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Matsa Resources Ltd.
Summary
| Project: | Lake Carey | |
|---|---|---|
| Deposit: | Fortitude | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 8/21/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 21-8-2019: Matsa Resources Ltd. announces a Resource Estimation report for its Fortitude deposit at the Lake Carey project. Mining study results incl. updated resource and reserve. Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to | |
| Resources: | (Reserve, Prob.): 1.029Mt @ 1.8g/t Au at Fortitude | |
| CP/QP: | [Resources]: Matthew Cobb (CSA Global Pty Ltd.) | |
| ABSTRACT: | Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to report highly positive results from its recently completed Mining Study for the proposed Stage 2 mining operations at the Company’s Fortitude gold deposit within the 100%-owned Lake Carey Gold Project in the Eastern Goldfields of Western Australia. The study shows that the Stage 2 mining is attractive with a potential cash surplus of A$21.8M over a period of 22 months with a modest capital investment of only A$6.6M. A sensitivity analysis indicates that the project is robust with potential for improvement to the financial model as new optimisations come to hand. Finalisation of discussions with key parties and completion of the tender process may deliver further improvements. Metallurgical test work indicates that Fortitude ore is amenable for treatment at any of the nearby processing facilities, and will deliver very good-to-excellent gold recoveries with no deleterious elements. Matsa is currently assessing processing options for the treatment of ore from Fortitude, and is in discussions with AngloGold Ashanti Australia Limited (AGAA), which is currently treating gold ore from Matsa’s nearby Red October underground gold mine under a five-year Ore Purchase Agreement between Matsa and AGAA. Matsa Executive Chairman Mr Paul Poli said: “Based on the positive outcomes of the Stage 2 Mining Study, we will now immediately move ahead with plans to tender for the mining contract, finalise ore purchase and treatment options and secure project financing to facilitate the commencement of the Stage 2 mining operations at Fortitude. In conjunction with our ongoing mining operations at the Red October underground gold mine, the proposed Stage 2 mining of Fortitude has the potential to deliver significant cash flows for the Company and value for our shareholders.” | |
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