Matsa Resources Limited
Matsa Resources Limited
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Prospective ASX listee Linden Gold Alliance has until June 2024 to be ready to start mining the Devon openpit gold project in Western Australia under a revised agreement with project owner Matsa Resources.
A non-binding indicative term sheet proposes a 50-50 JV for the South Laverton Goldfields project, replacing their late-2021 plan for an outright sale to Linden.
Exec chairman Paul Poli says the new JV allows Matsa to retain 100% ownership of the Lake Carey gold project.
Matsa Resources has teamed with West Australian regional nickel-copper producer IGO to advance exploration of its Fraser Range tenements, including its Symons Hill prospect.
IGO is paying Matsa $A600,000 for the Symons Hill prospect, which lies just south of its Nova nickel mine and processing facilities in the western sector of Fraser Range. Matsa will be free carried through to a decision to mine.
(MERGERS & ACQUISITIONS)
Wheeling and dealing is as much a feature of life for an ambitious exploration company as drilling and digging, and West Australian Matsa Resources has demonstrated in two recent transactions that it is in the buying and selling business as well as activating exploration offshore. Ross Louthean reports
Prospective ASX listing Linden Gold Alliance will expand its West Australian project portfolio with agreement to acquire the Red October and Devon gold projects from Matsa Resources for $A20M cash and shares.
Red October is 14km N of Linden’s Second Fortune underground gold mine, which achieved its first gold pour in April 2021 with the ore processed under a toll milling and ore purchase agreement with St Barbara’s Gwalia processing facility.
Australian explorer Matsa Resources is beginning to ponder increasing the size of the currently proposed 400,000tpa processing plant at its 100%-owned Lake Carey gold project in WA’s Eastern Goldfields after an updated optimisation study effectively doubled forecast mine life, production and cashflow for its Fortitude pit.
Australian explorer Matsa Resources is evaluating the potential for substantial mining and economic impact after lifting mineral resources for its Lake Carey gold project in WA’s Eastern Goldfields to 874,000oz (11.2Mt @ 2.4g/t).
The increase stems from an upgrade of its Fortitude stage 2 resource to 489,000oz (8.05Mt @ 1.9g/t), triggered by remodelling that includes grade control and pit geology data.
Exec chairman Paul Poli says he remains absolutely committed to growing its total resource beyond 1Moz.
Matsa Resources has lifted resources at its 100%-owned Lake Carey Gold Project in Western Australia’s Eastern Goldfields to 727,000oz @ 2.63g/t following an upgrade of the Lionfish prospect at Red October.
The addition of a 40,000oz resource at the historic Bindah minesite has lifted the total mineral estimate at West Australian miner Matsa Resources’ 100%-owned Lake Carey gold project to 694,000oz, a step closer to its target of building sufficient reserves to enable it to build and operate its own processing plant.
Exec chairman Paul Poli says the 526,000t @ 2.4g/t resource at Bindah is a very tidy addition less than 2km from its planned Fortitude Stage 2 mining operation.
West Australian miner Matsa Resources continues to build the mineral resources for its 100%-owned Lake Carey gold project, with the addition of maiden figures for the Hill East and Gallant prospects lifting the Eastern Goldfields MRE to 654,000oz (7.97Mt @ 2.6g/t) measured, indicated and inferred.
The new estimate, representing a 48% increase since Oct 2020, comprises 115,000oz @ 2.9g/t at Lake Carey’s Devon Hub, 366,000oz @ 2g/t at the Fortitude Hub and 173,000oz @ 5.8g/t at the Red October Hub.
Australian explorer Matsa Resources plans to start a feasibility study immediately on the recommissioning of the mothballed Devon Pit gold mine, part of its 100%-owned Lake Carey project in WA’s Eastern Goldfields, after gaining highly positive results from a scoping study.
The study outlines production of about 37,000oz at operating cash costs of $A1,144/oz over 12 months from Devon’s shallow indicated and inferred resource of 614,000t @ 4.1g/t, delivering a $40.75M cash surplus.