Junior Matsa Resources on Monday revealed that it has entered into negotiations with gold miner AngloGold Ashanti Australia over the Lake Carey gold project, in Western Australia.
The company told shareholders that an existing confidentiality agreement has been extended until the end of July 2024, and included a three-month exclusivity period to conduct due diligence and to discuss and negotiate a potential transaction over Lake Carey.
AngloGold Ashanti has agreed to pay the maintenance and dewatering cost of the Red October gold mine by paying a lump sum of A$500 000 within seven days. Lake Carey is estimated to host a mineral resource of 936 000 oz, located within the Red October, Devon and Fortitude deposits.
AngloGold Ashanti’s Sunrise Dam processing plant is 35 km from the Fortitude deposit and is connected via an existing haul road owned by Matsa
