News and Announcements
Masta Resources Limited Quarterly Activities Report 31 March 2018
- Published April 29, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Key Takeaways
Fortitude Trial Mine:
- Gold ore production for the quarter was 79,287t @ 1.85g/t Au, of this 75,998t @ 1.83g/t Au was delivered to AngloGold Ashanti with payment of A$4.79M received after processing costs
- C1 cost per ounce gold (eqv.) was reduced significantly from A$1,928/oz in the December quarter to A$1,182/oz this quarter
- Gold ore production increased from 47,314t to 79,287t due to reduced waste to ore ratio of 31:1 down to 4.6:1
- Mining studies ongoing to assess the feasibility of a longer-term mining operation, to be completed after trial mining ends
Red October Gold Project:
- The acquisition of the Red October Gold Mine and associated infrastructure was settled with Saracen
- The current resource at the Red October Gold Mine is 99,000 oz. of gold at 6.9 g/t including 85,000 0z. of gold at 13.5 g/t
- MOU executed with Pit N Portal with mine planning and resource definition underway to assess the potential to restart mining at Red October as soon as possible
Red Dog Gold Project
- Mine plan lodged with DMIRS and clearing permit received with mining targeted to commence in 3rd quarter of 2018
- Financial modelling and mining studies almost complete
Lake Carey – Exploration:
- Planning for a 10,000m drill programme completed and set to commence
- A comprehensive review of the ~600km2 Lake Carey project has identified 5 high priority targets for exploration Corporate
- Cash and liquid investments as at 31 March 2018 ~ $5.75 million
About Matsa Resources Ltd (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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