Matsa Resources has entered a binding heads of agreement with BML Ventures for mining the Devon Pit Gold Mine, located within Matsa’s Lake Carey Gold Project south of Laverton in Australia.

The Devon Pit Gold Mine contains a 467-kilotonne mineral resource at 4.6 grams per tonne for 69,000oz gold, with 82% of the mineral resource falling inside the Joint Ore Reserve Committee – JORC (2012) indicated category.

The agreement grants BML exclusive rights to open-pit mining at the site, with profits to be shared equally between the two companies.

Under the agreed terms, BML will be solely responsible for procuring the necessary funding to undertake mining activities, which includes all capital as well as operating costs.

Discussions are already under way with several third-party processing operators to handle the processing of Devon ore.

BML is expected to provide a programme of works, budget and projected cash flows that are acceptable to both parties.

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Ore production is scheduled to commence no later than 1 December 2024, with the expectation that mining activities will complete within nine months.

A formal agreement will be finalised once BML has demonstrated to Matsa its financial, technical and equipment capacity to carry out the mining activities.

The conditions also stipulate that BML must provide a programme of works, budget and projected cash flows that both parties agree upon. Matsa will keep the market updated on approvals, feasibility and mining studies as information becomes available.

BML, a Kalgoorlie-based private company, is known for funding, developing and operating open-pit gold mines.

The company utilises its low-cost owner/operator mining fleet and local toll treatment partnerships to optimise profitability and cash generation from mining projects.