Matsa Resources has entered into a farm-in and joint venture agreement with private company Raven Resources over the Sunrise Dam South project.
The Sunrise Dam South project is located next door to AngloGold Ashanti’s Sunrise Dam Gold Project and abuts Matsa’s Lake Carey Gold Project.
Under the agreement, Matsa can earn a 60% interest in the project by spending $250,000 within the first 12 months, and an additional 20% interest by spending further $400,000 within 3 years of signing the agreement.
Matsa Executive Chairman Paul Poli said the JV project area of 46.32km2 will significantly increase the company’s exploration footprint to a total of 432km2 in the highly prospective Laverton tectonic zone.
“This agreement with Raven Resources is another significant step towards cementing Matsa’s position as a major player in the Laverton field,” Mr Poli remarked.
“The Sunrise Dam South project contains some great new untested gold targets. We are pleased to be able to increase our opportunities at Lake Carey.”
The Sunrise Dam South project area is part of the 8km Bindah Extended target where Matsa is currently completing a 15,000m aircore drilling program.
According to the company, the current aircore drilling program on the Bindah Extended target will be extended to incorporate the newly acquired Sunrise Dam South JV.