Proactiveinvestors Australia Matsa Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Matsa Resources Ltd RSS feed en Mon, 24 Jun 2019 19:04:45 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Matsa Resources completes Red Dog gold operations delivering 12,704 ounces and $5.5 million surplus ]]> https://www.proactiveinvestors.com.au/companies/news/212366/matsa-resources-completes-red-dog-gold-operations-delivering-12704-ounces-and-55-million-surplus-212366.html Matsa Resources Limited (ASX:MAT) has completed mining operations at the Red Dog Gold Project in WA’s Eastern Goldfields, delivering 12,704 ounces.

A number of key outcomes exceeded the targets set in the company’s July 2018 mine study, including the cash surplus of $5.5 million.

There were 183,730 tonnes of ore processed, which was above the target of 182,000 tonnes, while the waste to ore strip ratio was 1:7 compared to the targeted 2:4.

“A result that met expectations”

Matsa Resources chairman Paul Poli said: “I am delighted that mining at the Red Dog project produced a result that met expectations, producing an operating profit of $5.5 million despite highly unusual and unexpected weather delays.

“By working closely with our contractors and continuing our good relationship with AngloGold Ashanti Australia, our team at Matsa achieved this excellent outcome.”

Ore from Red Dog was hauled to the Sunrise Dam Gold Mine processing facilities as part of Matsa’s ore purchase agreement with AngloGold Ashanti (ASX:AGG).

Another improved result was achieved with all-in sustaining costs (AISC) of $1,288, just below the targeted $1,294 while the surplus was $100,000 above budget.

Maiden dividend

As a result, the company’s board has determined to pay a maiden dividend to shareholders of 1 cent for every 5 shares held.

Poli said: “This dividend demonstrates Matsa’s ability to deliver on its mining strategy and helps distinguish the company amongst its peer group of junior gold companies.”

Future operations

Matsa aims to continue its strategy of mining gold deposits in the region, having identified two more potential small-scale operations within the Lake Carey project area, which could be brought into production this year.

Work has begun with planning and preparing mine plans, which will be lodged with relevant authorities on completion.

- Jessica Cummins

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Thu, 10 Jan 2019 21:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212366/matsa-resources-completes-red-dog-gold-operations-delivering-12704-ounces-and-55-million-surplus-212366.html
<![CDATA[News - Matsa Resources begins mining at Red Dog Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/204588/matsa-resources-begins-mining-at-red-dog-gold-project-204588.html Matsa Resources Limited (ASX:MAT) has started mining at the Red Dog Gold Project in Western Australia with reserves of 13,400 ounces to be recovered.

All equipment is on-site, offices have been established and blast hole drilling in preparation for the first blast this week is underway.

Red Dog is around 25 kilometres west of Matsa’s Fortitude Gold Mine, 16 kilometres southwest of the Red October gold mine and 7 kilometres west of Second Fortune Gold Mine.

READ: Matsa Resources to begin short-term mining at Red Dog Gold Project

The decision to begin mining is based on a mining study that shows Red Dog will produce a cash surplus of $5.4 million over a 3-month period.

Treatment agreement with AngloGold Ashanti

Matsa has an agreement with AngloGold Ashanti Australia Ltd  (ASX:AGG) whereby all gold ore will be treated at that company’s Sunrise Dam Gold Mine treatment facilities.

The company plans to mine 182,000 tonnes of ore grading at 2.5 g/t gold to produce 13,400 ounces over two months, with an additional two months scheduled to include haulage and rehabilitation.

The all-in sustainable cash cost will be $1,294 per ounce based on a gold price of $1,700 an ounce.

READ: Matsa Resources confirms high grades of Fortitude North gold prospect

Mining will be carried out by a contractor with technical and management direction from Matsa.

The mine’s single pit, which is less than 20 metres deep, will have ore extracted through drilling and blasting.

Gold mineralisation appears to be flat lying, 2-3 metres thick and typically 6-7 metres below surface.

Test work recoveries using AngloGold’s methodology, including gravity, flotation, regrind and cyanidation techniques, provided a 92%-95% gold recovery.

The weighted average of 92.5% was used in the financial model.

Red Dog was discovered by Whim Creek Consolidated in 1984 and sits within the Archaean greenstone belt.

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Tue, 11 Sep 2018 14:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204588/matsa-resources-begins-mining-at-red-dog-gold-project-204588.html
<![CDATA[News - Matsa Resources confirms high grades of Fortitude North gold prospect ]]> https://www.proactiveinvestors.com.au/companies/news/201214/matsa-resources-confirms-high-grades-of-fortitude-north-gold-prospect-201214.html Matsa Resources Limited (ASX:MAT) has verified the high gold grades found at the Fortitude North prospect of its Lake Carey Gold Project, with resampled assays from aircore drilling returning up to 1 metre at 19 g/t gold.

Resampled assays of the highest grade intercept in one hole also returned 8 metres at 5.14 g/t gold from 76 metres, including 2 metres at 15.6 g/t.

These were within a broader 26-metre intersection grading 1.95 g/t across its length from 57 metres to the end-of-hole.

Matsa Resources discovers gold in bedrock over 1 kilometre at project in WA’s Eastern Goldfields

The company said permitting for follow-up reverse circulation drilling was underway at the prospect.

Matsa said given its encouraging results from the aircore drilling, it would launch a reverse circulation drilling program at Fortitude North this quarter.

The company plans to start its campaign as soon as permits are received and a drill rig is available.

Matsa will also start aircore drilling for the first time in the lake area of the prospect found along the Bindah Fault near Sunrise Dam Gold Mine to determine the extent of bedrock gold mineralisation open to the south.

Matsa Resources to begin short-term mining at Red Dog Gold Project

The company also plans to start mining gold another of its deposits, Red Dog, this quarter and recently completed a trial mining operation at Fortitude, 5 kilometres south of Fortitude North.

Matsa’s decision to mine Red Dog was taken with the intention of injecting about $5.4 million cash into the company over the next three months.

Ore mined at the site will be hauled to Sunrise and treated at a facility on-site owned by AngloGold Ashanti Australia Ltd (ASX:AGG).

The company is conducting studies to judge the viability of opening a full-scale open-pit gold mine at Fortitude.

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Fri, 20 Jul 2018 02:52:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201214/matsa-resources-confirms-high-grades-of-fortitude-north-gold-prospect-201214.html
<![CDATA[News - Matsa Resources to begin short-term mining at Red Dog Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/201015/matsa-resources-to-begin-short-term-mining-at-red-dog-gold-project-201015.html Matsa Resources Ltd (ASX:MAT) will begin mining at its Red Dog Gold Project in Western Australia in early August with reserves of 13,400 ounces to be recovered.

The company’s decision to begin mining is based on a mining study that shows it will produce a cash surplus of $5.4 million over a 3-month period.

This includes all mining and haulage of gold ore to the Sunrise Dam Gold Mine treatment facilities owned by AngloGold Ashanti Australia Ltd (ASX:AGG).

The capital and operational requirements of the mine will be funded by Matsa’s existing cash reserves.

READ: Matsa Resources discovers gold in bedrock over 1 kilometre at project in WA’s Eastern Goldfields

Matsa plans to mine 182,000 tonnes of ore grading at 2.5 g/t gold to produce 13,400 ounces over two months, with an additional two months scheduled to include haulage and rehabilitation.

The all-in sustainable cash cost will be $1,294 per ounce based on a gold price of $1,700 an ounce.

Mining will be carried out by a contractor with technical and management direction from Matsa.

Drill and blast, load and haul

The mine’s single pit, which is less than 20 metres deep, will have ore extracted through drilling and blasting.

Gold mineralisation appears to be flat lying, 2-3 metres thick and typically 6-7 metres below surface.

Test work recoveries using AngloGold’s methodology, including gravity, flotation, regrind and cyanidation techniques, provided a 92%-95% gold recovery.

The weighted average of 92.5% was used in the financial model.

Red Dog was discovered by Whim Creek Consolidated in 1984 and sits within the Archaean greenstone belt, consisting of predominantly intermediate to mafic volcanic sequence with interbedded sediments and banded iron formations.

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Wed, 18 Jul 2018 02:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201015/matsa-resources-to-begin-short-term-mining-at-red-dog-gold-project-201015.html
<![CDATA[News - Matsa Resources discovers gold in bedrock over 1 kilometre at project in WA’s Eastern Goldfields ]]> https://www.proactiveinvestors.com.au/companies/news/200540/matsa-resources-discovers-gold-in-bedrock-over-1-kilometre-at-project-in-was-eastern-goldfields-200540.html Matsa Resources Limited (ASX:MAT) has unearthed a 1-kilometre-long gold mineralised zone in bedrock at Lake Carey Gold Project in the Eastern Goldfields of Western Australia.

