Matsa Resources Limited has provided an update on its Fortitude North drilling campaign, building on earlier high-grade gold intercepts and indicating a strong potential for further resource expansion. The company reported that two new diamond drill holes, positioned approximately 100m up plunge and 150m down plunge from a previously announced 22.4m intercept at 9.19g/t gold, have returned promising results. One drill hole encountered 10.5m at 6.57g/t gold from 65.5m and an 8.3m intercept at 9.00g/t gold from 283.5m, while the other recorded a 1.7m intercept at 3.01g/t gold from 386.3m. These intercepts support the presence of multiple stacked lode structures at the Fortitude North project. The drilling program was designed to test both up plunge and down plunge extensions, targeting additional mineralisation associated with a major structure identified from seismic modelling. The results from these holes are seen to confirm a solid second lode structure and add volume to the upper lode, reinforcing the interpretation of a multi-lode system that could resemble well-known examples in nearby mining regions. The integration of seismic data with the drilling results is providing a clearer picture of the mineralised framework at Fortitude North, and the company plans to adjust its work program based on a revised seismic model. In parallel with the robust exploration efforts at Fortitude North, Matsa Resources Limited is focused on ramping up production at the Devon Pit Gold Mine, with approximately 3,000 samples currently undergoing assay analysis. The company’s commitment to exploration is further evidenced by its ongoing research and development project on seismic survey methodologies in hyper-saline environments, undertaken in collaboration with Curtin University. With 733.33 million shares in issue, a share price of 7.0 cents as of 17 June 2025, and a market capitalisation of around A$51.33 million, the company maintains a solid base of top shareholders holding 68% of its shares. Analysts considering market sentiment may view the news in a bullish light due to the high-grade intercepts, the multi-lode discovery model, and the integration of advanced seismic techniques that could underpin future drilling success. The company’s strategy to further test the extent of these structures while progressing its Devon operations adds to the positive outlook. On the other hand, potential concerns arise from the inherent exploration risks, the need for additional drilling to fully delineate the deposit geometry, and the challenge of balancing resource expansion at Fortitude North with the ramp-up at Devon. Overall, while the technical indicators point to a promising exploration trajectory, cautious investors may wish to weigh these prospects against the risks typical of early-stage mineral exploration.