Matsa Resources Limited
LIMITED
ABN 48 106 732 487
ASX Announcement 16th August 2016
RC Drilling to Commence Killaloe Gold Targets
Highlights
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Gradient array IP surveys carried out over anomalies Duke IP03 and Windy Hill WH02 have confirmed and defined these gold targets for drilling
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A programme comprising approximately 10 RC drillholes for ~1500m planned to commence
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Drilling at Duke IP03 and Windy Hill WH_IP02 which coincide with anomalous gold values in soil and shallow drilling
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Drilling also to be carried out at Shinboner and Cashel gold prospects
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The target IP anomalies are interpreted to be typical disseminated sulphide responses with strong chargeability values in a resistive background potentially representing pyritic gold-bearing quartz veins
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This programme follows the recently completed drilling programme at Mt Weld where assays are currently awaited
CORPORATE SUMMARY
Executive Chairman
Paul Poli Director Frank Sibbel
Director & Company Secretary
Andrew Chapman
Shares on Issue
144.7 million
Unlisted Options
7.8 million @ $0.25 - $0.40
Top 20 shareholders
Hold 52.15%
Share Price on 15th August 2016
27 cents
Market Capitalisation
$39.09 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 RC drilling is set to commence at its Killaloe JV project (MAT: 80%, CUL 20%). Drilling has been designed to test a number of gold targets defined by recently completed IP anomalies. IP surveys were carried out in two stages:
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Stage 1, dipole-dipole IP surveys
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Stage 2, gradient array IP surveys
Stage 1 dipole - dipole IP were carried out over the Duke, Windy Hill, Cashel and Shinboner prospects. The objective being to explore for disseminated sulphides at depth as a potential vector for primary gold mineralisation beneath widespread anomalous gold values in soil and shallow drillholes (Figure 1). (MAT announcement to ASX 27th June 2016)
Strong chargeability anomalies were identified at the Duke and Windy Hill prospects by survey lines oriented parallel with geological strike (Results and survey parameters were included in MAT announcements to the ASX 5th July 2016 and 29th July 2016).
Figure 1: Location and regional geology of Mt Weld Project
Stage 2 Gradient array IP (GAIP) was carried out over the Duke IP03 and Windy Hill IP02 which were selected as the highest priority anomalies from the Stage 1 survey. The purpose of the gradient array surveys was two-fold namely:
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to define the areal extent of selected IP anomalies to finesse drillhole planning; and
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to collect magneto telluric data at the same time as the gradient array data is collected. This is being undertaken as a research project. This previously unused data has the potential to provide important geological information and improve target definition.
General survey parameters of the gradient array survey are presented in Appendix 1.
The results of the GAIP surveys supports the dipole-dipole chargeability anomalies at Duke IP03 and Windy Hill IP02 (Figure 2).
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Gradient array IP survey and planned drilling Duke IP03
This survey defined Duke IP03 as a NNE trending chargeability anomaly some 400m by 200m in extent and with values up to 14 msec. This confirms the results in the earlier strike parallel dipole-dipole IP survey where chargeability values were of the same order. There has been no previous drilling over this target.
Matsa proposes 3 holes to test this anomaly as shown in Figure 2.
Figure 2: Duke IP03 Planned Drilling
Drilling will also be undertaken based on the GAIP survey at Windy Hill as well at Cashel, Shinboner and the historic Duke gold prospects.
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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]
Competent Person Statement
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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