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Matsa Resources Ltd.
Summary
| Project: | Lake Carey | |
|---|---|---|
| Deposit: | Fortitude | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/22/2017 | |
| Report Code: | JORC | |
| Report Type: | Pre-Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 22-2-2017: Matsa Resources Ltd. announces a Pre-Feasibility Study report for its Fortitude deposit at the Lake Carey project. Trial Mine Study results, Updated Resource Estimate and Initial Ore Reserve at Fortitude. Matsa Resources Limited (“Matsa” or “th | |
| Resources: | (Reserve, Prob.): 185kt @ 2.2g/t Au for 12.9koz Au contained at Fortitude | |
| CP/QP: | [Resources]: Matthew Cobb, Richard Breyley (CSA Global Pty Ltd.;Internal) | |
| ABSTRACT: | Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to report the results of a study of trial mining the Fortitude deposit. The study shows that a trial mine is economically viable with a potential cash surplus of $5.2M over a period of 12 months with a capital investment of only $1.2M. A sensitivity analysis indicates that such a proposal is robust with limited downside risk from reductions in the gold price, realised grade or variations in mining costs. Regulatory and statutory approvals are expected to be finalised within a month, which could enable Matsa to capitalise on this opportunity in the short term. Upon completion of drilling in 2016 and subsequent modelling, the Indicated Mineral Resource at Fortitude has been upgraded by 12% to 3,084,000t @ 1.9g/t (188,400 oz) from 2,758kt @ 1.9g/t (172,000 oz). The total Indicated and Inferred Mineral Resource estimate for Fortitude now stands at 5,589,000 @ 2.0g/t (354,600 oz). A mining study at Fortitude was commenced in July 2016 to evaluate the technical and financial viability of mining the Fortitude deposit. This trial mining study evaluates only the financial and technical viability of commencing a trial mining operation at Fortitude using a small articulated mining fleet. The mining study into a large scale mining operation remains in progress. | |
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