million
Unlisted Options
13.94 million @ $0.25 - $0.43
Top 20 shareholders
Hold 51.7%
Share Price on 27 October 2015
16c
Market Capitalisation
$23.06 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
INTRODUCTION
Matsa Resources Limited ('Matsa' or 'the Company' ASX: MAT) is pleased to report on its exploration and corporate activities for the quarter ended 30th September 2015.
Background information about the methods and data used in compiling this report, are attached as Appendix 1 in accordance with the JORC 2012 Code.
COMPANY ACTIVITIES
SYMONS HILL PROJECT - Matsa 100%
E69/3070 of 96km2 is located within the Fraser Range Tectonic zone, 6kms SSW of Independence Group Ltd's (ASX:IGO) Nova nickel mine.
High Power Fixed Loop EM Survey Continues
Activities during the quarter have been focused on continuing the high power fixed loop EM (HPFLEM) survey with 84 out of a planned 97 loops now completed for a total of 87% (Figure 1).
Figure 1: Symons Hill, Location of completed HPFLEM, high priority conductive targets and bedrock geochemical anomalies
Survey design, commencement and progress have been included in previous announcements to the ASX (Refer MAT report submitted to the ASX 23rd April 2015 and 30th April 2015 and Appendix 1).
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During the quarter a moderate strength bedrock conductor C11 was detected, which is located adjacent to bedrock Ni anomaly SHG10 in the SW part of the project (Figures 1 and 2).
Figure 2: Summary Plan and model profiles of newly discovered C11 conductor
Preliminary modelling indicates the newly discovered conductor C11 to have low-moderate conductance and to be a sub-vertical to steep E/NE dipping body. Extents of C11 are interpreted to be 500m x 500m at a depth of ~150- 200m to the top of the conductor.
Significantly, this conductor coincides with the previously defined high priority bedrock Ni anomaly SHG10. The conductor is described by geophysical consultant Southern Geoscience as follows:
'Initial/preliminary modelling for the SHP1_11 FLTEM results confirms a reasonably extensive (~500x500m+ areal size), low-moderate strength conductor (~250-500S) which is sub-vertical to steep E/NE dipping at ~150- 200m depth in mid to late channel data - likely commences at shallower depth.' (Figure 2).
Conductors C11 and VA15 have been prioritised for diamond drilling to commence as soon as practicable.
Further moving loop EM (MLEM) surveys are proposed over 4 conductive targets where HPFLEM results are not conclusive as to whether they are bedrock conductors. Three of these targets, (CT93, CT47 and CT54) were discovered during the previous quarter. MLEM surveys can potentially resolve whether these conductive targets are the product of 'current channelling' in the conductive near - surface environment or whether they are genuine bedrock conductors with potential for Nova-Bollinger style Ni-Cu mineralisation.
Matsa now has a total of 2 untested conductors (C11 & VA15) and 3 untested conductive targets at Symons Hill, (CT47, CT54 and CT93) (Figure 1).
THAILAND
Matsa's Thailand projects cover 909km2 within the Loei-Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the >5MOz Chatree gold mine operated by Kingsgate Consolidated. The Loei-Ko Chang arc is an arcuate palaeo - island arc terrane which is more than 600km long and
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oriented approximately north-south. This terrane extends from Ko Chang Island in the south to Loei in the north of Thailand and beyond into Laos (Figure 3).
Current tenement holdings include:
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20 granted SPL's and 25 SPL applications (SPLA's) for 635km2 in Matsa's Siam Copper Project in Central Thailand;
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14 SPLA's for 174km2 over its Paisali Base Metal project;
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6 SPLA's for 68km2 over its KT Gold Project; and
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4 SPLA's for 32km2 over its Loei Gold Project (Not shown in Figure 3).