The prospective ground at Fortitude North is 5 kilometres north of its Fortitude Gold Mine and delivered a best intersection of 9 metres grading 3.16 g/t gold, including 3 metres at 5.71 g/t.

This was found within a broader intersection of 27 metres at 1.34 g/t.

Prospective future

The aircore drilling results have confirmed the potential for new gold discoveries along the under-explored prospective Fortitude Fault.

Perth-based Matsa drilled 9,730 metres with 97 aircore holes as it targeted two high-priority areas, Fortitude North and BE 4 prospect.

Matsa reported: “The results confirm the potential for new gold discoveries in a highly prospective structural setting which has been subjected to only limited previous drilling.”

The company said the bedrock zone found at Fortitude North was more than 1-kilometre long and remained open to the south.

Reverse circulation drilling planned

Matsa plans to start a reverse circulation drilling program as soon as possible to better define mineralisation at Fortitude North.

The company’s wide-spaced drilling at BE 4 Prospect, 4 kilometres east of its Red October Gold Mine, found “highly anomalous gold values”.

BE 4 drilling delivered a maximum gold value of 1-metre grading 0.74 g/t gold which was housed in weathered basaltic volcanics, with most BE 4 gold values grading more than 0.1 g/t.

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Wed, 11 Jul 2018 02:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200540/matsa-resources-discovers-gold-in-bedrock-over-1-kilometre-at-project-in-was-eastern-goldfields-200540.html
<![CDATA[News - Matsa Resources' opportunity arrives ]]> https://www.proactiveinvestors.com.au/companies/news/184462/matsa-resources-opportunity-arrives-184462.html Matsa Resources Ltd (ASX:MAT) is preparing to pounce on an acquisition, with the ASX granting the company a trading halt to prepare.

Matsa recently entered into an agreement for a $4 million loan facility to be directed to the build-up of Fortitude mining activities, further exploration at Lake Carey and be available to take advantage of any regional opportunities that may arise

This opportunity has now arisen.

The halt will remain in place until the opening of trade Wednesday 27th September 2017, or earlier if an announcement is made to the market.

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Mon, 25 Sep 2017 10:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184462/matsa-resources-opportunity-arrives-184462.html
<![CDATA[News - Matsa Resources signs ore purchase agreement with AngloGold Ashanti ]]> https://www.proactiveinvestors.com.au/companies/news/178818/matsa-resources-signs-ore-purchase-agreement-with-anglogold-ashanti-178818.html Matsa Resources (ASX:MAT) has executed an ore purchase agreement with AngloGold Ashanti Australia to sell of all of the ore from the trial mine at Matsa’s Fortitude Gold Project.

The ore will be treated at AngloGold’s Sunrise Dam Gold Mine.

AngloGold’s 3.8 million tonne per annum mill is located circa 35 kilometres from Fortitude and provides Matsa with access to a nearby milling solution for its ore, potentially for the long term.

Matsa will be responsible for mining and transporting the ore and AngloGold will be responsible for milling the ore.

The execution of the agreement will allow Matsa to immediately progress to trial mining at the Fortitude Gold Project at a relatively low capital cost.

A study earlier this year showed that a trial mine is economically viable with a potential cash surplus of $5.2 million over a period of 12 months, at a gold price of A$1600.

Matsa is expected to produce 12,100 ounces of gold at an all-in sustaining cost of $1140 per ounce with a capital investment of only $1.2 million.

The total probable ore reserve for the Fortitude trial mining study was 185,000 tonnes at 2.2 g/t, containing 12,900 ounces of gold.

Matsa’s share price increased 33% over the past three months, last trading at $0.28.

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Tue, 06 Jun 2017 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178818/matsa-resources-signs-ore-purchase-agreement-with-anglogold-ashanti-178818.html
<![CDATA[News - Matsa Resources to provide exploration update ]]> https://www.proactiveinvestors.com.au/companies/news/178084/matsa-resources-to-provide-exploration-update-178084.html Matsa Resources (ASX:MAT) has been granted a trading halt by the ASX, pending an exploration update from the Lake Carey Project.

The Lake Carey Gold Project is located in Western Australia.

The halt will remain in place until the opening of trade on Wednesday 24th May 2017, or earlier if an announcement is made to the market.

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Mon, 22 May 2017 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178084/matsa-resources-to-provide-exploration-update-178084.html
<![CDATA[News - Matsa Resources expands gold mining potential at Lake Carey ]]> https://www.proactiveinvestors.com.au/companies/news/175792/matsa-resources-expands-gold-mining-potential-at-lake-carey-175792.html Matsa Resources (ASX:MAT) has expanded its Lake Carey gold project in Western Australia by acquiring a 90% interest in two exploration licences with a combined area of 43.32 square kilometres.

The acquisition represents a significant expansion of the Lake Carey project where an extensive aircore drilling programme is currently underway (assays pending).

The trial mining of the Fortitude gold deposit within the project area is expected to commence in mid-2017.

Importantly, a February 2017 study showed that a trial mine is economically viable with a potential cash surplus of $5.2 million over 12 months with a capital investment of only $1.2 million.

The latest acquisition has increased Matsa’s exploration footprint at Lake Carey to 425.2 square kilometres in the highly prospective Laverton tectonic zone.

The region hosts many important gold mines including Red October (Saracen), Sunrise Dam (AngloGold Ashanti PLC), and the Granny Smith and Wallaby mines operated by Gold Fields.

Matsa’s new tenements are situated over major faults as interpreted from aeromagnetics and past drilling and the company believes that both licences could be highly prospective for gold.

A review of past exploration within these licences is currently underway.

Matsa has acquired a 90% interest in the new licenses by paying $20,000 and free carrying the vendor (holding 10%) to completion of the feasibility study.

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Mon, 03 Apr 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/175792/matsa-resources-expands-gold-mining-potential-at-lake-carey-175792.html
<![CDATA[News - Matsa Resources Ltd exploring Lake Carey for its gold potential ]]> https://www.proactiveinvestors.com.au/companies/news/169305/matsa-resources-ltd-exploring-lake-carey-for-its-gold-potential-169305.html The drilling is near to the company’s Fortitude gold deposit containing a JORC 2012 resource of 385,300 ounces gold.

The potential for new discoveries is significant in this highly prospective region which contains the world class Sunrise Dam, Granny Smith and Wallaby gold mines.

Interestingly, AngloGold Ashanti Ltd (JSE:ANG) and Saracen Mineral Holdings Ltd (ASX:SAR) are also jointly exploring an area along the western edge of Lake Carey.

Matsa’s drilling follows a comprehensive review and targeting study based on an extensive database of past exploration data and drilling.

Previous exploration data includes mostly shallow drill holes, aeromagnetic data and limited geochemical data.

The review confirmed a number of targets which are highly prospective for gold mineralisation and with the potential to be a major economic benefit to the Fortitude gold deposit.

The Bindah Extended target area, which is currently being drilled, was one of the number of targets identified and prioritised for immediate drilling.

The 177-hole aircore program is planned to include 15,000 metres of drilling.

The drill holes are located entirely on the bed of Lake Carey and will be completed using drilling equipment which is specially designed to operate in salt lakes.

Matsa had a cash balance of $3 million as at 30 September 2016.

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Tue, 22 Nov 2016 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169305/matsa-resources-ltd-exploring-lake-carey-for-its-gold-potential-169305.html
<![CDATA[News - Matsa Resources Ltd granted an ASX trading halt ]]> https://www.proactiveinvestors.com.au/companies/news/138560/matsa-resources-ltd-granted-an-asx-trading-halt-69976.html Matsa Resources Ltd (ASX:MAT) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Matsa requested the halt pending a correction to the announcement made on 21 July 2016 entitled “Significant Gold Acquisition 385,300 oz Lake Carey Gold Project”.

The halt will remain in place until the opening of trade on Tuesday 26th July 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 22 Jul 2016 07:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138560/matsa-resources-ltd-granted-an-asx-trading-halt-69976.html
<![CDATA[News - Matsa Resources Ltd to climb on WA gold project acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/138559/matsa-resources-ltd-to-climb-on-wa-gold-project-acquisition-69961.html Matsa Resources Ltd (ASX:MAT) will acquire the advanced Lake Carey gold project within the north-eastern goldfields of Western Australia, a project with near term production potential, for an upfront fee of $250,000.

A later payment of $1.5 million is due on closure. The project has a JORC 2004 resource of 385,400 ounces and will need to be upgraded to 2012 JORC status at some stage.

