Matsa Resources Limited ('Matsa' or 'the Company' ASX: MAT) is pleased to announce preliminary results from RC drilling at its Devon mine site which illustrates continuation of high grade mineralisation within the Company's Lake Carey gold project in the Eastern Goldfields of Western Australia.

The RC drilling programme which was carried out in December 2019, comprised a total of 5 drill holes for 733m at the Devon mine.

Assay Results from Devon RC Drilling

Drilling was carried out at Devon during December 2019. The 5 drill holes completed were designed to test continuity of gold mineralisation below historic underground and more recent open-pit mine workings.

Highly encouraging gold assay results were returned in four of the 5 drill holes completed. Three of these intercepts are interpreted to lie on a continuation of the Devon Main Lode zone which was previously mined by GME Resources Ltd. (Reported mine production of 47,302 tonnes at an average grade of 5.3 g/t Au to a depth of 42m)

High grade gold mineralisation was also intersected in one drill hole, in the hanging wall above the Main Lode zone. This mineralisation, referred to as the Hanging Wall Zone was not previously mined and appears to be poorly tested by previous drilling and hence warrants much further work.

Assay results reported here are from 3 metre composite samples. Original 1m samples from all composites containing >0.1 g/t Au are to be assayed.

Contact:

Paul Poli

Tel: +61 8 9230 3555

Fax: +61 8 9227 0370

Email: reception@matsa.com.au

Web: www.matsa.com.au

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