Matsa Resources looking to finally reap rewards of | Australian Markets

Matsa Resources is eagerly anticipating the beginning of gold mining at Devon Pit this month after years of false begins on the mine within the northern Goldfields.

Matsa informed the Australian Securities Exchange on Friday that pre-mining actions have been below manner and contractor Blue Cap Mining was scheduled to begin extracting the primary ore from the starter pit this month, with the purpose of producing a 50,000-tonne parcel for processing in September.

Matsa mentioned the processing could be performed at FMR Investments’ Greenfields mill at Coolgardie, with a second marketing campaign deliberate for December.

Executive chair Paul Poli mentioned it had been “all hands-on deck” for a number of weeks.

“We’ve got drill rigs, excavator, dozer, water truck, pumps, generators and buildings on site, all coming together and there is a real buzz in the group,” he mentioned.

“It’s a hive of activity and really exciting to see things come together on a daily basis.

“With the gold price at $5000/oz or more, we’re expecting good things from Devon and I look forward to seeing Devon ramp up and Matsa making its first gold sales from this exciting project.”

The journey to mining Devon Pit has been removed from clean, with a number of plans to work with Linden Gold Alliance to develop the mine falling by in 2022 and 2023.

Linden final 12 months merged with fellow northern Goldfields producer Brightstar Resources.

However, Matsa has persevered — it launched a feasibility examine for Devon Pit in April which mentioned it might produce 340,000 tonnes at 4.6g per tonne for 50,000 ounces, producing pre-tax money circulation of $59.8 million throughout 18 months at a gold price of $4250/oz.

Matsa’s fortunes have additionally circled with the broader Lake Carey gold project, with the Foreign Investment Review Board approving a $101 million sale to world mining giant AngloGold Ashanti in April.