The project is well located in the Laverton Tectonic Zone within the north-eastern goldfields, 25 kilometres south of AngloGold Ashanti’s (ASX:AGG) Sunrise Dam gold mine.

The project is situated 60 kilometres south of Gold Fields Ltd’s (JSE:JFI) Granny Smith gold mine and 12 kilometres south of Saracen Mineral Holdings Ltd’s Red October gold mine.

Due diligence by Matsa has determined that the project has near term production potential of 40,000 ounces gold per annum, with potentially healthy cash flows over the first 2 years of mine life given its location and likely operating costs scenarios.

The consideration payable works out at $4.54 per resource ounce which is relatively modest, given advanced nature of the project and exploration upside potential and proximity to infrastructure and near term production profile.

The purchase consideration and mine development costs can be funded from Matsa’s cash and current assets which stood at $9 million as at March 2016 quarter end.

In all, this appears a strong buy from Matsa adding new valuation accretive catalysts.

Matsa is planning to develop and mine the Fortitude deposit utilising a local third party processing facility as quickly as possible in order to take advantage of the current high gold prices.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 21 Jul 2016 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138559/matsa-resources-ltd-to-climb-on-wa-gold-project-acquisition-69961.html
<![CDATA[News - Matsa Resources Ltd to reveal acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/138558/matsa-resources-ltd-to-reveal-acquisition-69904.html Matsa Resources Ltd (ASX:MAT) has been granted a trading halt by the ASX, pending details of an acquisition.

The halt will remain in place until the opening of trade on Thursday 21st July 2016, or earlier if an announcement is made to the market.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Jul 2016 13:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138558/matsa-resources-ltd-to-reveal-acquisition-69904.html
<![CDATA[News - Matsa Resources Ltd begins exploration in WA nickel region ]]> https://www.proactiveinvestors.com.au/companies/news/138557/matsa-resources-ltd-begins-exploration-in-wa-nickel-region-68412.html Cashed-up Matsa Resources Ltd (ASX:MAT) has started ground electromagnetic surveys at the company’s Mt Day nickel project located near Poseidon’s (ASX:POS) Emily Anne and Maggie Hayes nickel mines near Forrestania, Western Australia.

A detailed review of past exploration data over the Mt Day project has identified a number of shallow drill intersections containing significant nickel values up to 1.51% nickel with supporting copper values up to 0.17% copper.

The planned electromagnetic (EM) survey is intended to cover the southern end of an 8 kilometre long belt of komatiite lavas which is believed to be a structurally favourable location for nickel mineralisation in the Maggie Hays area.

The support for nickel occurrences is provided in significant results from aircore drilling by previous explorers, including 3 metres at 1.02% nickel from 69 metres.

Matsa has commenced the first of 5 planned lines for a 12.5 line-kilometres moving loop EM survey over two areas which have received minimal exploration to date.

The company is also planning to start diamond drilling to test any sulphide type conductors detected, after completion of the current survey.

Matsa is also exploring for copper and base metals in Thailand.

It held cash, receivables and liquid assets of $9 million at March quarter end and no debt.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

 

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Tue, 03 May 2016 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138557/matsa-resources-ltd-begins-exploration-in-wa-nickel-region-68412.html
<![CDATA[News - Matsa Resources chases deeper copper as Siam geology unfolds ]]> https://www.proactiveinvestors.com.au/companies/news/138556/matsa-resources-chases-deeper-copper-as-siam-geology-unfolds-65614.html Matsa Resources (ASX:MAT) has quickly advanced a promising exploration target toward a diamond drilling program to begin this month on the company’s Siam copper project in Thailand.

The drilling will test five high-priority induced polarisation (IP) anomalies at the project’s Siam 1 West prospect, with nine holes planned.

This work will include testing for copper mineralisation associated with copper mineralised float and outcrop at surface.

It is expected to demonstrate that Siam’s copper at surface, including a narrow high-grade vein, is related to extensive copper sulphide mineralisation at depth.

Drilling is planned to intersect the target anomaly as close as possible to the projected survey line at a vertical depth of around 150 metres.

The program will total between 1,500-2,300 metres of drilling.


Firming prospectivity

The move to drill has followed rapidly on encouraging preliminary exploration, including an IP program which is expected to be repeated at as many as 20 additional copper targets defined to date.

Last month, Matsa detected five mineralised anomalies up to 500 metres long at Siam, with the IP anomalies located within a previously mapped boundary of copper mineralised float and providing strong support for a copper sulphide source.

A previously discovered 10-centimetre-wide high-grade chalcocite vein with copper values up to 54.6% copper and 148g/t silver is located adjacent to Anomaly 1.

This strongly supports the hypothesis that the chalcocite vein represents “leakage” over more extensive copper sulphide mineralisation at depth.

Anomalies 1-4 with moderate chargeability are located in a generally resistive host rock, and interpreted as possible disseminated copper sulphides.

Anomaly 5 is located in a more conductive host rock and may reflect stronger copper sulphide development.

Significantly, discovery of the anomalies demonstrates that Matsa is able to identify consistent continuous IP responses below the known copper mineralisation received during its maiden IP program.


Siam strengths

Siam has never been explored before and is located around 250 kilometres north of Bangkok.

The project is positioned in the Loei–Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the plus-5 million ounce Chatree gold mine.

Siam’s prospecting licences cover strongly anomalous copper values seen in regional stream sediment samples and occupies an area comprised mostly cleared farmland with well-developed infrastructure including all weather roads and power supply.

Thailand is considered a favourable country for mining investment due to its high geological prospectivity, strong legal framework and rule of law, quality of internal infrastructure and well qualified local workforce.


Analysis

The upcoming drilling at Siam is significant in its potential to confirm the strong suggestions of previous exploration that the targeted area hosts significant copper mineralisation.

This work could prove up Matsa’s hypothesis about the depositing of more extensive copper sulphide mineralisation at depth, a geological scenario strongly supported by the presence of moderate IP anomalies at shallow depth.

Newsflow related to the drilling may represent future price catalysts for the company.

Also, it is significant that Matsa was able to identify high-priority targets and mobilise a diamond drilling program in such a short amount of time. Licences at the site were only granted in April of this year.

This demonstration of efficiency and ease of development could prove important as Siam matures. 

Matsa is in a solid position to continue pursuing exploration at Siam’s promising targets, with a cash and liquid asset holdings of about A$12 million as of the end of September.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 16 Nov 2015 12:02:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138556/matsa-resources-chases-deeper-copper-as-siam-geology-unfolds-65614.html
<![CDATA[News - Matsa Resources finds promising copper targets at Siam ]]> https://www.proactiveinvestors.com.au/companies/news/138555/matsa-resources-finds-promising-copper-targets-at-siam-65344.html Matsa Resources (ASX:MAT) has made significant progress finding drill targets for concealed copper sulphides at its Siam project in Thailand by detecting five mineralised anomalies up to 500 metres long.

Significantly, the IP anomalies are located within the previously mapped boundary of copper mineralised float and provide strong support for a copper sulphide source.

A previously discovered 10-centimetre-wide high-grade chalcocite vein with copper values up to 54.6% copper and 148g/t silver is located adjacent to Anomaly 1. This strongly supports the hypothesis that the chalcocite vein represents “leakage” over more extensive copper sulphide mineralisation at depth.

Anomalies 1-4 with moderate chargeability are located in a generally resistive host rock, and interpreted as possible disseminated copper sulphides.

Anomaly 5 is located in a more conductive host rock and may reflect stronger copper sulphide development.

Matsa’s geophysical consultant Bill Robertson commented:

“The IP responses are complex and most likely to have multiple sources. The five high-priority IP anomalies are considered to be targets for disseminated copper sulphide mineralization and warrant drill testing”.

So far, about 20 copper targets have been identified and planning for diamond drilling of the high-priority anomalies is currently underway.


Project advantages

Siam has never been explored before and is located around 250 kilometres north of Bangkok.

The project is positioned in the Loei–Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the plus-5 million ounce Chatree gold mine.

Siam’s prospecting licences cover strongly anomalous copper values seen in regional stream sediment samples and occupies an area comprised mostly cleared farmland with well-developed infrastructure including all weather roads and power supply.

Thailand is considered a favourable country for mining investment due to its high geological prospectivity, strong legal framework and rule of law, quality of internal infrastructure and well qualified local workforce.


Cash and liquids increase 

Matsa improved its cash holdings during the September quarter by 275% to just over A$3 million. Along with the sale of the company’s Mt Henry gold project  (Western Australia) to Metals X (ASX:MLX), this brings the value of the company’s cash and liquid assets to about $12 million during a time of accelerated development for both Siam and the Symons Hill project in WA.

