Matsa Resources (ASX: MAT) is not wasting any time as it looks to become the next explorer to unearth a potentially major discovery in the Fraser Range region of Western Australia, following the recent nearby nickel-copper discovery by Sirius Resources (ASX: SIR).
The company is accelerating its exploration program on the Symons Hill tenement, which is just 2 kilometres from the new Nova deposit which has delivered intercepts of 4 metres at 3.8% nickel and 1.42% copper.
The 96 square kilometres Symons Hill tenement is bisected by a south-southwest trending fault, known as the Symons Hill Fault, which can be seen on aeromagnetic images to continue towards the Nova discovery.
The Symons Hill Fault intersects a suite of mafic granulites of the Fraser Range Igneous Complex and Matsa believes it may have been an important structural element in controlling nickel-copper mineralisation in these rocks.
Next exploration steps
Matsa is currently prioritising:
- The compilation and integration of results from past exploration and recent mapping by the Geological Survey of Western Australia;
- Detailed geological interpretation of available magnetic, radiometric and gravity data to develop a set of first pass exploration targets for nickel, copper, platinum group elements and gold;
- The start of soil sampling focused on first pass exploration targets and within close proximity to the Symons Hill Fault; and
- The design of an electromagnetic survey based on sample results and geological interpretation to identify and locate massive sulphide ore bodies.
Strong cash position
Matsa is well placed financially to aggressively explore Symons Hill.
The company recently executed a joint venture agreement for its Mt Henry Gold Project which will see Panoramic Resources’ (ASX: PAN) take up a 70% stake in the project to allow the immediate start of new exploration programs.
Importantly, this deal allows Matsa to retain exposure to the highly prospective project while providing it with substantial funding for exploration.
The deal will provide Matsa with cash and liquid assets of around A$14 million on settlement.
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