yes and after today's gold drilling results it will be closer to 700k+ Oz of gold, and should continue to increase with more drilling to come. The other thing I like about the gold project is that it's located near to and on strike to Sunrise Dam owned by Anglogold Ashanti, not just because that mine is a 10m Oz deposit but also they may be on the look out to secure higher grade gold deposits in the area as they were having problems mining lower grade ore, last year at least, not sure if they've have better drilling success this year? but that makes Matsa's deposits more strategically valuable. ultimately though it would be more rewarding for Matsa to mine and process using its own processing plant, and most companies with deposits of 600-700k Oz are usually 2-3 times the current market cap. Also the JV with IGO in the Fraser range so close to the Nova mine is free carried and even if this recently drilled hole returns patchy mineralisation they are planning further drilling, it's possibly the start of finding a major deposit, reminds me of Sirius but early days though, there's a lot more drilling to do but they could be in to something big so it's worth buying in.. and of course the market cap is backed up by the gold deposit and cash balance so limited downside...
MAT Price at posting:
8.9¢ Sentiment: Buy Disclosure: Held
