Olympic RC Drilling Program
The RC drilling program at Olympic comprised a total of 12 holes (20ODRC009-20ODRC020) for 1,437m of drilling. Drilling was designed to follow up higher grade mineralisation interpreted from RC drilling carried out late 20192 .
This drilling program was carried out as part of Matsa's stated objective of increasing the Company's resource base within the
Olympic RC Drilling Results
20ODRC012: 5m of 23.84 g/t Au from 63m, incl 1m of 114.5 from 63m
20ODRC013: 2m of 5.19 g/t Au from 38 m
20ODRC015: 1m of 13.9 g/t Au from 71m
20ODRC017: 2m of 3.78 g/t Au from 84m
20ODRC019: 2m of 6.35 g/t Au from 169m
20ODRC020: 1m of 4.72 g/t Au from 22m
Interpretation and comments on drilling results can be summarised as follows: Gold mineralisation occurs in a zone of steeply ENE dipping quartz sulphide lodes along a NNE trending shear zone. Mineralisation is typically < 1m thick, over a strike extent of 500m and is developed in a basaltic volcanic sequence containing interflow iron rich chert units. Lenticular felsic porphyry intrusives are associated with the mineralization
Most drilling to date has intersected mineralisation to a depth of 75m below surface, and has confirmed multiple mineralised shoots of thicker and/or higher grade gold mineralisation which coincide broadly with the historic workings. Further drilling is required to define the geometry and extent of the higher grade and thicker mineralisation
Recent deeper drilling below the historic Olympic workings (20ODRC019 2m @ 6.35 g/t Au from 169m) has demonstrated that this mineralised shoot continues at depth and remains open. This may also apply to the mineralised shoot adjacent to the Danube workings
Much of the mineralised trend is concealed beneath a waste dump from recent mining (2015/2016) at the Devon pit which is not expected to impede development
Geological mapping by previous explorers prior to the waste dump recorded minor displacements of the host sequence and the quartz sulphide lodes by EW faults, which have resulted in progressive displacement of the lode towards the west in the southern part of the lode zone3
Drilling at the southern end of the lode (20ODRC009, 20ODRC010 and 20ODRC011) intersected weak mineralisation in sheared basaltic volcanics. Given the interpreted displacement of the lode zone towards the west, these drill holes may have been stopped short or are located between high grade shoots.
Significance of the new Olympic RC drilling results
High grade intercepts from recent drilling at Olympic have the capacity to enhance the development potential of a combined mining project based around the Devon pit, Olympic,
Sampling and Assay Procedures
All assay results have been received from the 12 RC drill holes completed in the most recent round of drilling. These assays were subject to ongoing industry-wide delays caused by the substantial increase in drilling activity seen in
Matsa's sampling protocols as noted in Appendix 1, specify that: first pass assays are carried out on 3m composite samples
1m split samples are submitted for composite intervals returning >0.1 g/t Au
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