Matsa conducted high-power EM surveys at Symons Hill during the quarter and detected a moderate strength conductor which coincides with a bedrock nickel anomaly in the corner of the project just six kilometres from the Nova-Bollinger nickel-copper discovery.

The company is planning to drill the conductor in the current quarter and follow up EM indicators to better define additional conductive targets.


Analysis

The latest survey results at Siam are significant in that they demonstrate Matsa is able to identify consistent continuous IP responses below the known copper mineralisation received during its maiden IP program.

More specifically, the presence of moderate IP anomalies at shallow depth strongly supports Matsa’s geological hypothesis about the depositing of more extensive copper sulphide mineralisation at depth.

With planning for diamond drilling of high priority anomalies currently underway and as a drill program gets closer, the work to date is elevating the probability of Matsa making a significant discovery at the project.

This will begin to resonate in share price momentum in the lead-up to drilling for this A$22 million-capped, tightly held company. The cash and liquid assets are such that it renders Matsa primed for drilling success and in the undervalued category. 




Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 29 Oct 2015 15:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138555/matsa-resources-finds-promising-copper-targets-at-siam-65344.html
<![CDATA[News - Matsa Resources commences survey at Siam where 54.6% copper discovered ]]> https://www.proactiveinvestors.com.au/companies/news/138554/matsa-resources-commences-survey-at-siam-where-546-copper-discovered-64938.html Matsa Resources (ASX:MAT) has now commenced IP surveying at its wholly-owned and highly prospective Siam Copper Project in central Thailand.

Highlighting the potential, recent rock chip assays included 54.6% copper and 148g/t silver.

Also, a sample of in-situ material from a 10cm wide vein, returned an assay of 45% copper and 123g/t silver.

Siam is Greenfields, and has never been explored before, and is located around 250 kilometres north of Bangkok.

The project is positioned in the Loei–Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the plus 5 million ounce Chatree gold mine.

The goal of the survey is to identify drill targets for concealed copper sulphides related to extensive areas of copper mineralised float and recently discovered high grade chalcocite vein.

Matsa will also continue with further augur sampling, geo-chemical testing and mapping of the entire area.

There are four sizable anomalous copper areas of up to 20 kilometres in size, and the company is very hopeful that these results will be duplicated in the other areas.


Survey details

The first stage of the survey is planned over 11 lines for a total of 22 line kilometres of dipole – dipole IP, and is expected to be completed by early November.

Line surveying and clearing in preparation for the survey has been completed.

The survey is being carried out by Austhai Geophysical, a Thailand based geophysical survey company with extensive survey experience in Southeast Asia.

The Siam Copper project comprises 20 SPL’s and 29 SPL applications for an area of 635 square kilometres.

The licences cover strongly anomalous copper values seen in regional stream sediment samples which were collected by the Thailand Department of Mineral Resources (DMR).

The area comprises mostly cleared farmland with well-developed infrastructure including all weather roads and power supply.


Analysis

While only early days for Matsa in Thailand, initial rock chips of 54.6% copper and 148g/t silver provide a strong case for follow up as well as exploration upside.

Matsa believes Kingsgate Consolidated to have a world-class gold mine 50 kilometres to the west of Siam – which is what first attracted Matsa to the region.

Matsa is in the top two or three foreign owners of tenements in Thailand.

The company is also well-funded with around $14 million in cash and liquid equities.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 Oct 2015 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138554/matsa-resources-commences-survey-at-siam-where-546-copper-discovered-64938.html
<![CDATA[News - Matsa begins drilling for Point Kidman gold ]]> https://www.proactiveinvestors.com.au/companies/news/138553/matsa-begins-drilling-for-point-kidman-gold-64886.html Matsa Resources (ASX:MAT) is a step closer to a fascinating drill program at the Point Kidman site, 40 kilometres north-east of Laverton in the Eastern Goldfields that evolved after discovery of numerous gold nuggets.

Matsa farmed into the project in late 2014 and can earn an 80% interest in the project which comprises 11 exploration licences.

The nuggets were found by prospectors and spread over an irregular 2.5 km x 0.5km area in a window of leached and weathered  interleaved greenstones and granite.

The target area also coincides with soil gold values and is adjacent to the prospective Laverton Shear which includes major gold deposits; Sunrise Dam, Wallaby, Granny Smith, Lancefield, Garden Well & Moolart Well.

However, no historic gold workings have been reported in the area.

Point Kidman comprises 11 granted exploration licences located approximately 40 kilometres northeast of Laverton and covers an area of 961 square kilometres.

The drilling is being carried out under a farm-in agreement signed in November 2014, whereby Matsa can earn an 80% interest in the Point Kidman gold project.


Strong financial position

Matsa is fully-funded continued exploration at Point Kidman on the heels of an important divestment worth A$8.1 million.

Last month, Matsa settled the sale of its share of the Mt Henry gold project in WA to JV partner Metals X Limited (ASX:MLX) in a deal that positioned the company as holding $12 million in liquid equities (at the time of the sale) and $2 million in cash and receivables.

With a market cap of $23 million, Matsa is estimated to have an enterprise value of around $6 million. As such, the explorer does not need to raise further funds in the current difficult capital markets to continue to develop the various arms of its expansive portfolio.


Diversified portfolio

Momentum at Point Kidman underlines the depth of Matsa’s various project holdings, which include operations across WA and Thailand in iron, precious and base metals.

Recent progress on these properties has been highlighted by the discovery of a Nova-type nickel-copper conductor last month at the company’s 96-square-kilometre Symons Hill project in WA’s prospective Fraser Range region.

Preliminary modelling indicates the new conductor to be 500 metres by 500 metres at a depth of about 150-200 metres. The discovery was made using an ongoing high power fixed loop electromagnetic survey in the southwest part of the project adjacent to a high-priority bedrock nickel anomaly.

Once the survey is completed it will likely define further conductive targets for drilling.

Symons Hill is only six kilometres form Independence Group’s (ASX:IGO) giant Nova project, which claims resources totalling 14.3 million tonnes grading 2.3% nickel and 0.9% copper for 325,000 tonnes of contained nickel and 124,000 tonnes of contained copper.

This find is likely to be the source of a recent float sample, which returned 54.7% copper and 148g/t silver.


Asian operations

Other recent advances in Matsa project development have been achieved at the company’s Siam project in Thailand, where a second copper-silver vein has been discovered returning an assay of 45% copper and 123 grams per tonne silver.

This vein is interpreted as possibly indicating a major deposit in the area or a suite of high-grade veins.

Other Matsa properties in the country include the KT gold project, 20 kilometres east of Kingsgate Resources’ (ASX:KCN) 5-million-ounce Chatree gold mine.


Analysis

Upside related to Point Kidman is associated with the discovery of gold nuggets at surface in an unexplored area which is proximal to established gold systems and large existing operations.

Matsa’s potential to take an 80% stake in the property puts it in a position to benefit immensely should the drilling substantiate the target area’s demonstrated potential.

The 961sq.km footprint of Point Kidman only 40 kilometres from Laverton offers substantial exploration flexibility as drilling further clarifies the exact geologic nature of the area. 

The latest copper-silver find at Siam is significant because it may a represent a fault or fracture controlled leakage from a major copper sulphide deposit underlying the spread of native copper-rich scree and anomalous soil geochemistry at the site.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 02 Oct 2015 10:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138553/matsa-begins-drilling-for-point-kidman-gold-64886.html
<![CDATA[News - Matsa Resources finds Nova type nickel copper conductor for drilling ]]> https://www.proactiveinvestors.com.au/companies/news/138552/matsa-resources-finds-nova-type-nickel-copper-conductor-for-drilling-64691.html Well-funded Matsa Resources (ASX:MAT) has discovered a bedrock conductor C11 adjacent to bedrock nickel anomaly SHG10 which may represent a Nova type nickel-copper sulphide mineralisation.

The new conductor (named C11) was detected from an ongoing high power fixed loop EM (HPFLEM) survey at the company's wholly-owned Symons Hill project in the Fraser Range of Western Australia.

Conductors C11 and VA15 have been prioritised for diamond drilling.

The project is located within the Fraser Range Tectonic zone, 6 kilometres SSW of Independence Group's (ASX: IGO) Nova-Bollinger nickel-copper mine.

Matsa has already identified a total of four high priority conductive targets known as CT93, CT47, CT54 and VA15, where additional work will help to determine if these are bedrock conductors.

