Matsa signs agreement to facilitate Red October restart

RED October could sail again, with Paul Poli’s Matsa Resources entering into an agreement with privately-run Pit N Portal Mining Services to examine the best way to exploit remaining resources and extend mine life further.

Matsa signs agreement to facilitate Red October restart Matsa signs agreement to facilitate Red October restart Matsa signs agreement to facilitate Red October restart Matsa signs agreement to facilitate Red October restart Matsa signs agreement to facilitate Red October restart

Gold from the Marlin Lode at Matsa's Red October mine.

A two-stage memorandum of understanding will crunch the numbers over the economic viability of going underground, and should be complete within two weeks - and all at no cost to Matsa.
 
Matsa will provide mineral resource reports, block models, studies, surveys and processing data so PNP can conduct an initial mineral resource review, initial mine designs, schedules and associated staffing and equipment level estimates; and complete a high level financial model to assess the viability of resuming underground mining.
 
If the MoU moves into the second stage, the pair will sharpen their pencils and start detailed work on mine design, scheduling and specific costs to better determine if Red October can be refloated as soon as ...