Matsa Resources

ASX:MAT

Lake Carey
Gold Project

A SOLID PIPELINE OF PRODUCING ASSETS, DEFINED RESOURCES AND FUTURE PROSPECTS

The Lake Carey Gold Camp covers a land area of 450km2 comprising multiple resource-defined assets, in addition to several drill-ready targets. Within this portfolio, Matsa has identified and commenced a low-capex path to near-term cashflow at its Devon Pit Gold Mine, with follow-on growth optionality across Fortitude, Red October and regional prospects, as a starting point.

The district-scale tenure and strategic interest from mining majors in the Lake Carey Gold Camp opportunity provides Matsa Resources with a solid footing to scale up from near-term starter campaigns to a larger, longer-life mining operation within the foreseeable future.

AN ESTABLISHED, ENCOMPASSING GOLD CAMP

Devon Pit Gold Mine

The Devon Pit Gold Mine is a high-grade, near-surface open pit gold operation. Strategically selected by Matsa Resources to become the first Lake Carey production asset— due to its commerciality and relatively short-term extractable resource – the Devon mine has a number of phased production campaigns for near-term cashflow, with Campaign 1 and 2 now completed, set to fund future expansion potential across the Camp.

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Red October

Red October is an existing, high-grade underground mine. It is a narrow-vein project that comprises underground infrastructure including declines, workings and a camp from previous operators. As a result of this, and its defined JORC resource, Matsa is evaluating future redevelopment and exploration-driven growth options at this site.

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Fortitude (Stage 2 Mining)

The Fortitude Mine is an existing open pit open mining operation. Whilst currently not active, Matsa undertook trial mining at Fortitude in 2017/18. Subsequently Matsa has undertaken optimisation studies that demonstrate that Fortitude can provide the base loan tonnes for a future Matsa owned and operated processing facility. A mining proposal was approved for Stage 2 in 2019 and Matsa Is looking to expand the known resource with additional drilling.

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Fortitude North

The Fortitude North discovery is rapidly emerging as a potentially large-scale, high-impact gold deposit. With a significant 1.7km, open both along strike and depth with considerable width– further bolstered by strong grades and noted geological similarity to major WA gold systems – Fortitude North is an exciting future development asset for the Matsa Resources team.

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Devon
Red October
Fortitude North
Fortitude Stage 2

GLOBAL RESOURCES AND RESERVES ACROSS THE LAKE CAREY GOLD CAMP

A summary of the global mineral resources and reserves at the Lake Carey Gold Camp demonstrates the vast scale potential that already exists, without accounting for the numerous, highly prospective, drill ready targets that are yet to see substantive exploration.

FUTURE PROSPECTS AND TARGETS

Bindah

The Bindah Gold Mine is on the southern lakebed of the Lake Carey saltpan approximately 100 kilometres south of Laverton passing the Sunrise Dam Gold Mine and sits less than 2km south of Matsa’s proposed Fortitude Stage 2 planned mining operation.

A maiden Mineral Resource Estimate was defined in June 2021 and stands at 526,000 tonnes @ 2.4 g/t Au for 40,000 ounces of gold (using a 1 g/t cut-off).

The Bindah prospect is a key part of Matsa’s strategy to grow its resource base at Lake Carey. Matsa has been working to define new resources at targets like Bindah to support its goal of building a significant gold inventory for potential development.

BE1

BE1 is a strategic target that stems from an extension of a significant gold anomalism associated with the Bindah structural trend.

With the Devon Pit Gold Mine operational Matsa is preparing for its next phase of development. This includes planning and designing further drilling at Fortitude North and BE1. These assets have the potential to add significant value to the development of Lake Carey and will be the focus of Matsa’s near-term exploration drive.

Gallant

Much like BE1 and BE2, Gallant occurs within the Bindah Shear. This prospect is situated 3km west of Fortitude. It is described as a VMS style deposit and hosted by a sulphidic interflow sediment along a sheared mafic-intermediate volcanic contact.

In late April 2021, a Maiden Mineral Resource Estimate was recorded at 341,000 tonnes @ 2.1 g/t Au for 23,000 ounces of gold (using a 1 g/t cut-off).

Devon
Fortitude (Stage 2 Mining)
Fortitude North
Red October