Hunt for Red October restart

UNDERGROUND contract miner Pit N Portal has completed a geological review of Matsa Resources’ Red October mine in Western Australia’s Eastern Goldfields has highlighted areas within the existing 85,000 ounce gold resource model that are potentially mineable.
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Pit N Portal is playing a key role in the hunt for a Red October restart.

Mine planning and financial analysis of those areas is underway.

PNP is set to continue its studies with successful first pass work resulting in a framework to release a scoping study for mining; a mine design and scheduling; and financial models and budgets.

The initial areas identified for further work have been undertaken as part of a process to determine a decision to resume mining at Red October.

The studies PNP is conducting are based on low level technical and economic assessments that are not sufficient yet to support the estimation of ore reserves.

More exploration and evaluation work along with appropriate studies are required.

Matsa Resources executive chairman Paul Poli said he continued to look forward to working with PNP over the coming months to start mining at Red October.

 

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