Seismic Model Validation at Fortitude North Hinges on Upcoming Assay Results

Innovative Seismic Survey Drives Deep Drilling

Matsa Resources Limited has taken a significant step forward in its exploration at the Fortitude North prospect within the Lake Carey Gold Project by completing a deep 767-metre diamond drill hole. This drilling campaign is part of an innovative research and development program employing Distributed Acoustic Sensing (DAS) technology to conduct seismic surveys in the challenging hyper-saline environment of Lake Carey.

The drill hole was strategically designed to test strong seismic reflectors identified at depths around 450 metres, which the seismic model interprets as a large synform geological setting. Such folded structures are known to potentially host concentrated gold mineralisation, as seen in other Australian goldfields like Hill End in New South Wales.

Preliminary Geological Insights Support Seismic Model

Initial logging and petrographic analysis of the drill core reveal several zones of moderate to strong alteration within mafic and felsic rock sequences. Notably, a 12-metre strongly altered zone was intersected near 350 metres, and a stacked sequence of intensely altered rocks was observed between 468 and 643 metres, coinciding with the deep seismic targets. These findings lend credibility to the seismic model and the quality of the data collected during the R&D seismic survey.

While assay results are still awaited, these geological observations provide an encouraging indication that the seismic anomalies may indeed correspond to mineralised zones. The drilling also intersected a minor altered zone at the shallower 280-metre target, which was part of the broader testing of known lode extensions and structural targets.

Context Within Fortitude North and Lake Carey

Fortitude North has already demonstrated a robust gold system with a 1.7-kilometre strike length and previous drilling returning multiple high-grade intercepts, including intervals exceeding 3 grams per tonne gold over significant widths. The current drilling and seismic work aim to refine the geological model, particularly testing for structural thickening associated with synclinal folds that could enhance gold concentration.

The Lake Carey Gold Project as a whole holds a global mineral resource estimate of approximately 949,000 ounces of gold at 2.5 grams per tonne, underscoring the strategic importance of Fortitude North within Matsa’s portfolio.

Next Steps and Market Implications

Matsa plans to finalise detailed logging, physical property measurements, and sampling before receiving assay results expected by late March 2025. These data will be critical to calibrate the seismic model against actual field results, potentially validating DAS seismic surveys as a cost-effective exploration tool in saline environments.

Further drilling is anticipated to continue testing the seismic model and explore extensions of known gold lodes, with the potential to unlock new mineralised zones. For investors and analysts, the pending assay results will be a key catalyst in assessing the project’s upside and Matsa’s exploration strategy moving forward.