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The Lake Carey Gold Project
The Company is committed to becoming a mid-tier gold mining company. With this in mind, Matsa has intentionally increased its foothold around the Laverton tectonic zone near world class gold mines.
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 implementation of the above vision commenced with its trial mining operation at Fortitude and mining at the Red Dog gold deposit.
Matsa has also commenced mining at the Red October gold mine and is aiming to ramp-up its underground production (Refer to previous ASX announcements) – for further information refer to Red October – Gold Mine.
Furthermore, a mining study has provided a compelling case for the commencement of a significantly larger Stage 2 mining project at the Fortitude gold deposit – for further information, refer to Fortitude – Stage 2 Gold Mine.
In separate transactions, Matsa has acquired the Devon gold mine and amalgamated all of the surrounding mineralised areas around it. Importantly for Matsa, the combined land package allows for exploration beneath and along strike of the Devon open pit mine which averaged over 5g/t Au. For further information, refer to Devon – Exploration.
Matsa’s discovery at Fortitude North and earlier discoveries along the Bindah Fault, provide strong support for Matsa’s belief that there are significant areas which remain under-explored despite 30 years of exploration since the discovery of Sunrise Dam in 1988, for further information, refer to Fortitude North – Exploration.
Some areas in the Lake Carey region are covered by salt lakes, with little or no exploration in the region. These areas are now more accessible due to the specialised equipment that has become available over time.
Figure 1 – Matsa’s Lake Carey Gold Project and Key Prospects
Bindah Fault Prospects BE 1 – BE 4
Drilling commenced in late 2016 only shortly after the Lake Carey project was acquired by Matsa and was initially focused on the Bindah Extended target area – a ~6km section of the Bindah Fault zone commencing 8km NW of Matsa’s Fortitude gold mine. This area had been the focus of only very limited previous drilling because the target is mostly overlain by Lake Carey.
Drilling led to the discovery of gold targets BE 1, BE 2, BE 3 and BE 4 which were defined by aircore within the Bindah Fault zone in a structural and stratigraphic corridor which contains known gold mineralisation at the Bindah, Intrepid and Gallant deposits to the south and passes within 5km of the Red October gold mine and within 15km of the Sunrise Dam gold mine to the west and north respectively.
Figure 2 – Targets BE1 – BE4 along the Bindah Fault
Target BE 1
Basement gold mineralisation was intersected in wide spaced aircore lines in early 2017 in a feldspar porphyry (dacite) intrusion as summarised in the diagram below. This was followed by infill aircore drilling which defined a mineralised corridor within the BE 1 intrusive body over a distance of almost 1km.
Deeply weathered mineralised porphyry is overlain by 35-60m of lake clays and comprises a massive to weakly laminated feldspar porphyry with a fine-grained quartz/feldspar matrix. The generally massive and consistent texture of this rock suggests it to be a high level felsic/intermediate intrusive body emplaced in a dilational position along the Bindah Fault. All elevated gold values >0.1 g/t Au received to date were returned from intersections containing quartz veins within variably altered and pyritic feldspar porphyry.
As noted above, intersections with >0.5 g/t Au coincide with quartz veins typically 0.01m – 0.2m thick. Quartz veins (including the visible gold bearing quartz vein described above) pass outward into hydrothermally altered and bleached feldspar porphyry with the alteration dominated by development of sericite and pyrite.
Figure 3 – BE 1 interpretive summary
Visible gold was observed in 17BEDD01 in the first 5 diamond drill holes which were completed at BE 1. This first drill hole was designed to explore the extent of gold mineralisation intersected in aircore drill hole 17LCAC130, namely, 21m @ 1.82 g/t Au from 87m as shown in the diagram above.
The best diamond drill assay of 0.14m @ 8.91 g/t Au, coincides with a 14cm wide laminated quartz vein containing visible gold at a drilled depth of 79m in 17BEDD01 which was the first of 5 diamond drill holes at BE 1 (MAT announcement to ASX 23rd May 2017).
The quartz vein containing visible gold in 17BEDD01, occurs in unconsolidated clays produced by deep lateritic weathering of basement rocks. Core recoveries were very poor through this zone. Only 16 metres of the 25 metre interval (75m-100m) containing the visible gold intercept, was recovered thus the actual mineralised interval may have been significantly reduced by this core loss.
Target BE 2
Anomalous gold values at BE 2 and BE 3 are located within an area of strong hydrothermal alteration of basement rocks characterised by sericite, quartz and leucoxene. This style of alteration is commonly associated with gold mineralisation in major dolerite hosted gold deposits including the Golden Mile at Kalgoorlie.
Drilling at BE 2 returned a number of gold anomalous intercepts with a best result of 1m @ 1.46 g/t Au from 71m (17LCAC313) in deeply weathered dolerite.
Target BE 3
Assays have continued to better define gold target BE 3 as an irregular 1.5km long NW trending zone of highly anomalous gold values in variably weathered dolerite and andesitic volcanics including 3m @ 3.62 g/t Au from 42m (17LCAC400).
Target BE 4
Step out drilling returned a number of gold anomalous intercepts located ~2km north of BE 1 with a best result of 3m @ 2.62 g/t Au (17LCAC381) from 45m in deeply weathered intermediate volcanics. This new target BE 4, remains open to the north and further aircore drilling is required. Further anomalous intercepts have been obtained from drilling along the Bindah Fault outside the lake.