Matsa Resources Limited (ASX:MAT) Announces High Grade Gold Intercept at Fortitude North
Exploration Results
Matsa Resources Limited has announced a significant drill intercept at Fortitude North, Lake Carey Gold Project. The single hole program (hole 24FNDD010) returned 22.4 meters grading 9.19 grams per tonne gold, including 7.20 meters at 12.98 grams per tonne. This is the highest grade result to date, surpassing all 2023 drilling outcomes.
Exploration Model Confirmation
The new intercept confirms a second lode structure approximately 120 meters below previously defined mineralisation. This supports Matsa’s model of multiple stacked lode systems at Fortitude North, similar to nearby Wallaby Mine and Sunrise Dam Gold Mine.
Mineral Resources and Reserves
The global Mineral Resource Estimate for the Lake Carey Gold Project remains at 949,000 ounces @ 2.5 grams per tonne gold. The Mineral Reserve Estimate has increased to 104,000 ounces @ 2.4 grams per tonne gold, stated at the delivery point of a third-party processing plant.
Next Steps
Matsa plans to advance the Fortitude North project with further drilling, guided by the updated seismic model incorporating the new drilling information.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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