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Matsa Resources raises A$6M for gold exploration in Western Australia

Matsa Resources Ltd. completed a A$6 million placement via the issue of 40 million shares at 15 Australian cents each to start new exploration programs at its Lake Carey gold project in Western Australia.

The company said Sept. 23 that it will also use the funds for a new underground exploration diamond drill program within the Red October underground gold mine and for new drilling programs at the Fortitude North deposit and Devon gold project in Western Australia.

Matsa will increase its regional exploration, where numerous targets are being developed.

The company added that it plans to start second-stage work at the Fortitude gold deposit, where a recent mining study illustrated a two-year production scenario producing a potential cash surplus of A$21.6 million for a capital investment of A$6.6 million.