Matsa Resources Limited
LIMITED
ABN 48 106 732 487
ASX Announcement 21 May 2015
Second Diamond Drill Hole Commenced at Symons Hill
Highlights
Matsa has commenced the second Diamond drillhole at Symons Hill designed to test conductor C42.
The drillhole is designed to test two interpreted conductive units at approximately 310 and 430 metres deep.
C42 is interpreted as a high priority conductor due to its proximity to a possible deep seated structure, localised gravity and magnetic anomalies and possible structural traps.
The design depth of 500 metres will provide an ideal platform for later DHEM surveys.
High powered ground EM surveys are ongoing and expected to generate further targets for drilling.
CORPORATE SUMMARY
Executive Chairman
Paul Poli Director Frank Sibbel
Director & Company Secretary
Andrew Chapman
Shares on Issue
144.15 million
Unlisted Options
15.47 million @ $0.25 - $0.43
Top 20 shareholders
Hold 50.36%
Share Price on 21 May 2015
24 cents
Market Capitalisation
$34.60 million
Head Office:
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Suite 11, 139 Newcastle Street, Perth Western Australia 6000
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Tel: +61 8 9230 3555 Fax: +61 8 9227 0370
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Bangkok Office:
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Unit 1808, Pacific Place 2, 142 Sukhumvit Road, Klongtoey, Bangkok 10110
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Tel: +66 0 2653 0258 Fax: +66 0 2653 0258
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[email protected]www.matsa.com.au
Matsa Resources Limited
Matsa is very pleased to report that the second Diamond drillhole has commenced at Symons Hill testing conductor C42. This conductor is one of two recently discovered high priority conductors (C42 and C56) at Symons Hill and is prospective for Nova-Bollinger style Ni-Cu mineralisation.
Drillhole 15SHDD08 is planned to be 500m deep and designed to test 2 interpreted conductors. According to modelling, the conductors should be intersected at approximately 310m and 430m deep (Figure 2). The final planned depth of 500m will provide Matsa with an ideal platform for follow up high power DHEM surveys.
About C42:
Conductor 42 lies parallel to the local magnetic trend, semi-massive magmatic sulphides were intersected at C56 in a similar magnetic and structural location Figure 1.
C42 lies to the east of a significant paleo channel. This paleo channel is interpreted to form in a deep seated fault zone.
C42 also lies on a limb of interpreted fold axes with the C42 magnetic trend being discordant to regional NNE
trend.
C42 lies adjacent to gravity and magnetic highs. The gravity high is localised rather than being sympathetic to the regional magnetic trend.
Matsa has classified this conductor a "high priority" as the conductor lies proximal to a possible deep seated fault/feeder zone with likely structural traps in potentially prospective rocks.
Figure 1: Conductor C42 twin plates over magnetic (left) and gravity (right) images
The high powered EM survey which identified these 2 conductors is now approximately 55% complete and is still ongoing. Matsa is confident that more high priority conductors will be identified in the course of the program.
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Matsa Resources Limited
Figure 2: Conductor C42 Interpretive section and planned trace of Diamond hole
Diamond Drilling
Drillhole
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Target
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East
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North
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Depth
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Azimuth
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Dip
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Target
Depth
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15SHDD08
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C42
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518400
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6473700
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500-550m
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145o
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-60o
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300-450m
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Table 1: Drillhole location
DHEM surveys are planned to be carried out upon completion of the drilling programme to confirm the location of in-hole conductors and potentially identify nearby off-hole conductors.
Symons Hill Project Background
The Symons Hill Project is located within Matsa's 100% owned E69/3070 with an area of 96km2. The project is located within the Fraser Range Tectonic zone, 6kms SSW of Sirius Resources Ltd's (ASX: SIR) Nova nickel mine. Matsa has been actively exploring the project since 2012 with aircore, RC and Diamond drilling confirming the presence of nickel anomalous (0.2 - 0.3% Ni) olivine bearing gabbro at targets SHG02, SHG03 and SHG11, which exhibit near surface enrichment in the weathered profile of up to 1.3% Ni.
Matsa commenced a regional, high powered (150-200A) EM survey in December 2014 which has been designed to cover the majority of the Symons Hill Project area. The survey is being carried out as part of a research and development project which is designed to develop and improve state of the art EM equipment to explore for massive sulphide deposits of Nova-Bollinger type, to a depth of >700m below surface.
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Matsa Resources Limited
For further information please contact:
Paul Poli
Executive Chairman
Phone +61 8 9230 3555
Fax +61 8 9227 0370
Email [email protected]
Web www.matsa.com.au
Exploration results
The information in this report that relates to Exploration results, is based on information compiled by Richard Breyley, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Richard Breyley is a full time employee of Matsa Resources Limited. Richard Breyley has sufficient experience which is relevant to the style of mineralisation and the type o f ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Cod e for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Richard Breyley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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