Preliminary modelling indicates C11 to have low-moderate conductance and to be a sub-vertical to steep E/NE dipping body, with extents interpreted to be 500m x 500m at a depth of ~150-200m to the top of the conductor.

The discovery was made using an ongoing high power fixed loop EM (HPFLEM) survey in the south-west part of the project adjacent to high priority bedrock nickel anomaly known as SHG10.

Once the survey is completed it will likely define further conductive targets for drilling.


Symons Hill located near Nova

Matsa has been actively exploring the project since 2012 with aircore, reverse circulation and diamond drilling.

This has confirmed the presence of nickel anomalous (0.2 – 0.3% nickel) olivine bearing gabbro at targets SHG02, SHG03 and SHG11, which exhibit near surface enrichment in the weathered profile of up to 1.3% nickel.


Paul Poli, executive chairman, commented:

“Although our Thailand Siam Copper project is getting a lot of attention lately and rightly so, the fact remains that we also remain committed to our Australian projects and the generation of this new interesting target verifies the appropriateness of that commitment.

"We continue to rate our Symons Hill project highly and just because things seem quiet, it does not mean that we are not working hard and with hope.

"The lesson to be learnt is that because of the size and extent of our exploration program, success could arrive at any moment for Matsa and us shareholders, and that patience is truly a virtue in the exploration game.”


Matsa in Thailand

In Thailand, the company recently revealed an outstanding assay of 54.7% copper and 148g/t silver from its Siam Copper Project.

Also, a sample of in-situ material from a 10cm wide vein, returned an assay of 45% copper and 123g/t silver.

Siam is greenfields, and has never been explored before, and is located around 250 kilometres north of Bangkok.


Analysis

Following on from today's newly identified bedrock conductor will be a diamond drilling program at Symons that is building in promise.

Conductors C11 and VA15 have already been prioritised for drilling.

Matsa has a number of price catalysts ahead including: Drilling at Symons Hill and testing new conductors as well as further exploration drilling in Thailand.

Matsa is well-funded and holds circa $14 million in cash and liquid equities.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 23 Sep 2015 08:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138552/matsa-resources-finds-nova-type-nickel-copper-conductor-for-drilling-64691.html
<![CDATA[News - Matsa Resources now holds $14M in cash and liquid equities ]]> https://www.proactiveinvestors.com.au/companies/news/138551/matsa-resources-now-holds-14m-in-cash-and-liquid-equities-64587.html Matsa Resources (ASX: MAT) has now settled the sale of the Mt Henry Gold Project to Metals X (ASX:MLX), which further swells the company's liquid asset portfolio.

Matsa’s share of the sale was 30%, with consideration derived being 6.6 million MLX shares, which is circa $8.1 million in value.

The company now has A$12 million (at current prices) in liquid equities, and $2 million in cash and receivables.

With a market cap. of circa $23 million, the Enterprise Value is just $9 million.


Multi-commodity, dual-country focus

Matsa has a multi-commodity, dual-country focus, which covers Thailand and Australia.

In Thailand, the company recently revealed an outstanding assay of 54.7% copper and 148g/t silver from its Siam Copper Project.

Also, a sample of in-situ material from a 10cm wide vein, returned an assay of 45% copper and 123g/t silver.

Siam is Greenfields, and has never been explored before, and is located around 250 kilometres north of Bangkok.

In Australia the focus is on the Fraser Range, with its Symons Hill project location just 6 kilometres from Sirius Resources' (ASX:SIR) Nova discovery.


Matsa's potential in the Fraser Range

Matsa Resources’ executive chairman, Paul Poli, recently spoke to Proactive Investors about the company's Fraser Range operations.

Poli said that the company has around 20% of the tenement left to survey, which also has two copper and nickel soil anomalies that are yet to be tested.

"While we have been light on the news front recently, we do actually have four conductive targets that have been discovered from the current EM program.

"The next step will be further moving loop testing, or surveying, on those four targets to determine whether they are conductors or not.

"This will potentially provide the required information to determine if they are true drill targets.

"Due to our strong funding position, we can immediately undertake drilling programs at our wish. Once multiple targets are identified, we will drill them in one campaign."

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 17 Sep 2015 11:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138551/matsa-resources-now-holds-14m-in-cash-and-liquid-equities-64587.html
<![CDATA[News - Matsa Resources’ Paul Poli in Proactive Q&A Sessions™ ]]> https://www.proactiveinvestors.com.au/companies/news/138550/matsa-resources-paul-poli-in-proactive-qa-sessions-64376.html Matsa Resources (ASX:MAT) is a well-funded exploration play with a multi-commodity, dual-country focus.

Matsa recently revealed an outstanding assay result of 54.7% copper and 148 g/t silver from its Siam Copper Project in central Thailand.

In Australia, Matsa has potentially one of the most strategically located tenements, with its wholly-owned Symons Hill located within the Fraser Range Tectonic zone, 6 kilometres from Sirius Resources (ASX:SIR) Nova nickel mine.

Matsa also has other exploration projects which are of interest and value.

The company has A$12 million (at current prices) in liquid equities, and $2 million in cash and receivables.

With a market cap. of circa $20 million, the Enterprise Value is $6 million.

We are joined exclusively by Matsa Resources’ executive chairman, Paul Poli, in Proactive Q&A Sessions™.


PROACTIVE INVESTORS: Welcome Paul.


Following the 54.7% copper rock chip discovery at Siam, what are the next exploration steps?

Paul Poli: We were absolutely delighted when we received that assay, the rock chip came from a small vein that we found which was just below the surface and looks amazing.

We are confident that it came from a larger mineralized zone at depth which we hope will be significant.

The next steps for us are to immediately initiate IP surveys which will highlight any sulphides, and that will help develop quite discrete drill targets, which will then be detailed enough for immediate follow-up drilling, which will probably be diamond.

We will also continue with further augur sampling, geo-chemical testing and mapping of the entire area.

There are four sizable anomalous copper areas of up to 20 kilometres in size, so we are very hopeful that these results will be duplicated in the other areas.


Which metals are you focussed on at Siam?

Paul Poli: Siam is Greenfields, and has never been explored before, its located around 250 kilometres north of Bangkok.

It’s an area which has been largely too difficult for miners in the past for various reasons, but Kingsgate Consolidated have what we believe to be a world-class gold mine 50 kilometres to the west of Siam – which is what first attracted Matsa to the region.

Initially we were searching for gold, but later focussed on copper. We then applied for some 1800 square kilometres of land, and we have spent money over the past three years narrowing down areas to where we are getting copper hits.

So currently we have an exploration footprint covering in the vicinity of 1000 square kilometres, of which around half has been granted.

Therefore from a size point of view, Matsa is in the top two or three foreign owners of tenements in Thailand.

We think we could have a new copper province, and at the moment it looks like we have the lot to ourselves. We have first mover advantage, and we have used it to our benefit I think.


Moving to the Fraser Range, how are the EM surveys progressing at Symons Hill?

Paul Poli: At Fraser Range, our EM is very high powered – and its state of the art.

We probably have around 20% of the tenement left to survey, which also has two copper and nickel soil anomalies that are yet to be tested.

While we have been light on the news front recently, we do actually have four conductive targets that have been discovered from the current EM program.

The next step will be further moving loop testing, or surveying, on those four targets to determine whether they are conductors or not.

This will potentially provide the required information to determine if they are true drill targets.

Due to our strong funding position, we can immediately undertake drilling programs at our wish. Once multiple targets are identified, we will drill them in one campaign.

Over the past month, due to weather, there has been about a two week delay to the EM surveying, but that doesn’t matter over a longer term view.


Considering Symons Hill location 6 kilometres from Nova, have you already been in talks with Sirius about a farm-in, or have there been other strategic discussions with companies wanting exposure in the area?

Paul Poli: We have a fantastic relationship with Sirius, in fact their road to the Nova mine goes along the complete length of our tenements, so of course that was done in a very co-operative way between our two companies.

We have never seriously posed the question if they are interested in a farm-in or conducting a joint venture over Symons Hill, that’s not to say that they’re not interested, or we are not interested – simply the topic hasn’t come up.

We have although communicated with other companies in the past who would be keen to consider a joint venture with us.

The main point is that Matsa is fortunate to be very well-funded and therefore we don’t actually need partners at Symons Hill to advance exploration.

I really would like to keep 100% of any potential success within Matsa, for Matsa’s own benefit.

We are explorers, and we are happy to spend our own money.


How is the finalisation of the Mt Henry JV sale progressing?

Paul Poli: The joint venture has agreed to sell its share to Metals X (ASX:MLX), and sold it for 22 million shares.

Therefore Matsa’s share is 6.6 million Metals X shares, which is currently worth around A$8 million.

