t) from 123 metres, three metres at 6.88g/t gold from 84 metres, and three metres at 3.07g/t gold from nine metres.
Executive Chairman Paul Poli found the results to be highly encouraging and the best hits in the area so far.
"It's the deepest intercept but still only about 120 metres deep, so there’s a long way to go. What this tells me is it does suggest increasing grade with depth, which is really exciting," Mr Poli said.
Drilling at the LIN target returned 12 metres at 0.51g/t gold from 20 metres, six metres at 0.47g/t gold from 24 metres and three metres at 6.91g/t gold from 15 metres.
The company believes the results from LIN suggest there's a gold system that spans over one kilometre of strike that's up to 15 metres wide and has a minimum depth of 40 metres.
Lastly, the Devon Pit returned high grades including six metres at 2.33g/t gold from 69 metres and three metres at 7.2g/t gold from 63 metres.
"The widespread extent of lower tenor mineralisation in the drilling, coupled with extensive surface gold anomalism supports our feeling that the Devon Hub offers tremendous opportunity.
"As the old saying goes, where there’s smoke there’s fire, and we have a lot of smoke."
Matsa Resources will review the drilling results to determine whether using sub-audio magnetics geophysical techniques are suitable for targeting. The company also plans to undertake further drilling across the Devon Hub as well as at other prospects later this year.
Company shares were up 1.05 per cent to trade at 9.6 cents at 2:31 pm AEST.