Matsa Resources (ASX:MAT) is commencing an ‘aggressive’ 10,000m exploration and drilling campaign this quarter at Fortitude North, part of the Lake Carey Gold Project, following 2025 drilling and geological modelling which upgrade the resource to between 10 to 23 million tonnes at 2 to 2.5 grams per tonne gold, for between 643 to 1.85 million ounces gold.
Matsa has outlined an exploration target at Fortitude North larger than 1.7km in strike length, with stacked, northerly plunging high grade shoots.
The company expects additional follow-up infill resource definition drilling at Fortitude North later in 2026, once they receive the results from this initial program.
Matsa’s 2026 exploration and development work across Lake Carey in 2026 supports the company’s long-term goal of building a new gold processing plant that can be serviced by resources from the project itself.
Additional resource and infill drilling will commence across Fortitude, Red October, Bindah, Hill East, and Gallant, following drilling at Fortitude North.
Matsa notes that it is receiving revenue through gold sales from production at the Devon Pit Gold Project, the company is also entering a loan facility agreement for additional funding to advance the Lake Carey project.
Executive Chairman Paul Poli says that the company is commencing this exploration and drilling program at Fortitude North based on past results which have outlined a clear exploration target.
“Coupled with additional exploration at our other targets, 2026 shapes up as a pivotal year to realise the value of the Lake Carey Gold Project,” Poli says.
“While production at Devon continues to advance, Matsa has negotiated a 3 tranche drawdown facility of up to $17.5 million with major shareholder Deutsche Balaton, who have always strongly supported the company’s growth ambitions.”
The debt facility can be drawn down in three tranches and is to be repaid by 31 December 2026, or on a later date as agreed by both parties. The debt facility can also be repaid earlier in instalments of $2.5 million, but not within the first six months of the date of the agreement.
The debt facility has an interest rate of 25% on all amounts outstanding as well.
Matsa Resources is an exploration and gold mining company operating in the northeastern goldfields of Western Australia.
Write to Amy Rotman at Mining.com.au
Images: Matsa Resources
