106a8534-7098-4a33-a349-c2ab4c168f9a
Matsa Resources Limited
LIMITED
ABN 48 106 732 487
ASX Announcement 11th December 2015
Diamond Drilling Commenced Siam Copper Project Thailand
HIGHLIGHTS
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The first of 9 planned Diamond drillholes to test high priority Induced Polarisation (IP) anomalies at Siam 1, commenced today.
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Drilling will test the hypothesis that copper mineralisation at surface, including a narrow high grade chalcocite vein, is 'leakage' above more extensive copper sulphide mineralisation at depth.
CORPORATE SUMMARY
Executive Chairman
Paul Poli Director Frank Sibbel
Director & Company Secretary
Andrew Chapman
Shares on Issue
144.15 million
Unlisted Options
8.44 million @ $0.25 - $0.40
Top 20 shareholders
Hold 51.78%
Share Price on 10 December 2015
18.5 cents
Market Capitalisation
$25.94 million
Head Office: Suite 11, 139 Newcastle Street, Perth Western Australia 6000 Tel: +61 8 9230 3555 Fax: +61 8 9227 0370
Bangkok Office: Unit 1808, Pacific Place 2, 142 Sukhumvit Road, Klongtoey, Bangkok 10110 Tel: +66 0 2653 0258 Fax: +66 0 2653 0258 [email protected] www.matsa.com.au
Matsa Resources Limited
COMMENCEMENT OF Diamond DRILLING
Matsa Resources Limited ('Matsa' or 'the Company' ASX: MAT) is pleased to report that Diamond drilling at the Company's Siam 1 copper prospect in Central Thailand, commenced today. Drilling will test high priority targets defined by the recently completed IP survey. (MAT announcement to ASX 16th November 2015).
The objective of the drilling is to test the concept that IP targets represent copper sulphide mineralisation underlying/adjacent to areas of copper mineralised float and associated soil copper anomalies.
A total of 9 Diamond drillholes for a total of 1,500-2,300m of drilling is planned to test 5 high priority IP anomalies. Drilling has commenced with the first drillhole located to test target IP5.
Drilling was expected to commence on 3rd December 2015. The 7 day delayed start was to enable the drilling company to comply with procedures in place at the Laos boarder which were outside of Matsa's control.
Siam Copper Project Background
The Siam Copper project comprises 20 SPL's and 29 SPL applications for an area of 635 km2. The licences cover strongly anomalous copper values seen in regional stream sediment samples which were collected by the Thailand Department of Mineral Resources (DMR). The area comprises mostly cleared farmland with well-developed infrastructure including all weather roads and power supply.
Subsequent stream sediment sampling carried out by Matsa confirmed key results with copper values up to 326ppm Cu as previously announced (eg MAT report to ASX 31st July 2011).
Based on this data, a number of stream sediment anomalies were identified for detailed evaluation with Matsa's initial focus on the Siam 1 and Siam 2 prospects.
For further Information please contact:
Paul Poli Frank Sibbel
Executive Chairman Director
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. David 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 Code 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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