Matsa?s Quarterly Report for the quarter ended 31st March 2017 HIGHLIGHTS Siam Copper Project Thailand ? Drilling to test IP anomaly 3, intersected trace finely disseminated native copper mineralisation in andesite lavas, from 53m to its current depth of 83m Paisali Base Metal Project Thailand ? Auger soil samples define ~1km x 1.8km copper anomaly at Chang 1 with copper values up to 0.11% Cu ? Chang 1 thought to be a copper mineralised hydrothermal system (copper rich porphyry or skarn) at shallow depth based on zoned geochemical anomaly, sparse outcrops of altered diorite and complex underlying magnetic anomaly. ? All statutory clearances obtained to enable IP to commence at Chang 1 as soon as practical to define targets for drilling Killaloe Project WA ? Geological mapping of HWG Ni sulphide prospect has highlighted position of previously untested, basal contact of the komatiite sequence which is prospective for Ni sulphide mineralization ? Recent high grade gold intercepts by S2 Resources in their Polar Bear gold project define a highly prospective structural/stratigraphic corridor which extends onto Killaloe for ~20 km ? The extension to the Polar Bear corridor at Killaloe contains soil gold anomalies and historic drill intercepts (eg 1m @ 9 g/t Au) which highlights prospectivity for new gold discoveries Dunnsville ? RC drilling commenced at Big Red focused on magnetic and structural targets below the depth of previous drilling with 7 of the planned 10 holes completed to date ? A number of visually interesting zones of fracturing, quartz veining and pyrite dissemination were observed across a steeply dipping contact between dolerite and meta-basalt Corporate ? Matsa currently holds cash, receivables and liquid assets of approximately $9M HIGHLIGHTS Fortitude Trial Mining Study ? Mining study shows a trial mining operation is economically viable at a gold price of A$1,600 o Processing via 3rd party mill o All in sustainable cash cost (AISC) of $1,140/oz Au) o Cash surplus $5.2M over 12 months at $1,600/oz gold price o Each A$100/oz increase in the gold price results in a $1.21M increase in the cash surplus ? Commencement of trial mining at Fortitude planned to commence Q2 2017 Lake Carey Exploration ? Three significant new gold targets (BE 1, BE 2 and BE 3) were defined by aircore drilling 8km NW of Matsa?s Fortitude Gold deposit ? New ~700m long zone of in-situ gold mineralisation, defined at BE 1 ? Significant gold assays at BE 1 include: o 21m @ 1.84 g/t Au from 87m including 7m @ 5.17 g/t Au including 1m @ 17.2 g/t Au ? Diamond drilling at BE 1 and infill aircore drilling at BE 2 and BE 3 are planned to commence in May 2017 ? A ~1,700 line kilometre high resolution airborne magnetic survey at Lake Carey was completed in April 2017 Paisali Base Metal Project Thailand ? Re-assay of drill holes 16SCDD03 to 16SCDD07 in Australia, returned significantly higher copper values than previously announced ? Revised results include a significant 22m @ 0.55% Cu from 106m within a 48m @ 0.39% Cu intercept from 104m at Chang 1 ? Potential for economic copper mineralisation associated with an altered diorite intrusion underlying a large (~1.8km x 1.2km) soil copper anomaly Corporate ? Cash and liquid investments as at 31st March approximately $7.2 million To read the quarterly please click here For further information contact: Paul Poli, Executive Chairman +61 8 9230 3555
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