Devon – Exploration

Devon – Exploration

Devon – Exploration 

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.

The area is also contiguous to the Red October gold mine and is in line with Matsa’s growth plans in the Lake Carey area.

Figure 1:  Location plan of new tenements over a background of magnetics

The Devon project includes the Devon mine and a significant number of historic gold workings in the northern part of the Linden goldfield.  Potential is seen for near term development of historic mines including Devon and Hill East.

The Devon open pit gold mine was initially trial mined by GME Resources in May 2015, producing approximately 13,590t at 5.36g/t for 2,195 oz of gold. The pit was extended in 2016 with GME Resources reporting production of 47,032t at 5.3g/t for 7,398oz gold over the six month mining operation.

GME Resources reported drilling below the pit and old workings indicated mineralisation remained open at depth and planned to test down dip extensions (refer GME ASX releases dated 19 June 2015, 18 November 2016 and 24 October 2018). However, access for drilling or potential extensions of the open pits were limited by tenure. The recent agreement with Anova Metals Limited on the surrounding ground of M39/500 removes any obstacles previously encountered with drilling permission from 3rd parties at the Devon gold mine tenements and will now allow Matsa to progress exploration to the fullest extent desired. (Refer MAT ASX announcement dated 14 November 2018).

Figure 2: Devon Deeps long section (refer GME ASX announcement dated 18 November 2016)

New Year’s Gift

Less than 2km north of the Devon deposit, the New Year’s Gift prospect is hosted within the same north-northwest trending greenstone package as Devon. The New Year’s Gift is another example of the many historical workings in the area requiring follow up exploration. In 2015, GME drilled a preliminary program of 4 RC holes over sub-cropping quartz at New Year’s Gift (refer GME ASX announcements dated 6 July 2015 and 4 Nov 2015).  All holes intersected mineralisation with gold values greater than 1 g/t Au and better results of:

4m at 10.6g/t Au from 25m

1m at 23.6g/t Au from 23m

Figure 3: Cross section through drilling at New Year’s Gift (reference: ASX: GME announcement dated 4 November 2015)