Matsa Resources
Peel Mining
(ASX: MAT)
(ASX: PEX)
Matsa Resources bow is the company’s Red October gold mine in the Eastern Goldfields of Western Australia, which it acquired from Saracen Minerals in 2018. Towards the end of 2019, Matsa Resources declared multiple intersections of very high-grade gold from drilling undertaken at the Red October gold project. Matsa Resources completed 11 underground diamond drill holes, for a total of 1,451 metres focussing on extensions in the main mining area (ROSZ North). The gold assays produced from this drilling confirmed the high-grade potential of the Red October gold mine. Gold intercepts for new zones included: »» 2.5 metres at 48.7 grams per tonne gold; and »» 2.55m at 4.89g/t gold. Additional Red October Shear Zone (ROSZ) intercepts included: »» 6m at 2.21g/t gold; and »» 4.4m at 3.3g/t gold. “We can again prove that substantial new mining opportunities remain at the Red October gold project,” Matsa Resources executive chairman Paul Poli said. “The results achieved by this drilling program are extremely exciting for the company. “Our belief continues to be, that substantial gold zones remain undiscovered and abundant opportunities exist to develop a long term, highly rewarding, underground gold mining operation at Red October. “This belief was the core reason we acquired Red October. “We will enthusiastically continue to grow and develop Red October and we expect many more exciting results.” In addition to the current ongoing underground Red October drilling program, Matsa commenced an extensive project-wide exploration program within the company’s Lake Carey gold project, also in the Eastern Goldfields of Western Australia. The Lake Carey program involves 2,650m of diamond drilling, 4,590m of RC drilling, and around 20-line kilometres of Induced polarisation IP surveys.
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EMAIL reception@matsa.com.au WEB www.matsa.com.au
2019 by claiming discovery of a new highgrade zone to the south of the Southern Nights deposit at the company’s 100 per cent-owned Wagga Tank-Southern Nights project, located south of Cobar in western New South Wales. The new high-grade zone was encountered around 500 metres south of the high-grade Southern Nights Central Zone in an area that had previously been subjected to limited drilling, near the boundary of the existing resource model. Drillholes WTRCDD229 and WTRCDDD238 intercepted healthy zones of very high-grade zinc and lead mineralisation, which the company said were similar to the intercepts returned from the Southern Nights Central Zone from earlier drilling. “The new high-grade intercepts at the southern edge of Southern Nights continue to underline the incredible quality and scale of these mineral systems,” Peel Mining managing director Rob Tyson said. “The latest intercepts are on the edge of the current resource model offering excellent exploration upside. “Most importantly, this mineralisation adds further weight to the future development prospects of the project, highlighting the opportunity to increase the grade and tonnage profile of the deposit.” Peel also received results from several drillholes targeting infill and extensions at the northern end of the Southern Nights Central Zone. Peel Mining carried out drilling at Wagga Tank to test for northsouth extensions to the existing resource, shallower up-dip extensions to the resource, and also to provide infill drilling to improve the confidence of the resource. The company declared the results it has received to date generally confirm the grade and continuity of mineralisation, and the modelled geometry of the deposit. Data is being reviewed in advance of planning additional drilling in this area.
EMAIL info@peelmining.com.au WEB www.peelmining.com.au DIRECTORS Rob Tyson, Simon Hadfield, Graham Hardie, Jim Simpson
DIRECTORS Paul Poli, Frank Sibbel, Andrew Chapman
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