Matsa Resources Limited
LIMITED
ABN 48 106 732 487
ASX Announcement 24th November 2016
Significant Copper Intercept at Chang 1 Paisali Base Metals Project Thailand
Highlights
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A significant copper intercept of 22m @ 0.4% Cu from 106m within a broader intercept of 48m @ 0.29% Cu from 104m (16SCDD007) at Chang1
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This intercept confirms the potential for economic copper mineralisation associated with an altered diorite intrusion underlying a large (~1.8km x 1.2km) soil copper anomaly
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Copper mineralisation is in the form of disseminated chalcopyrite and covellite in association with magnetite and lesser pyrite
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An initial diamond drill programme comprising 6 diamond holes was completed recently with assays for a further 2 drill holes awaited
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Further diamond drilling is planned for early 2017 once detailed infill ground magnetic surveys have been completed
CORPORATE SUMMARY
Executive Chairman
Paul Poli Director Frank Sibbel
Director & Company Secretary
Andrew Chapman
Shares on Issue
144.70 million
Unlisted Options
6.90 million @ $0.25 - $0.30
Top 20 shareholders
Hold 54.78%
Share Price on 23 November 2016
22.5 cents
Market Capitalisation
$32.56 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 ("Matsa" or "the Company" ASX: MAT) is pleased to provide an update on its Paisali base metals project where a 6 hole diamond drilling programme for a total of 1,060m has now been completed. Drilling was carried out to test several targets associated with a large (1.8km x 1.2km) soil copper geochemical anomaly. The soil copper anomaly which overlies a complex magnetic feature is interpreted to reflect the presence of an altered and copper mineralised diorite intrusion. (Refer MAT announcements to the ASX dated 26th April 2016, 29th April 2016, 29th July 2016, 26th August 2016, and 31st October 2016).
Diamond Drilling
A total of 6 diamond drill holes have been completed for 1,060 metres (Figure 1).
(A description of diamond drilling procedures and sampling and assay protocols is included in Appendix 1. Drill hole collars are summarised in Appendix 2.)
Assay Results
Assay results for drill holes 16SCDD005 and 16SCDD007 have been received (Table 1) and include the following highly anomalous copper intercept in drillhole 16SCDD007:
22m @ 0.4% Cu from 106m within a broader intercept of:
48m @ 0.29% Cu
This intercept is located in close proximity to peak soil copper values in the large soil geochemical anomaly (Figure 1). Hole 16SCDD005 which is also located close to peak soil anomaly returned an intersection of 17.7m at 0.22%Cu from 94.3m.
The intercept in hole 16SCDD007 confirms the potential for economic copper mineralisation associated with an altered diorite intrusion underlying a large (~1.8km x 1.2km) soil copper anomaly. There are mines currently operating at these grades in South America.
Figure 1: Chang 1 Prospect Diamond Drill Holes on soil copper image
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Copper mineralisation was observed in diamond drill core to be associated with sheared and hydrothermally brecciated diorite with accompanying chalcopyrite, covellite, magnetite and lesser pyrite as well as quartz and carbonate veining. Silica and K-feldspar alteration with associated carbonate and biotite is also present. Higher grade copper mineralisation is interpreted to be controlled by faults which have had the effect of focusing mineralised hydrothermal fluids. The distribution of copper in soils appears to reflect these mineralised structures.
The associated complex magnetic anomaly underlying the anomalous soil geochemistry appears to be reflecting strongly developed magnetite alteration in the underlying intrusion. The presence of intense magnetite alteration can be a characteristic of intrusion related hydrothermal mineralisation styles, including skarns and iron oxide copper gold (IOCG) systems. Samples have been submitted for petrographic analysis in order to shed more light on the likely mineralisation style.
Further infill soil sampling and ground magnetics with the aim of identifying and better defining important structural features is planned before further drilling takes place.
A summary of intercepts >0.1% Cu are shown in Table 1. Assays for 16SCDD006 and 16SCDD008 are pending. Assays for holes 16SCDD003 and 16SCDD004 were reported in ASX release of 31st October 2016.
|
Hole ID
|
from
|
to
|
m
|
%Cu
|
|
16SCDD005
|
24
|
112
|
88
|
0.12
|
|
including
|
24
|
58
|
34
|
0.12
|
|
and
|
62
|
65.4
|
3.4
|
0.11
|
|
and
|
67.9
|
72
|
4.1
|
0.13
|
|
and
|
84
|
88
|
4
|
0.14
|
|
and
|
94.3
|
112
|
17.7
|
0.22
|
|
16SCDD007
|
88
|
96
|
8
|
0.14
|
|
104
|
152
|
48
|
0.29
|
|
including
|
106
|
128
|
22
|
0.40
|
|
156
|
158
|
2
|
0.14
|
|
160
|
166
|
6
|
0.12
|
Table 1: Chang 1 Prospect Drill Holes 16SCDD005 and 16SCDD007 Assay intercepts >0.1% Cu
Matsa's Executive Chairman, Paul Poli noted, "I am greatly encouraged by this excellent result which confirms the high prospectivity of this area for new copper deposits and provides strong motivation for the Company to proceed with its aggressive exploration programs in Thailand".
For further information please contact: Paul Poli
Executive Chairman
Phone +61 8 9230 3555
Fax +61 8 9227 0370
Email [email protected]
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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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