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An updated scoping study into the Devon Pit gold project, in Western Australia, has estimated that the project could produce some 39 000 oz of gold over a 16-month period. ASX-listed Matsa Resources on Wednesday said that based on a gold price of A$2 650/oz, the project would have a free cash flow of some A$37.1-million, could generate revenues of some A$100.5-million and would have an internal rate of return of 479%.
Gold mining company Matsa and Linden Gold Alliance have signed a joint venture agreement (JVA) pertaining to the Devon Gold Pit in Australia.
Matsa Resources defines new gold targets at Devon within Lake Carey Project Sampling results indicate gold anomalism in soil at Devon with three samples returning above 1 g/t gold, including one sample in excess of 10 g/t. Exploration drilling at Devon’s LIN1/2, HE1 and HE5/SAM38 targets is expected to begin this week. Matsa Resources Limited (ASX:MAT) (FRA:KB2) samples have revealed extensive gold anomalism with a peak value of 10.95 g/t gold at Devon Prospect within Lake Carey Gold Project in Western Australia. The recently completed soil sampling program was extended south of...