b8205a15-bb98-4bd1-b6e2-5561958211cf.pdf
Matsa Resources Limited
LIMITED
ABN 48 106 732 487
ASX Announcement 21st April 2016
Gold Potential Highlighted at Killaloe
Highlights
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S2 Resources Ltd's recent announcement of high grade gold at its Monsoon prospect has highlighted a gold "corridor" which can be seen to extend into Matsa's Killaloe JV project for a distance of ~20km
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The corridor includes extensive soil gold anomalism and a number of previous gold intercepts at Killaloe which includes 2m @ 6.0g/t Au at Cashel
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Matsa has undertaken a review of past gold exploration and identified a number of targets for immediate IP surveys and drilling
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 52.15%
Share Price on 20 April 2016
16.5 cents
Market Capitalisation
$23.78 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 is pleased to announce that the high grade gold intersection announced recently by S2 Resources Limited (ASX: S2R) at its Monsoon prospect has had the effect of also highlighting the gold potential at Matsa's Killaloe project.
(Salient aspects of the Killaloe project are summarised in Appendix 1. The Killaloe Project comprises 11 licences as summarised in Figure 1 and Appendix 2. Most previous gold exploration has been carried out on three licences (E63/1018, E63/1199 and P63/1672) under a joint venture between Matsa (80%) and Cullen Resources Limited (20%). Remaining licences are held 100% by Matsa except for E53/1655, which is subject to a joint venture between Matsa (85%) and Yilun Pty Ltd (15%). Exploration of the project is managed by Matsa.)
Figure 1: Killaloe gold prospects and S2 Resources gold corridor over regional aeromagnetics
A corridor as illustrated by S2R in their most recent announcement, (Figure 1) can be seen to include the new gold discoveries at Baloo, Monsoon and Nanook within S2R's Polar Bear project. (S2R announcement to ASX 14th April 2016)
It can be also seen that the corridor can be extended to the SE over a distance of ~20km into the Killaloe project area, thereby highlighting extensive soil gold anomalism and some very interesting shallow gold intersections in previous drilling including 2m@ 6 g/t in hole KRC023 at the Cashel prospect.
Past drilling for gold at Killaloe by Matsa and others has mostly taken the form of shallow RAB drilling with only very limited shallow RC drilling.
Matsa has undertaken a review of all past gold exploration at Killaloe with a view to identifying high priority targets for immediate IP surveys and follow-up drilling.
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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. 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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Matsa Resources Limited
Appendix 1 - Matsa Resources Limited - Killaloe JV Project
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
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Criteria
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JORC Code explanation
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Commentary
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Mineral tenement and land tenure status
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Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
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The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.
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Tenements are summarized in Appendix 2 and shown in Figure 2.
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The Project is Located on Vacant Crown Land.
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The project is located within Native Title Claim No. 99/002 by the Ngadju people.
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A heritage agreement has been signed and exploration is carried out within the terms of that agreement.
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At the time of writing these licenses expire between 14th June 2013 and 8th July 2017.
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Exploration done by other parties
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Significant past work has been carried out by other parties for both Ni and Au exploration including, surface geochemical sampling, ground electromagnetic surveys, RAB, AC, RC and DD drilling. Most of the gold exploration referred to at Killaloe was carried out by Cullen Exploration and Matsa Resources
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Geology
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Drill hole Information
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A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
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easting and northing of the drill hole collar
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elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar
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dip and azimuth of the hole
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down hole length and interception depth
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hole length.
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If the exclusion of this information is justified on the basis that
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