Matsa reviews business strategy
PERTH (miningweekly.com) – ASX-listed Matsa Resources has announced a strategic review of its business strategy with the aim of becoming a midtier gold producer.
The company said on Friday that its exploration going forward would be focused on growing its resource base from the current 515 000 oz of gold to underpin a 600 000 t/y gold-ore treatment plant.
“Since 2018, Matsa has demonstrated it has the capacity to successfully operate both opencut and underground mines. With that in mind, our recently completed study into a 600 000 t/y facility presents a compelling case for Matsa to preserve our resource tonnes for a Matsa-owned treatment plant and commence an aggressive exploration programme in order to substantially increase the company’s resource,” said executive chairperson Paul Poli on Friday.
“We already have 515 000 oz of gold resources and we fully intend to grow these through our planned exploration activities. We will be working through our plans at Red October in light of our recent highly successful drilling programme, and a Matsa-owned treatment plant will enable us to work towards getting Fortitude and Devon into production with far more attractive project economics than previously achievable.”
Ore production at Red October will be wound down, with mining to be focused on development of access drives to support a major in-mine drilling campaign.
Furthermore, Matsa has identified an extensive exploration pipeline, with some 30 high quality targets which would undergo further evaluation.
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