Matsa Resources receives positive gold assays at Devon Pit Gold Mine

Matsa Resources Limited (ASX:$MAT) has received positive results for 20 of the 56 reverse circulation drill holes completed at the Devon Pit Gold Mine, located at Matsa's Lake Carey Gold Project south of Laverton. The drilling results include significant gold intercepts within the current optimised pit shell, supporting the company's resource modelling and recent updated scoping study. The company is now expecting the final results of the drilling to advance the project through to final feasibility studies, with permitting applications for development and mining already lodged.

Executive Chairman's Perspective on Devon Pit Gold Mine Results

These results continue to support our view that the Devon Pit Gold Mine is a valuable asset that Matsa plans to put into production once financing and processing arrangements have been made. Once we receive the final results from the drilling, Matsa will update the resource model and review the potential for a new, expanded pit optimisation and mining study. We remain keen to get this project approved and into production. 70% of the drill holes have returned economic intercepts and with half of the drill intercepts returning +5 gram dirt, this open pit project is highly attractive. Our studies to date have demonstrated a potential mine that produces in excess of 250,000t @ over 4g/t which is impressive. We look forward to providing further updates on not only the Devon Pit Gold Mine, but Lake Carey in general, in the near future.

Outlook for Devon Pit Gold Mine and Lake Carey Gold Project

The positive gold assays at the Devon Pit Gold Mine support Matsa Resources' ambitions to restart the high-grade open pit development project. The company aims to complete the remaining studies and approvals required for the feasibility study, calculate and report reserves, and obtain final approvals from regulatory authorities to obtain mining permits. Additionally, Matsa plans to negotiate and finalize a milling agreement to process ore from the Devon Pit Gold Mine and confirm funding for the mining operations. The global Mineral Resource Estimate for the Lake Carey Gold Project remains at 936,000oz @ 2.5g/t Au, providing a positive outlook for the company's future endeavors.