The shares are free of escrow, and we expect the transaction to settle in the next ten or so business days.


Finally, what is Matsa's current cash position, and how will funds be allocated over the next year?

Paul Poli: Currently we hold a liquid share portfolio, which is free of any restrictions, and currently has a value of around A$12 million.

Added to this is $2 million in cash and receivables.

Therefore with our market cap. of just over $20 million, we have an Enterprise Value circa $6 million.

This strong funding position means we are fully-funded for exploration and don’t need to raise funds in the current difficult capital markets.

We will focus on Thailand and Symons Hill projects. We are also keen to advance our Dunnsville Gold, Killaloe Nickel and other projects


PROACTIVE INVESTORS: Thank-you Paul.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 04 Sep 2015 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138550/matsa-resources-paul-poli-in-proactive-qa-sessions-64376.html
<![CDATA[News - Matsa Resources in second high grade copper find at Siam ]]> https://www.proactiveinvestors.com.au/companies/news/138549/matsa-resources-in-second-high-grade-copper-find-at-siam-64339.html Matsa Resources (ASX:MAT) has discovered a second high grade copper and silver vein at the Siam Copper Project in central Thailand from a 10cm vein returning an assay of 45% copper and 123 grams per tonne silver.

This is likely to be the source of recent float sample RK142, which returned 54.7% copper and 148g/t silver.
   
The significance of this vein discovery is the possibility that it may a fault/fracture controlled leakage of copper and silver from a major copper sulphide deposit perhaps underlying the spread of native copper rich scree and anomalous soil geochemistry at Siam 1W.

Alternatively, it could one of a more extensive suite of high grade copper rich veins.

The copper rich vein is located within a broader altered zone up to 1 metre wide and can be seen to be oriented in a northwest direction and to dip steeply towards the northeast.

Exploration at the Siam Copper Project is designed to establish the presence of economic copper mineralisation within highly anomalous stream sediment catchments, particularly where past work by Matsa has already confirmed the presence of visible copper mineralised boulders at Siam 1 and Siam 2.


Planned Exploration

Matsa plans to extend auger soil sampling, geological mapping and Induced Polarisation IP surveys over Siam1W, Siam1E and Siam1N to explore for the presence of copper sulphide mineralisation underlying or adjacent to these targets which are defined by visible copper mineralisation in float and by anomalous soil copper values.

The company exoects to start IP surveys in the next few weeks.

Drilling is expected to start within four to five weeks upon target definition.


Analysis

Confirmation of the high grade 45% copper and 123g/t silver vein at Siam is significant given that it may be leakage from a major deposit or part of a more extensive vein system.

Either way it provides for exciting exploration upside potential in Thailand.

In April, Matsa reported that that 37 of its Special Prospecting Licence Applications in the country were granted.

This represents the first time in almost a decade that such a large number of SPL’s for copper/base metals have been granted at the one time. Its current tenements cover 1,138 square kilometres.

These are located in the Loei-Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the >5 million ounce Chatree gold mine operated by Kingsgate Consolidated (ASX:KCN).
  
Early follow-up at Siam 1 by Matsa identified boulders containing visible copper mineralisation in a largely soil covered area of ploughed fields.

These are significant targets for underlying copper sulphide mineralisation, offering very prospective and large potential at Siam.

Adding further value, Matsa will own 6.6 million Metals X (ASX:MLX) fully paid ordinary shares with a value of $7.9 million.

Through this, Matsa shareholders gain leverage to Australia’s largest tin producer and top 10 Australian gold producer with a pipeline of assets from exploration to development in gold and nickel that looks set to appreciate in value.

The company is due to receive 6.6 million MLX shares from the sale of its 30% interest in Mt Henry Gold Project.

On conclusion of the disposal Matsa will have $14M in cash, anticipated refunds and liquid investments.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong.

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Wed, 02 Sep 2015 15:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138549/matsa-resources-in-second-high-grade-copper-find-at-siam-64339.html
<![CDATA[News - Matsa Resources to update on Thailand licenses ]]> https://www.proactiveinvestors.com.au/companies/news/138548/matsa-resources-to-update-on-thailand-licenses-61614.html Matsa Resources (ASX:MAT) has been granted a trading halt by the ASX pending details in regards to granting of Thailand special prospecting application licenses.

The halt will remain in place until the opening of trade on Thursday 9th April 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 07 Apr 2015 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138548/matsa-resources-to-update-on-thailand-licenses-61614.html
<![CDATA[News - Matsa Resources finds new nickel sulphide zones at Western Australia project ]]> https://www.proactiveinvestors.com.au/companies/news/138547/matsa-resources-finds-new-nickel-sulphide-zones-at-western-australia-project-60258.html Matsa Resources (ASX:MAT) has discovered further zones of nickel sulphides at its 80%-owned Killaloe joint venture in Western Australia.
   
The recently completed diamond drill hole at the Hanging Wall Gossan prospect returned 43 metres of elevated nickel values up to 0.58% nickel in several zones of disseminated nickel sulphides between 7 metres and 164 metres downhole.

This supports the target concept for Kambalda style nickel sulphide mineralisation.

Nickel sulphide mineralisation has now been confirmed in 4 of the 6 diamond drillholes completed to date.

However, faulting above the target caused the drill hole to deviate and miss the basal contact target which is considered most prospective for Kambalda style nickel mineralisation.

The result is that this high priority target remains untested and further drilling will be undertaken to test the target.   

Hanging Wall Gossan remains a high quality nickel sulphide target and drilling is planned to commence immediately after completion of the downhole EM survey.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 22 Jan 2015 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138547/matsa-resources-finds-new-nickel-sulphide-zones-at-western-australia-project-60258.html
<![CDATA[News - Matsa Resources makes nickel intercepts in Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/138546/matsa-resources-makes-nickel-intercepts-in-fraser-range--57366.html Matsa Resources (ASX:MAT) has intersected 0.55 metres at 0.91% nickel from 110.75 metres at its 80% owned Killaloe Project in Western Australia's Fraser Range.

The intercept is from the first drill hole of the second diamond program, and is located 90 metres along strike of a previously reported intersection of 1.35 metres at 0.54% nickel from 93.35 metres.

Mineralisation occurs with elevated copper at 1536ppm, and elevated cobalt at 822ppm, at the base of a 5 metre depth cloud of disseminated, laminated and blebby sulphides comprising pyrrhotite, pyrite and probable pentlandite mineralisation.

Also intersected was 1.60 metres at 0.55% nickel from 109.7 metres, and 1.6 metres at 0.36% nickel from 106.3 metres, separated by a 1.8 metre section of unrecovered core.

The basal flow contact has not been intersected in this hole and Matsa will consider deepening the hole upon completion of petrographic analysis, down-hole electromagnetic surveys and receipt of all remaining assays.

It is this basal contact where the best mineralisation is expected, and significant nickel mineralisation was recently intersected by Sirius Resources (ASX:SIR) at the nearby Taipan prospect.

Final assay results from the second and third drillholes are pending.

This phase 2 diamond program comprised 3 holes which were designed to test strong electromagnetic conductors which were interpreted to reflect extensions to massive sulphide mineralisation.

The anomalous nickel results represent mineralisation within a shear zone at the base of a cumulate ultramafic layer within a thick sequence of several ultramafic flows.

The Killaloe Project is a joint venture between Matsa, 80% and Cullen Resources (ASX:CUL), 20%.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 04 Sep 2014 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138546/matsa-resources-makes-nickel-intercepts-in-fraser-range--57366.html
<![CDATA[News - Matsa Resources unfurls 13m at 1.52% nickel at Symons Hill, Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/138545/matsa-resources-unfurls-13m-at-152-nickel-at-symons-hill-fraser-range-54568.html Matsa Resources (ASX: MAT) should trade higher after intersecting 13 metres at 1.52% nickel, 0.012% copper and 0.035% cobalt at Symons Hill in the Fraser Range.

In addition, fixed and moving loop EM surveys have defined complex conductive responses at 250 to 350 metres, and two new bedrock nickel anomalies have been defined.

The first is characterised by 1.2% nickel and 92ppm copper in mafic/ultramafic granulite, and the second returned
between 619ppm and 873ppm nickel, also associated with mafic/ultramafic granulite, and concealed by transported cover.

The combined strike extent of anomalous bedrock nickel values now exceeds 10 kilometres, referred to as Gloucester Corridor.

Induced polarisation and magnetic surveying also defined a further two discrete chargeable and conductive responses at shallow depth of around 100 metres.

