Fortitude North Drill Hits 22.4m at 9.19g/t Gold Including 7.2m at 12.98g/t

A Breakthrough Drill Result at Fortitude North

Matsa Resources Limited has delivered a compelling update from its Lake Carey Gold Project with a high-grade gold intercept from a recent diamond drill hole at Fortitude North. The single hole, 24FNDD010, returned an impressive 22.4 metres grading 9.19 grams per tonne (g/t) gold starting at 329.7 metres depth. Within this interval, a standout 7.2 metres assayed at 12.98g/t Au, marking the highest grade result recorded at the project to date.

Confirming a Second Lode Structure

This intercept is significant not only for its grade but also because it confirms the presence of a second mineralised lode approximately 120 metres beneath the mineralisation identified in the 2023 drilling campaign. This discovery bolsters Matsa’s exploration thesis that Fortitude North hosts multiple stacked lode systems plunging northwards and dipping east, a geological setting reminiscent of nearby prolific gold mines such as Goldfields’ Wallaby and Anglogold Ashanti’s Sunrise Dam.

Surpassing Previous Drilling Results

The new intercept eclipses earlier 2023 results, which included several thick zones of moderate-grade gold mineralisation, such as 25m @ 3.3g/t Au and 35m @ 3.0g/t Au. The marked increase in grade at depth suggests a promising escalation in the quality of the orebody as drilling progresses northwards and deeper, a trend that could materially enhance the project’s resource profile.

Strategic Implications and Next Steps

With a current global Mineral Resource Estimate of 949,000 ounces at 2.5g/t Au and Mineral Reserves of 104,000 ounces at 2.4g/t Au, this new high-grade intercept could be a catalyst for resource upgrades. Matsa is planning further drilling at Fortitude North, with designs to be refined following a review of updated seismic models incorporating this new data. The expanded exploration space and confirmation of stacked lodes open multiple avenues for resource expansion and potential mine development.

Context Within the Lake Carey Gold Project

Fortitude North is a key asset within Matsa’s broader Lake Carey portfolio, which includes several deposits with combined resources nearing one million ounces. The project’s proximity to established mines and infrastructure enhances its strategic value. The ongoing drilling success underscores Matsa’s capability to delineate high-quality gold mineralisation in a competitive gold province.

Outlook

While the results are encouraging, the true economic potential of Fortitude North will depend on the continuity and extent of these high-grade lodes. The company’s methodical approach to exploration, integrating seismic data with drilling, positions it well to unlock further value. Investors and analysts will be watching closely as Matsa advances its drilling program and updates its resource estimates in the coming months.