Matsa Resources Raises A$2.15M For Gold, Lithium Projects

Matsa Resources Ltd has raised A$2.15 million through a strongly supported capital raising to advance its gold and lithium projects.

This included the placement of 71.65 million shares at A$0.03 each to existing shareholders and new strategic investors.

Matsa has also issued 20 million options at A$0.001 each, exercisable at A$0.07 within 18 months, to raise A$20,000.

Gold and lithium projects

Matsa is focused on exploration at its flagship Lake Carey Gold Project south of Laverton in the northeastern goldfields of Western Australia.

The company has already established a 936,00 ounces resource at Lake Carey.

Additionally, Matsa has a significant landholding in Thailand which is highly prospective for lithium and base metals.

Matsa Executive Chairman Paul Poli said: “Importantly, the placement will allow Matsa to expand its 936,000 oz Lake Carey Gold Project with focused exploration programs aimed at expanding the resource base, particularly at Fortitude North, as well as highlighting the exploration prospectivity elsewhere.”

Co-funded drilling

Poli noted that Matsa has won an EIS round 29 grant to undertake an 800m deep hole at Fortitude North where the company is keenly anticipating the results.

This could be a significant step forward in understanding the true potential of Fortitude North at depth.

Matsa will also continue to build on its Thailand lithium vision by obtaining new granted licences and paving the way for a maiden drilling program.

What’s next?

Matsa is undertaking new drilling programs at Fortitude North where previous drilling identified a mineralised footprint of 1.7km x 250m.

Plans are underway for a deep 800-metre diamond hole to provide information on the potential of Fortitude North at depth.

Previous drilling returned exceptional widths with the deepest drilling returning 35 metres at 3g/t gold from 150 metres.

This indicates that further drilling may lead to defining a resource that compliments the nearby Fortitude Gold Mine.

Matsa will also assess other prospects within the Lake Carey Gold Project including Hill East which is just south of the Devon Pit Gold Mine.

 

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