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Matsa Resources Ltd exploring Lake Carey for its gold potential

Matsa Resources Ltd (ASX:MAT) has commenced drilling new exploration targets at its Lake Carey Gold Project in the Goldfields-Esperance region of Western Australia.
Matsa Resources Ltd exploring Lake Carey for its gold potential
Matsa Resources Ltd exploring Lake Carey for its gold potential

The drilling is near to the company’s Fortitude gold deposit containing a JORC 2012 resource of 385,300 ounces gold.

The potential for new discoveries is significant in this highly prospective region which contains the world class Sunrise Dam, Granny Smith and Wallaby gold mines.

Interestingly, AngloGold Ashanti Ltd (JSE:ANG) and Saracen Mineral Holdings Ltd (ASX:SAR) are also jointly exploring an area along the western edge of Lake Carey.

Matsa’s drilling follows a comprehensive review and targeting study based on an extensive database of past exploration data and drilling.

Previous exploration data includes mostly shallow drill holes, aeromagnetic data and limited geochemical data.

The review confirmed a number of targets which are highly prospective for gold mineralisation and with the potential to be a major economic benefit to the Fortitude gold deposit.

The Bindah Extended target area, which is currently being drilled, was one of the number of targets identified and prioritised for immediate drilling.

The 177-hole aircore program is planned to include 15,000 metres of drilling.

The drill holes are located entirely on the bed of Lake Carey and will be completed using drilling equipment which is specially designed to operate in salt lakes.

Matsa had a cash balance of $3 million as at 30 September 2016.

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Matsa Resources Ltd Timeline

September 25 2017

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