Matsa (ASX:MAT) adds lodes to Devon dazzler

Matsa (ASX:MAT) adds lodes to Devon dazzler

March 22, 2024 Off By Jack Baker

Matsa Resources has returned more high-grade gold intercepts from both the western and main lodes of a Devon Pit gold mine heading to a restart at its greater Lake Carey project south of Laverton in Western Australia.

While the main lode was mined as recently as 2016, the western end has not produced ore for about a century.

Matsa see the opportunity at Devon for a heavy addition to mining operations with ore from surface after producing consistently high-grade returns.

The Devon Pit is modestly sized but high grade, holding 69 thousand fully owned ounces of the near million accumulated across the bounds of the 449 square kilometre project.

Matsa Executive Chairman Paul Poli said the company’s studies to date have excitingly shown a mine producing at over 4 grams a pop from more than 250,000 tonnes.

“Earlier this month, Matsa signed a heads of agreement with BML Ventures Pty Ltd to formalise a mining contract for the Devon Pit Gold Mine. We are expecting this to be signed and sealed in the coming days and I’m very excited about that because it will generate cash flow for Matsa,” Poli said.

“With the recent approval of our dewatering application, we now only have a couple more approvals required before mining can commence and we are expecting these approvals in the coming months.”

Poli mentioned rain delays had pushed back the final flora survey by a few weeks, but other than field work timing he could not see an adverse impact to the schedule.

“We look forward to continue providing updates on the Devon Pit Gold Mine, as well as Lake Carey in general, as new information continues to build the picture,” he said.

Mining leases, road infrastructure, and a mining agreement are in place for Devon, and applications for regulatory approvals and permitting have been filed in advance of the feasibility study for a near-term restart.

Devon Pit development could also bring the Hill East and Olympic satellite deposits into the fold, accounting for a combined 73 thousand ounces and more exploration upside.

The project’s Fortitude Mine and its 489 kilo-ounce pick-ready resource is still Lake Carey’s big fish, but reeling in high-grade ounces from Devon appears the immediate priority.

New results

West Lode

  • 6.0m @ 36.16g/t Au from 48m (DVWL007)
  • 10.0m @ 7.07g/t Au from 47m (DVWL010)
  • 10.0m @ 5.56g/t Au from 27m (DVWL012)
  • 5.0m @ 10.91g/t Au from 47m (DVWL010)
  • 4.0m @ 32.07g/t Au from 29m (DVWL016)
  • 9.0m @ 17.18g/t Au from 15m (DVWL021)
  • 2.0m @ 14.16g/t Au from 32m (DVWL032)
  • 3.0m @ 9.35g/t Au from 66m (DVWL041)

Main Lode

  • 2.0m @ 5.23g/t Au from 12m (DVN007)
  • 4.0m @ 11.79g/t Au from 68m (DVS008)
  • 2.0m @ 6.72g/t Au from 69m (DVS010)

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