Deeper reverse circulation and diamond drilling is now planned to commence at Symons Hill, which is located just 6 kilometres from Sirius Resources' (ASX:SIR) Nova and Bollinger nickel-copper-cobalt discoveries.

The presence of copper and cobalt in Matsa's latest results is particularly promising as the hunt for a Nova replica continues.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Apr 2014 11:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138545/matsa-resources-unfurls-13m-at-152-nickel-at-symons-hill-fraser-range-54568.html
<![CDATA[News - Matsa Resources expands nickel, copper targets at Symons Hill ]]> https://www.proactiveinvestors.com.au/companies/news/138544/matsa-resources-expands-nickel-copper-targets-at-symons-hill-52898.html Matsa Resources (ASX:MAT) has significantly expanded its current drilling and field programme at its Symons Hill project in Western Australia following identification of new copper and nickel targets.

The detailed independent structural targeting study focusing on the regional geology shows that in common with Sirius Resources' (ASX:SIR) Nova/Bollinger, Symons Hill can be seen to occupy a complex structural flexure within the generally NE-trending Fraser Zone.

The Symons Hill project is located just 6 kilometres south of Sirius' Nova/Bollinger discovery.

The new structural interpretation shows that the olivine-bearing metagabbro associated with elevated nickel at SHG02 forms part of a much more extensive complexly folded metagabbro unit at the prospect.

It also highlights the possibility of the highly favorable geology for nickel and copper mineralisation because of similarities with the regional structural setting of a number of world-class mineral deposits such as the Kambalda nickel deposit and the 30 million ounce Telfer gold deposit.

As a result of the recent finding, the planned 8,000 metre rotary air blast air-core drilling currently under way has been increased to an estimated 14,000 metres to test the new targets.

More electro-magnetic surveys will be done and deep diamond drill targets are being developed.


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Mon, 17 Feb 2014 19:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138544/matsa-resources-expands-nickel-copper-targets-at-symons-hill-52898.html
<![CDATA[News - Matsa Resources receives Halls Creek Gold Project deposit refund, break fee ]]> https://www.proactiveinvestors.com.au/companies/news/138543/matsa-resources-receives-halls-creek-gold-project-deposit-refund-break-fee--52806.html Matsa Resources (ASX: MAT) has received $600,000 relating to Bulletin Resources (ASX: BNR) terminating their agreement for Matsa to acquire a 75% interest in the Halls Creek Gold Project in Western Australia.

This includes the return of Matsa’s $500,000 deposit and a break fee of $100,000, bringing its cash and liquid investments up to about $7 million.

Matsa will carry out further exploration at its Symons Hill project in the Fraser Range.

Bulletin had terminated the farm-in agreement after accepting an offer from Pacific Niugini (ASX:PNR) to acquire a 80% interest in the project.

The project has a resource of 1.768 million tonnes grading 5.2 g/t gold for a total of 294,000 ounces which represents a significant grade.

The resource is also in the immediate vicinity of the existing Nicolsons open pit which comprises 1.127 million tonnes at 5.9 g/t gold for 214,000 ounces.

Matsa remains a 23% shareholder of Bulletin.

The project has a resource of 1.768 million tonnes grading 5.2 g/t gold for a total of 294,000 ounces which represents a significant grade.

The resource is also in the immediate vicinity of the existing Nicolsons open pit which comprises 1.127 million tonnes at 5.9 g/t gold for 214,000 ounces.

 

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Thu, 13 Feb 2014 16:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138543/matsa-resources-receives-halls-creek-gold-project-deposit-refund-break-fee--52806.html
<![CDATA[News - Matsa Resources to snap up gold projects in Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/138542/matsa-resources-to-snap-up-gold-projects-in-western-australia-51211.html Matsa Resources (ASX:MAT) has signed a purchase and joint venture agreement with Bulletin Resources (ASX:BNR) for the Biscay and Lamboo gold projects in Western Australia.

Matsa will acquire a 49% interest for consideration of $600,000 cash, 2 million Panoramic Resources (ASX:PAN) shares, and 1.5 million Matsa shares.
 
An ongoing joint venture will follow whereby Matsa may earn an additional 26% interest via staged expenditure up to a total of $3 million.

The agreement is subject to shareholder approval with an independent experts report to be provided.

Lamboo hosts a series of moderate to high grade gold deposits, with a total resource estimate of 1.45 million tonnes at  5.6 grams per tonne, for 261,000 ounces of gold.

Biscay carries an additional 323,000 tonnes at 3.2 grams per tonne for 34,000 ounces of gold, and a number of exploration targets within trucking distance of the Lamboo Mill.


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Tue, 17 Dec 2013 12:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138542/matsa-resources-to-snap-up-gold-projects-in-western-australia-51211.html
<![CDATA[News - Matsa Resources awaiting nickel-copper assays from Fraser Range, Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/138541/matsa-resources-awaiting-nickel-copper-assays-from-fraser-range-western-australia-50464.html Matsa Resources (ASX:MAT) is awaiting assays from infill and step out aircore drilling at its Symons Hill nickel-copper project in Western Australia's Fraser Range.

The phase 2 program comprised of 148 aircore holes for a total of 5,392 metres.

Preliminary bottom-of-hole XRF assays support prospectivity for nickel-copper sulphide mineralisation.

New strongly elevated nickel values from XRF of up to 1.09% nickel in fresh rock were identified in bottom of hole samples, complementing previously announced anomalous weathered zone results.

Results confirm the presence of an elongated nickel rich zone, contained in a north-northwest trending gabbro sill up to 4.8 kilometres long and 400 metres wide.

Nickel rich gabbro remains open beneath tertiary sandstone cover to the south and at depth, and elevated copper values up to 234 parts per million within the nickel-rich gabbro may indicate presence of magmatic nickel and copper.

 

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Fri, 22 Nov 2013 11:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138541/matsa-resources-awaiting-nickel-copper-assays-from-fraser-range-western-australia-50464.html
<![CDATA[News - Matsa Resources intersects zinc at Western Australia project ]]> https://www.proactiveinvestors.com.au/companies/news/138540/matsa-resources-intersects-zinc-at-western-australia-project-49579.html Matsa Resources (ASX:MAT) has intersected highly anomalous zinc grading up to 8.04% in carbonaceous shales at the RC50 prospect of its Killaloe Joint Venture Project in Western Australia.

This follows assays released last week that confirmed the discovery of a new gold mineralised zones last week from the maiden reverse circulation drilling carried out in September 2013.

Taken together, this indicates the Killaloe project is prospective for gold and base metals.

Besides the peak 1 metre at 8.04% zinc and 5.1 grams per tonne silver, drilling also intersected a broader zone of 18 metres at 1.05% zinc from 96 metres.

Another drillhole intersected elevated nickel in weathered ultramafic rocks with a peak assay of 3 metres at 0.5% nickel, 0.08% copper and 0.1% cobalt from 28 metres within a broader 28 metre grading 0.26% nickel intercept.

Other results included elevated platinum group metals of up to 0.1g/t platinum.

Previously reported gold zones include assays of up to 1 metre at 7.24g/t gold.

The company is planning to carry out downhole electromagnetics to better understand the results.

Matsa has a 80% interest in the Killaloe Project with Cullen Resources (ASX: CUL) holding the remaining 20%.

 

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Tue, 29 Oct 2013 09:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138540/matsa-resources-intersects-zinc-at-western-australia-project-49579.html
<![CDATA[News - Matsa Resources confirms high nickel values in the Fraser Range, Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/138539/matsa-resources-confirms-high-nickel-values-in-the-fraser-range-western-australia-49189.html Matsa Resources (ASX:MAT) has received encouraging assay results for 88 split aircore samples taken from its Symons Hill prospect within Western Australia's Fraser Range.

A notable result of 1 metre at 1.1% nickel within a 3 metres intercept of 0.98% nickel was returned, and previously announced 4 metre composite assays up to 0.68% nickel have been improved and confirmed.

Composite samples up to 4 metres in length containing greater than 0.1% nickel were resampled at 1 metre intervals.

Demonstrating the widespread nature of anomalism, individual assays between 0.8% nickel and up to 1.1% nickel were returned from 2 aircore holes on sections spaced 800 metres apart

These new results coupled with recent developments confirm the high prospectivity that Matsa has at Symons Hill, and  further drilling is planned as soon as possible.

 

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Thu, 17 Oct 2013 10:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138539/matsa-resources-confirms-high-nickel-values-in-the-fraser-range-western-australia-49189.html
<![CDATA[News - Matsa Resources identifies platinum and palladium in Fraser Range, 2kms from Nova / Bollinger ]]> https://www.proactiveinvestors.com.au/companies/news/138538/matsa-resources-identifies-platinum-and-palladium-in-fraser-range-2kms-from-nova-bollinger-48671.html Matsa Resources (ASX: MAT) is another company on the hunt in the Fraser Range for a Nova style nickel copper deposit discovered by Sirius Resources (ASX: SIR).

