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Matsa Resources Ltd.
Summary
| Project: | Lake Carey | |
|---|---|---|
| Deposit: | Red October | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/15/2020 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 15-1-2020: Matsa Resources Ltd. announces an Exploration/Drilling Update report for its Red October deposit at the Lake Carey project. Drilling results incl. 0.60m @ 70.60g/t Au from 160m. Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is ple | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Rhianna Farrell (Internal) | |
| ABSTRACT: | Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to announce the results of the final 3 holes from its recently completed grade control diamond drilling program at the Company’s Red October gold mine in the Eastern Goldfields of Western Australia. Matsa completed 11 underground diamond drill holes, for a total of 1,451 metres focussing on extensions in the main mining area (ROSZ North). The Red October deposit is hosted within a lithology package that dips steeply to the northwest that is interpreted to be the northern limb of a district scale NE-trending antiform. The deposit is centred on a shale unit that separates a footwall of tholeiitic pillowed basalts and a hanging wall succession of talc-carbonate to serpentinised ultramafic and high-Mg basalt with sparse interflow sediments. Near the top of the ultramafic-high Mg basalt sequence are thinly bedded iron-rich chert sedimentary units with variable sulphide content. The ore system throughout Red October gold mine is structurally-hosted, with mineralised moderate-steeply dipping structures present in three main orientations (in RO Local grid); north striking, north-east striking, north-west striking. Mineralisation occurs as shear-hosted lodes or shear vein/breccia style lodes, with both styles quite visible in contrast to the host rock. Mineralisation is associated with moderate-strong wall-rock hydrothermal alteration assemblages and sulphides, with biotite, muscovite, sericite, quartzcarbonate-calcite and pyrite commonly observed. Rheology contrasts, structural junctions and dilational zones have provided fluid pathways and opportunities for deposition of gold-bearing sulphides and coarse gold. | |
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