Matsa Resources looking to finally reap rewards of Devon Pit gold mine

[Pelican Press 0]

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Matsa Resources looking to finally reap rewards of Devon Pit gold mine

Matsa Resources is eagerly anticipating the start of gold mining at Devon Pit this month after years of false starts at the mine in the northern Goldfields.

Matsa told the *********** Securities Exchange on Friday that pre-mining activities were under way and contractor Blue Cap Mining was scheduled to start extracting the first ore from the starter pit this month, with the aim of producing a 50,000-tonne parcel for processing in September.

Matsa said the processing would be done at FMR Investments’ Greenfields mill at Coolgardie, with a second campaign planned for December.

Executive chair Paul Poli said it had been “all hands-on deck” for several 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 said.

Camera IconThe Red October Village has been reactivated to cater for mining at Devon Pit. Credit: Matsa Resources/Supplied

“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 far from smooth, with several plans to work with Linden Gold Alliance to develop the mine falling through in 2022 and 2023.

Linden last year merged with fellow northern Goldfields producer Brightstar Resources.

However, Matsa has persevered — it released a feasibility study for Devon Pit in April which said it could produce 340,000 tonnes at 4.6g per tonne for 50,000 ounces, generating pre-tax cash flow of $59.8 million across 18 months at a gold price of $4250/oz.

Matsa’s fortunes have also turned around with the wider Lake Carey gold project, with the Foreign Investment Review Board approving a $101 million ***** to global mining giant AngloGold Ashanti in April.

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