Matsa Resources confirms ‘large’ gold system at Lake Carey Project, WA

Matsa Resources (ASX:MAT) is continuing to extend the bedrock mineralisation at the Fortitude North prospect within its Lake Carey Gold Project in Western Australia.

The company reports drilling to extend this mineralisation is being undertaken towards the eastern and northern directions and at depth, while mineralised intersections are continuing to display ‘excellent’ downhole thickness and ‘good continuity’.

Matsa reports the ‘key’ work plan to advance Fortitude North includes updating the geological model, continuing research into the application of a 3D seismic survey to improve drill targeting under 40m of cover, and designing the next round of drilling.

However, the company says looking ahead, diamond drilling is likely required to obtain the ‘critical’ orientation data associated with the various phases of mineralisation and help understand structural complexities seen in the eastern margins of the mineralised system.

In any case, Matsa’s planned drilling will initially focus on the northern section of the area, at which it can use land-based drilling rigs. Once the northern setting is better understood, drilling will progressively work towards the south under the lake, where Matsa has identified ‘high-grade’ gold intercepts in previous drilling.

Matsa reports these plans follow ‘excellent’ results from its 2023 reverse circulation (RC) drilling program at Fortitude North, which extended the discovery by 200m to the north. This has resulted in a strike extent of 1.7km that remains open in both directions along strike.

This drilling has also extended mineralisation down-dip to the east by 70m for a total width of about 250m across the strike and has added ‘significantly’ to the potential size and scale of Fortitude North.

Top intercepts recorded in this 2023 program include hole 23FNRC006 with 25m @ 3.3g/t Au from 147m; 23FNRC016 with 35m @ 3.0g/t Au from 150m; and 23FNRC011 with 19m @ 3.8g/t Au from 100m.

Commenting on the results, Matsa Executive Chairman Paul Poli says: “These fantastic results speak for themselves, and whilst further work is obviously required, we see this as a confirmed significant discovery. In fact, I think Fortitude North will be substantially better than our Fortitude Gold Mine, only 6km to the south, where we have a gold resource of 489,000 ounces.

I think Fortitude North will be substantially better than our Fortitude Gold Mine, only 6km to the south, where we have a gold resource of 489,000 ounces”

Matsa’s geology team tell me that they can see multiple phases and styles of mineralisation that speaks to a very long-lived system, with up to 4 gold-forming events.

Before this drilling, we were targeting another Fortitude, but all this now points to something much more substantial, and our target is now much bigger commensurate with these bigger intercepts.

With this new information and the fact that mineralisation is still open in major directions, we are targeting a mineralised system which is potentially in excess of 1 million ounces at Fortitude North. All of the ingredients are there.”

Matsa Resources is an ASX-listed gold explorer and miner operating south of Laverton in the northeastern goldfields of Western Australia. The company’s flagship Lake Carey Gold Project covers about 449km-square within the Laverton tectonic zone and includes the Fortitude North, Red October, and Devon prospects.

Images: Masta Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.