In addition to Red Dog, Red October should have the potential to be quickly brought back to the degradation.
Red October currently has 99,000 ounces of gold averaging 6.9 g / t gold. It contains 85,000 ounces underground, averaging 13.5 g / t gold. The 85,000 ounces at over 13 grams per tonne would be a brilliant start for Matsa. A historical production of 342,000oz gold at an average of 6.1g/t. Matsa is reviewing options to recommence mining at Red October in the near future.
if the margin is similar to that of Red Dog (about 300 ounces per ounce conservative), then 99,000 ounces x 300 margin = nearly 30 million profit! at 85,000 ounces, the profit is 25.5 million Aud
the marketcap is currently at just 23 million!
• Cash and liquid investments as at 30 September 2018 ~ $ 6.5 million, which is as expected due to mine outgoings early in the mine life cycle. Debt of $ 3 million remains constant
LAKE CAREY GOLD PROJECT
Recently acquired project includes the Fortitude gold deposit (385,300 oz, JORC 2012) 102km2 located in the prolific Laverton Tectonic Zone (LTZ) 25km SW of Sunrise Dam (AGA), 60km SW of Granny Smith (Goldfields) and 12km SW of the Red October (Saracen).
Near Term Production Potential
Excellent existing haul roads and nearby processing facilities
Strong exploration upside potential, near world class deposits
Granted mining licences
Extensive database and mining information providing a fast track to final feasibility and production
Purchase consideration and mine development costs can be funded from Matsa’s existing cash and liquid assets
Considerable scope for regional exploration success adding to the project life
Anglogold has certainly already cast an eye on matsa. Maybe Matsa should team up with Bulletin and found a new company with approximately 1 million ounces of Gold. good synergy effects. maybe a good idea?
About Bulletin
Bulletin to acquire an 80% interest in the Hodgkinson Basin Gold Project consisting of 11 mining and 19 exploration licences in North Queensland, Australia
• The project contains a gold resource of 618,0002oz (2004 JORC compliant) covering an extensive area of ~784km
• Project located in a known gold district with nearby operating and historical mines providing access to infrastructure and facilities
• A small accommodation camp with associated equipment and fully equipped office in nearby Cairns included
• Deal presents itself to be an outstanding opportunity to acquire a large quality brownfields exploration play with significant potential for further exploration and development
• Acquisition is in staged payments over 30 months allowing funding through existing cash reserves
• Work will commence as soon as possible with the initial focus on upgrading the resource to JORC 2012
