Matsa Resources (ASX:MAT) reported a maiden ore reserve estimate of 309,000 tonnes of material at 4.59 gram per tonnes grade of gold for 46,000 ounces of gold for the Devon Pit mine in Western Australia, according to a Friday Australian bourse filing.
It completed optimizations and pit design using AU$3,500 per 3,000-per-ounce gold price.
Prefeasibility work at the mine resulted in a production target of 309,000 tonnes at 5.02g/t gold for 50,000 ounces.
The firm received draft processing agreements from multiple regional third-party processing facilities providing toll treat or ore purchase options and it is negotiating a preferred option, the filing said. It is also finalizing negotiations for a mining and haulage agreement.
It said the mine is fully permitted for mining operations to commence following receipt of approvals from the Department of Water and Environmental Regulation, as well as from the Department of Energy, Mines, Industry Regulation and Safety.
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