Matsa Resources (ASX: MAT) has announced a highly encouraging update on the drilling at its Lake Carey gold project in the northern Goldfields region of Western Australia.
The company reported that assays were received for 2 drill holes from the 7 diamond drill hole programme.
MAT said that all 7 diamond drill holes intersected alteration and veining which appear to be a continuation of the mineralised zone. Matsa noted that this programme has tested only half of the 1,500m basement gold anomaly.
Significant intercepts received to date include 10.3m @ 3.48 g/t Au from 124.6m incl 6.5m @ 4.79 g/t Au from 127m; and 4m @ 13.63 g/t Au from79m incl 1m @ 10.2 g/t Au from 81m and 1m @ 42.9g/t Au from 82m.
The company reported that the intercepts occured in zones of strong alteration and veining within the 1,500m long basement gold anomaly discovered by aircore drilling in 2018. The altered zone remains open to the south and at depth.
MAT said that further drilling is planned over the remaining strike extent of the anomaly and to test the resource potential of this discovery.
Lake Carey project
Matsa now holds a ground position of ~563km2 at Lake Carey, which is highly prospective for new gold discoveries over several 100% Matsa held tenements. The Lake Carey gold project is located in the Eastern Goldfields of Western Australia.
Important areas for Matsa’s growth plan of Lake Carey include Red October Gold Mine, Fortitude Stage 2 Gold Mine, Fortitude North, and Devon.
Fortitude North
The Fortitude North prospect is located in the gold endowed Kurnalpi terrain which contains world class gold deposits. Only 800m of the prospective 1,500m long basement gold anomaly at Fortitude North has been tested by diamond drilling. Fortitude North is located only 5km north of Matsa’s Fortitude gold mine and there is potential for it to impact positively on a future mining project.
Drilling at Fortitude North
MAT had commenced a diamond drilling program at Fortitude North, which is part of the previously announced exploration programme within the Company’s Lake Carey gold project.
Originally only 4 drill holes were planned but due to the presence of distinctive and highly prospective alteration and veining, the programme was expanded to 7 drill holes using a lake drilling rig.
The drilling was designed to test the strike extent of gold mineralisation previously intersected by diamond and RC drilling in 2018 and 2019.
The company said that the recently completed programme was carried out using a lake diamond drill rig in order to explore an 800m segment of the 1,500m long anomaly which is located under the lake.
The company said that seven drill holes (20FNDD02, 20FNDD03, 20FNDD04, 20FNDD05, 20FNDD06, 20FNDD07, and 20FNDD08) were completed for 1,837m.
MAT reported that assay results have been received for two of these drill holes so far. Logging, sampling, and assays are in progress on the remaining 5 diamond drill holes.
Encouraging assays
The company has now reported assay results for two drill holes, 20FNDD02 and 20FNDD04.
Key intercepts Include 4m @13.63 g/t Au from79m incl 1m @ 10.2 g/t Au from 81m and 1m @ 42.9g/t Au from 82m (20FNDD02); and 10.3m @ 3.48 g/t Au from 124.6m incl 6.5m @ 4.79 g/t Au from127m incl 1m @ 13.9g/t Au from 127m (20FNDD04).
The company reported that the intersection in 20FNDD02 is located in soft deeply weathered basement rocks. MAT said that both intersections in 20FNDD04 occur in an interval of strong bleaching and alteration of the host rock over a 20m downhole width.
Alteration zone
The company reported that all diamond drill holes completed to date have intersected similar distinctive alteration and veining which appear to be a characteristic feature of this gold mineralisation.
For instance, the intercept in diamond drill hole 19FNDD01 was also associated with this zone of strong alteration with associated pyrite and quartz veining.
Importantly, this distinctive alteration zone has been recognised in all diamond holes completed to date (including those where assays are still awaited) over a strike extent of 800m from 19FNDD01.
The company said that the alteration zone remains open to the south and at depth and is interpreted to dip moderately to steeply to the NE, and is most likely the source of the 1,500m long basement gold anomaly discovered by Matsa’s aircore drilling programmes in 2018 and 2019.
Updates and next steps
Matsa reported that the current phase of drilling has been completed. A comprehensive analysis of results to date is underway.
The company said that a minimum of a further 6 diamond holes is planned to test the remaining strike extent of the anomaly and test the resource potential of the discovery.
MAT announced that the planned drilling is intended to test hypotheses regarding stratigraphic and structural targets Lake Carey.