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Matsa to acquire Devon gold project in Western Australia

Matsa Resources Ltd. said Dec. 13 that it will acquire the Devon gold project, as well as the surrounding project area, in Western Australia from GME Resources Ltd.

Under the deal, GME will receive A$100,000 in cash and shares as well as a 1% net smelter returns royalty.

The acquisition resulted in the expansion of Matsa's landholding in the Lake Carey area to about 620 square kilometers.

Previously, the Australian explorer reached a deal with Anova Metals Ltd. for an 18-month option to acquire the latter's Devon gold tenements. With both deals with GME and Anova Metals secured, Matsa now controls all the mineralized areas surrounding the Devon gold mine.

The Devon area is also contiguous to the Red October gold mine, as well as the Capella tenements, with the acquisition of the latter expected to be finalized shortly.