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Matsa reveals Fortitude Stage 2 metrics

21st August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – A mining study for the Fortitude Stage 2 gold mine, in Western Australia, has estimated that some 54 400 oz of gold could be recovered over a 22-month period.

Junior gold miner Matsa Resources has reported that a capital investment of A$6.6-million would be required, with the Stage 2 project capable of delivering a potential cash surplus of A$21.8-million over the mine life.

The study projected an operating cash cost of A$1 628/oz and an assumed average gold price of A$2 150/oz.

“Based on the positive outcomes of the Stage 2 mining study, we will now immediately move ahead with plans to tender for the mining contract, finalise ore purchase and treatment options and secure project financing to facilitate the commencement of the Stage 2 mining operations at Fortitude,” said Matsa executive chairperson Paul Poli.

Matsa has initiated discussions with AngloGold Ashanti with respect to ore purchase arrangements for the Stage 2 operation.

“In conjunction with our ongoing mining operations at the Red October underground gold mine, the proposed Stage 2 mining of Fortitude has the potential to deliver significant cash flows for the company and value for our shareholders,” Poli said.

Edited by Creamer Media Reporter

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