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Matsa Resources Ltd.
Summary
| Project: | Lake Carey | |
|---|---|---|
| Deposit: | Fortitude | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/14/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-12-2016: Matsa Resources Ltd. announces an Exploration/Drilling Update report for its Fortitude deposit at the Lake Carey project. Drilling results incl. 35.3m @ 3.21g/t Au from 49.7m. Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is plea | |
| Resources: | (Resource, I+I): 6.289Mt @ 1.9g/t Au for 385300oz Au contained at Fortitude | |
| CP/QP: | [Overall Report]: Richard Breyley (Internal) | |
| ABSTRACT: | Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to announce the results from the last 12 diamond drill holes at the Fortitude gold deposit within the Lake Carey Gold Project. Matsa recently completed a 2,293m HQ3 diamond drilling program at the Fortitude gold deposit. A drill hole layout showing this program with historic drilling can be seen in Figure 5. Gold mineralisation grade can be directly correlated with quartz vein intensity and sulphide mineralisation. This is a low sulphide system with the occurrence of 2-3% pyrite being significant. Sulphide minerals consist of dominant pyrite with minor arsenopyrite. Boudinaged and sigmoidal quartz veins that are concordant with the foliation are well mineralised whereas discordant veins are barren. Mineralised veins occur within a zone of pervasive sericite-siderite alteration. Figures 1 and 2 show examples of high grade mineralised ore. All significant drilling results have been listed in Table 1. The resource model is currently being updated with the results of the recent drilling and is expected to be completed in Q1 2017. Planning for commencement of mining activities on an as soon as practicable basis is continuing with hydrology and metallurgical testing now in progress. | |
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