Matsa Resources Limited
LIMITED
ABN 48 106 732 487
ASX Announcement 14 May 2015
Diamond Drilling Commenced at Symons Hill
Highlights
Diamond drillhole 15DDSH07 to test newly discovered conductor C56 has commenced.
Access at conductor C42 has been completed and the rig will move onto this target on completion of drilling at C56.
A minimum of one Diamond hole at each target is to be completed to determine whether one or both conductors are associated with Nova- Bollinger style Ni-Cu sulphide mineralisation.
CORPORATE SUMMARY
Executive Chairman
Paul Poli Director Frank Sibbel
Director & Company Secretary
Andrew Chapman
Shares on Issue
144.15 million
Unlisted Options
14.85 million @ $0.25 - $0.43
Top 20 shareholders
Hold 50.36%
Share Price on 13 May 2015
26.5 cents
Market Capitalisation
$38.20 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 Diamond drilling has commenced at Symons Hill to test C56, one of two recently discovered high priority conductors (C42 and C56) at Symons Hill. These targets are to be tested to determine the presence of Nova-Bollinger style Ni-Cu mineralisation.
The programme will consist of a minimum of 2 holes (one per target) for approximately 800m of Diamond drilling undertaken on a single shift per day basis and it is anticipated that drilling will advance approximately 30m per day. Downhole EM surveys will be carried out on each hole completed in order to confirm any in-hole conductors and to detect off-hole conductors which may have not been intersected. (Figures 1 and 2 and Table 1)
Figure 1: Conductor C56 Interpretive section and planned trace of Diamond hole
Figure 2: Conductor C42 Interpretive section and planned trace of Diamond hole
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Matsa Resources Limited
Drillhole
|
Target
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East
|
North
|
Depth
|
Azimuth
|
Dip
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Target
Depth
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15SHDD07
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C56
|
517150
|
6469020
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275-
300
|
135
|
60
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175-
250
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15SHDD08
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C42
|
518400
|
6473700
|
500-
550
|
145
|
60
|
300-
450
|
Table 1: Drillhole location
DHEM surveys are planned to be carried out upon completion of the two drillholes 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.
The survey has been designed to test three successive, prioritised areas with the highest priority assigned to favourable structural/stratigraphic locations based on interpretation of gravity, aeromagnetic, geochemical and drilling data. Results have been received for 51 out of 97 planned survey loops.
For further Information please contact: Paul Poli
Executive Chairman
Phone +61 8 9230 3555
Fax +61 8 9227 0370
Email [email protected]
Exploration results
The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. D avid Fielding has sufficient experience which is relevant to the style of mineralisation and the type of 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'. David Fielding 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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