News and Announcements
Matsa Resources (ASX: MAT) completes mining at Fortitude trial mine & commences Red Dog Gold Project- Quarterly Review
- Published August 06, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Matsa has completed mining at the Fortitude trial mine with positive economic operating cash flow achieved.
- Red Dog Gold Project mining will commence in August 2018 following the final approvals and the ore purchase agreement signed with AngloGold Ashanti Australia for the life of the mine.
- Red October Gold Mine under maintenance in preparation for mining activities.
- Exploration drilling at the BE 4 and Fortitude North districts provide promising results with bedrock gold mineralisation discovered.
Matsa Resources Limited (ASX: MAT) has had a successful June Quarter. The Fortitude Trial mining that ended at the end of April has present positive operating cash flow of approximately AUD
700,000. The ore was delivered to the Sunrise Dam Gold Mine under the ore purchase agreement with AngloGold Ashanti Australia Limited (AGAA). The company has signed a memorandum of Understanding (MOU) with AGAA which covers areas such as the Matsa Lake Carey and Red October
Gold projects and AGAA’s Lake Carey and Sunrise Dam. The company will commence at the Red Dog Gold Mine during August 2018 following the following final approvals and the awarding of contracts.
The company has been focusing on efforts to begin mining at the end of 2018 at the Red October gold mine. The company also entered an MOU with Pit N Portal Mining Services Pty Ltd regarding the studies and development of mineral resources at the Red October gold project. The mine is currently under continuous care and maintenance to be ready for mining activities. Matsa also conducted aircore drilling programme on the BE 4 and Fortitude North Target to explore targets
outside adjacent salt lakes. The drilling resulted in the discovery of new rock gold mineralisation. Follow up Drilling is now a priority in the coming quarter.
About Matsa Resources Limited (ASX: MAT)
Matsa is an ASX listed explorer/developer who has become a gold producer following the acquisition and development of the Fortitude gold mine. Fortitude forms part of the Lake Carey gold project south of Laverton. Matsa has a pipeline of quality projects within Australia and central Thailand. Matsa has recently acquired the Red October Gold mine near Lake Carey which boosts the mining potential within the area.
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