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Red October Gold Project
Matsa Resources Limited acquired 100% of the Red October Gold Project for cash and script value of AUD$2M.
The Red October Gold Project is located immediately adjacent and contiguous with Matsa’s Lake Carey Project strategically increasing the Lake Carey footprint and only 15km south of the world class Sunrise Dam gold mine.
The project areas covers 64 km2 and consists of nine MLs, an extensive well maintained underground mine with associated 68 person camp, offices, wet and dry messes, power, mining equipment and a Mineral Resource Estimate of 99,000 oz of gold. The mine has been in care and maintenance since June 2017, with all equipment in situ. The camp and facilities significantly enhance Fortitude and Red Dog with Matsa already occupying the camp reducing costs at Fortitude.
A historical production of 342,000oz gold at an average of 6.1g/t. Matsa is reviewing options to recommence mining at Red October in the near future.