Matsa Resources Limited announced a JORC 2012 Code compliant mineral resource has been completed at its 100% owned Red Dog project, located 25km west of the Company's Fortitude gold project where trial mining is underway. The Red Dog Mineral Resource estimate totals 368,000t at 2.2g/t for 26,300oz Au with the majority of ounces (94%) in the Indicated Category. The resource estimate is reported at a 0.5g.t Au lower cut-off and the estimate has not been constrained within a resource pit shell. Matsa recently completed an RC program at Red Dog with results including: 6m at 155 g/t Au from 6m - (17RDRC077) incl. 1m at 921 g/t Au from 7m; 11m at 2.59 g/t Au from 5m - (17RDRC073); 14m at 1.97 g/t Au from 3m - (17RDRC082); 6m at 4.57 g/t Au from 13m - (17RDRC029); 8m at 3.23 g/t Au from 22m - (17RDRC087); 8m at 3.11 g/t Au from 4m - (17RDRC032); 10m at 2.31 g/t Au from 8m - (17RDRC081); 8m at 2.56 g/t Au from 11m - (17RDRC072). This drilling along with historical RC data was used to generate the maiden Mineral Resource Estimate. The Mineral Resource was estimated by Optiro Ltd. A mineralisation wireframe was created at a cut-off grade of 0.5 g/t Au with a minimum thickness of 2 metres, based on mineralisation strings supplied by Matsa. The gold resource was estimated into a three-dimensional block model by ordinary kriging (OK) using dynamic anisotropy to account for the undulating nature of the ore body. The historical drillholes were composited to 1 metre downhole to eliminate any residuals. There was no requirement to composite the new drilling as all the samples were 1 m in length. Rotary air blast drill holes were removed prior to statistical and geostatistical analysis. Top cutting was required to reduce the influence of outlier values. Variograms were generated using the flagged and mineralized composites. Optiro carried out kriging neighbourhood analysis based upon the gold variograms to optimise the estimation parameters, and these parameters were used for ordinary kriging into the 10m x 10 m x 5 m parent cells, with sub-celling to fill the volume. Three search passes, with increasing search distance and decreasing minimum sample numbers, were employed to inform the model. A nearest neighbour approach was used to fill blocks which did not fill in the first three passes. This situation equated to 1% for the mineralised blocks. Density was assigned based on weathering. Matsa supplied 30 measurements which were taken from reverse circulation (RC) chips using a pycnometer on pulps. These measurements suggested a density of 2.7 g/m3 for the fresh and transitional material and 2.4 g/m3 for the oxide material. The estimation was validated and then classified as Indicated and Inferred in accordance with the JORC Code (2012) reporting guidelines. The default classification for the mineralisation is an Inferred Mineral Resource. Indicated Mineral Resources have been defined by a contiguous zone where the nominal drillhole density is approximately 20 m by 20 m.