Fortitude North Drilling Yields 8.3m at 9g/t and 10.5m at 6.6g/t Gold

Strong Follow-Up Drilling at Fortitude North

Matsa Resources Limited has delivered encouraging results from two recent diamond drill holes at its Fortitude North gold project in Western Australia. These follow-up holes were designed to test the up plunge and down plunge extensions of a previously reported high-grade intercept of 22.4 metres at 9.19 grams per tonne gold (g/t Au) in hole 24FNDD010.

Hole 25FNDD011, drilled approximately 100 metres up plunge, returned two significant intercepts, 10.5 metres at 6.57 g/t Au starting from 65.5 metres depth, and 8.3 metres at 9.00 g/t Au from 283.5 metres. Meanwhile, hole 25FNDD012, drilled about 150 metres down plunge, intersected 1.7 metres at 3.01 g/t Au from 386.3 metres, confirming the continuation of the second lode structure.

Multiple Stacked Lode Structures Confirmed

These results reinforce Matsa’s exploration model that Fortitude North hosts multiple stacked gold lode systems plunging north and dipping east. The presence of two distinct lodes, the upper lode and a deeper second lode, mirrors geological settings seen at nearby major operations such as Goldfields’ Wallaby Mine and AngloGold Ashanti’s Sunrise Dam.

Executive Chairman Paul Poli highlighted the significance of these intercepts, noting that the 8.3 metres at 9 g/t Au in the second lode is a “terrific gold intercept” and that the 10.5 metres at 6.6 g/t Au in the upper lode adds substantial volume to the known mineralisation. He emphasized that these findings expand the exploration space and set the stage for a solid work program ahead.

Integration of Seismic Modelling and R&D Collaboration

The drilling was guided by a seismic model developed through Matsa’s ongoing R&D project in collaboration with Curtin University, focusing on seismic survey methodologies in hyper-saline environments. The new drilling results correlate well with the seismic interpretation, validating the structural model and aiding in defining the 3D architecture of the mineralised system.

Further review of the seismic data incorporating these latest results is underway, with plans for additional drilling in the second half of 2025 to test lateral and depth extensions of the lode systems.

Broader Project Context and Next Steps

Alongside exploration at Fortitude North, Matsa continues to advance mining operations at its Devon Pit Gold Mine, with approximately 3,000 samples currently at the laboratory for assay. The company’s Lake Carey Gold Project mineral resource remains steady at 949,000 ounces at 2.5 g/t Au, with mineral reserves at 104,000 ounces at 2.4 g/t Au.

Looking ahead, Matsa plans to ramp up production at Devon while maintaining exploration momentum at Fortitude North, supported by ongoing seismic R&D efforts. This integrated approach aims to unlock further value from the multiple lode systems identified and expand the project’s resource base.