News and Announcements
Matsa Resources (ASX: MAT) Granted Permission to Commence Operations at Red Dog Project
- Published June 11, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Matsa Resources announced that it had been granted permission by the concerned authorities to commence mining operations at its Red Dog project, which lies to the south of the company’s Red October and Lake Carey projects.
- With the feasibility study report due shortly, the company is likely to begin operations sometime during the third quarter of 2018.
- Courtesy this update as also the intention to re-start mining at Lake Carey and Red October, Matsa’s shares recorded a steep hike of 6.25% on 8 June 2018.
Matsa Resources has announced that it had been granted approval to start mining activities at its Red Dog site which is located in Western Australia. Application for the same was approved by the concerned authority, namely Department of Mines, Industry Regulation and Safety, on 7 June 2018.
Red Dog Project for mining gold has been in the pipeline for Matsa wherein the company was expecting feasibility report and was looking forward to commencing operations sometime in the third quarter of June in 2018. Owing to the site lying to the south of other projects of Matsa, namely Red October, which the company had acquired in June 2017, and Lake Carey, overheads like infrastructure, transport and accommodation for the workers will have been already available.
Matsa’s Lake Carey project is located close to Laverton and borders another famous gold mine, namely Sunrise Dam, which is owned by competitors AngloGold Ashanti. Red October had been purchased from Saracen Mineral Holdings, and Matsa had paid $2 million in cash for the entire camp, the deal is inclusive of the 68 workers that had been employed by the previous owner.
The company also made known its intention to re-start exploration at Lake Carey which in turn implies that production would soon start once again at Red October. As a result of these announcements, Matsa’s shares recorded a steep hike of 6.25% on 8 June 2018, thus proving to be a lucrative bargain for day traders.
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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