Matsa Resources progresses high grade gold assays at Devon Pit Gold Mine

Matsa Resources Limited (ASX: $MAT) has received new high grade gold assays from the West Lode at the Devon Pit Gold Mine, part of the Lake Carey Gold Project. The company expects to finalize a formal mining contract with BML Ventures for the Devon Pit Gold Mine in the coming days. Regulatory approvals for key environmental permits and mining are progressing and expected during H1 CY2024. New modelling and optimization works are underway, and the Devon Pit Gold Mine is 100% Matsa owned within the wider Lake Carey Gold Project hosting a global gold resource of almost 1Moz with new drilling programs to come.

Executive Chairman's Commentary on Devon Pit Gold Mine Progress

The results of the drilling are pleasing in that they confirm our modelling. Having said that, we are hoping these new high-grade intercepts from the West Lode will give us an uplift. Whilst the Main Lode was mined as recently as 2016, the West Lode has seen no mining activity since the 1920's where three small shafts were sunk on what appears to be high-grade shoots. These shafts are not very deep and with these new drilling results, we're confident the West Lode will be a significant contributor to the mining operation. Importantly, ore from the West Lode is expected from surface. Our studies to date have demonstrated a potential mine that produces in excess of 250,000 tonnes at over 4g/t which is exciting. Earlier this month, Matsa signed a Heads of Agreement with BML Ventures Pty Ltd to formalize a mining contract for the Devon Pit Gold Mine. We are expecting this to be signed and sealed in the coming days and I'm very excited about that because it will generate cash flow for Matsa. With the recent approval of our dewatering application, we now only have a couple more approvals required before mining can commence and we are expecting these approvals in the coming months. The recent rains have delayed the final flora survey planned for late March by a few weeks which is unfortunate. This final survey is required for the mining application to be processed and, other than timing of this field work, we don't see an adverse impact to our schedules. We look forward to continue providing updates on the Devon Pit Gold Mine, as well as Lake Carey in general, as new information continues to build the picture.

Summary of Devon Pit Gold Mine Progress and Outlook

Matsa Resources Limited has made significant progress with the high grade gold assays at the Devon Pit Gold Mine, part of the Lake Carey Gold Project. The company expects to finalize a formal mining contract with BML Ventures for the Devon Pit Gold Mine in the coming days. Regulatory approvals for key environmental permits and mining are progressing and expected during H1 CY2024. New modelling and optimization works are underway, and the Devon Pit Gold Mine is 100% Matsa owned within the wider Lake Carey Gold Project hosting a global gold resource of almost 1Moz with new drilling programs to come. The recent drilling results have confirmed the company's modeling and demonstrated the potential for a mine that produces in excess of 250,000 tonnes at over 4g/t. Matsa Resources is looking forward to providing further updates on the Devon Pit Gold Mine and Lake Carey as new information continues to build the picture.