The main focus of the scoping study will be to assess the hub, North Lake deposit, and spoke, Contact Lake, Preview Southwest and others, model viability and determine if its Greywacke North deposit has the potential as a stand-alone early producer.

The PEA is planned to be completed sometime next year.

The company is also expecting to update its resource estimates on both Preview Southwest and North Lake by the end of next year.

"In completing the updates, we will also have digitized the mine workings of Contact Lake and in doing so bring some of the historical resources onto our balance sheet in pursuit of our 2022 target of 1.5 million oz," MAS said.

The long-term goal is to create a mining operation capable of producing more than 100,000oz per year by co-mingling the spoke properties with the North Lake hub.

Red Cloud Securities said, "we are encouraged to see plans to rapidly advance toward a PEA for the combined project".

MAS Gold has a share price of C$0.055 and market capitalisation of C$11.03 million (US$8.04 million).