Matsa is certainly exploring in the right area, considering its wholly-owned tenement E69/3070 is just 2 kilometres south of the Nova and Bollinger projects.

Matsa has taken the first step by identifying platinum group elements in nickel-rich samples at Symons Hill, with additional samples to be analysed for precious metals.

The highlights from the 11 aircore drill holes in the program include:

- 4m of 0.44% Ni, 0.017%Cu, 0.006% Co, 34ppb Pt & 31ppb Pd from 20m; and
- 4m of 0.39% Ni, 0.013%Cu, 0.042% Co, 15ppb Pt & 18ppb Pd from 16m.

The importance of the elevated platinum group element values in nickel rich rocks can indicate the presence of associated nickel sulphides.

There is more news to come in the near-term from Symons Hill, as assays are underway on remaining samples containing >0.1% nickel to determine the significance of the initial results.

 

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Wed, 02 Oct 2013 08:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138538/matsa-resources-identifies-platinum-and-palladium-in-fraser-range-2kms-from-nova-bollinger-48671.html
<![CDATA[News - Matsa Resources hits nickel near surface at Symons Hill in the Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/138537/matsa-resources-hits-nickel-near-surface-at-symons-hill-in-the-fraser-range-48488.html Matsa Resources (ASX:MAT) will open substantially higher after revealing assays from 71 first-pass aircore drill holes for 2,615 metres completed over four soil geochemical targets Hill in the Fraser Range of Western Australia.

Strong nickel values with copper and cobalt beneath a 2 kilometre long soil anomaly were intersected, as was a nickel-rich saprolite and weathered gabbro zone 800 metres by 300 metres, open along strike, at depth, and partly coincident with ground electromagnetic conductor plate 3.

Significant assays returned included:

25m at 0.26% nickel, 0.002% copper, 0.022% cobalt from 8m incorporating 4m at 0.68% nickel, 0.004% copper, 0.084% cobalt from 20 metres; and

35 metres at 0.24% nickel, 0.010% copper, 0.011% cobalt from 12m including 8 metres at 0.38% nickel, 0.015% copper, 0.005% cobalt from 16 metres.

These results are reminiscent of early results from the weathered profile at Sirius' (ASX:SIR) Nova and Bollinger discoveries, with nickel alongside copper and cobalt in the appropriate geology, interpreted favourable for nickel sulphide mineralisation at depth based on the Nova/Bollinger and Voisey's Bay models.

Deeper diamond and reverse circulation drilling are planned.

 

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Thu, 26 Sep 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138537/matsa-resources-hits-nickel-near-surface-at-symons-hill-in-the-fraser-range-48488.html
<![CDATA[News - Matsa Resources in halt pending assays from Symons Hill near Sirius in Fraser Ranges, WA ]]> https://www.proactiveinvestors.com.au/companies/news/138536/matsa-resources-in-halt-pending-assays-from-symons-hill-near-sirius-in-fraser-ranges-wa-48447.html Matsa Resources (ASX:MAT) has entered a trading halt pending release of much anticipated results from air core drilling at Symons Hill, 6 kilometres south of Sirius Resources' (ASX:SIR) Nova and Bollinger nickel copper discoveries in the Fraser Range, Western Australia.

Sirius' Nova discovery hole lies within the Symons Hill Fault, which can be seen in aeromagnetic data to extend into Matsa’s tenement.

It is the extension of the Symon's Hill fault into Matsa's tenement that caught the eye of investors seeking exposure to another potential major discovery in the Fraser Ranges.

An airborne VTEM survey over Matsa's Symons Hill tenement in December 2012 defined over 20 electromagnetic conductors, and soil sampling identified 5 nickel geochemical targets.

The trading halt is expected to remain in place until results are revealed, expected prior to commencement of trading on Friday.

 

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Wed, 25 Sep 2013 15:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138536/matsa-resources-in-halt-pending-assays-from-symons-hill-near-sirius-in-fraser-ranges-wa-48447.html
<![CDATA[News - Matsa Resources bolsters financial position for Fraser Range nickel search ]]> https://www.proactiveinvestors.com.au/companies/news/138535/matsa-resources-bolsters-financial-position-for-fraser-range-nickel-search-48097.html Matsa Resources' (ASX: MAT) projects in the Fraser Range have attracted domestic and international institutional and sophisticated investors to the company's placement, which raised A$2.5 million before costs at A$0.30 per share.

The new funds add to Matsa's A$6 million cash and liquids position outlined earlier in the month.

Funds will be allocated to additional drilling of the Symons Hill, Killaloe, and Fraser Range North projects, and to development and geological work on prospective projects including Symons Hill.

Matsa also indicated potential corporate opportunities. The company also has interests in Thailand.

At the Mt Henry Gold joint venture with Panoramic Resources (ASX: PAN) (Panoramic 70%, Matsa 30%), positive Scoping Study results identified:

- Annual production averaging 116,000oz Au pa
- Initial project life of 7.25 years
- Aggregate production of 840,000oz Au
- Average operating costs ~A$930/oz
- Estimated initial capital of ~A$195M (including contingency)

A BFS is underway and due for completion in the December quarter 2013.

 

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Tue, 17 Sep 2013 12:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138535/matsa-resources-bolsters-financial-position-for-fraser-range-nickel-search-48097.html
<![CDATA[News - Matsa Resources heads to market ]]> https://www.proactiveinvestors.com.au/companies/news/138534/matsa-resources-heads-to-market-47945.html Matsa Resources (ASX: MAT) has an extensive portfolio of gold and nickel projects in Western Australia along with interests in Thailand - with the company having today launched a capital raising program.

Matsa has been granted a trading halt by the ASX, with its shares placed in pre-open.

A highlight for the company is the Joint Venture with Panoramic Resources (ASX: PAN) for the Mt Henry Gold Project which provides cash and liquid assets.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 17th September.

 

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Fri, 13 Sep 2013 11:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138534/matsa-resources-heads-to-market-47945.html
<![CDATA[News - Matsa Resources finds potential for nickel sulphide mineralisation in WA project ]]> https://www.proactiveinvestors.com.au/companies/news/138533/matsa-resources-finds-potential-for-nickel-sulphide-mineralisation-in-wa-project-47063.html Matsa Resources’ (ASX: MAT) recently completed aircore drilling at its Symons Hill Project in Western Australia’s Fraser Range has revealed geology which supports potential for associated nickel sulphide mineralisation.

Symons Hill is located just 6 kilometres south southwest of Sirius Resources (ASX: SIR) Nova and Bollinger nickel and copper discoveries.

Preliminary inspection has determined that drillholes have intersected a suite of mafic intrusive rocks of gabbro composition that is interpreted to reflect mineral zonation within a large fractionated intrusion, supporting potential for associated nickel sulphide mineralisation.

Logging and sampling is currently in progress.

Upon completion of logging, samples will be submitted to be assayed with results being announced once they become available.

 It is expected that the results of this drilling program will give the company a better understanding of the geology of the project and to better define targets for a follow up reverse circulation drilling program.

 

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Thu, 22 Aug 2013 17:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138533/matsa-resources-finds-potential-for-nickel-sulphide-mineralisation-in-wa-project-47063.html
<![CDATA[News - Matsa Resources drills for nickel and gold at the Killaloe project ]]> https://www.proactiveinvestors.com.au/companies/news/138532/matsa-resources-drills-for-nickel-and-gold-at-the-killaloe-project-45033.html Matsa Resources (ASX: MAT) is ready to conduct a reverse circulation and air-core drilling program at the Killaloe project in Western Australia, following receiving approvals for the program of works.

Matsa is earning 70% from Cullen Resources (ASX: CUL).

Drilling will target both nickel and gold/base metal mineralisation, which has been identified by Matsa - and therefore the project has been re-ranked as a high priority.

Matsa is now finalising statutory heritage clearances and selection of the drilling contractor. The program will include seven reverse circulation holes and 70 air-core to be carried out.

Highlighting the prospectivity of Killaloe, recent sampling and prospecting has led to identification of three new exploration targets for gold. At the Gossan E prospect on the edge of Lake Cowan rock chips included values up to 3.3g/t gold and 2.3% zinc in scattered ironstone rubble.

Additionally, a reappraisal of the nickel potential of the project has identified three high priority EM conductors for immediate drill testing. A further six conductors have also been identified which require additional ground EM surveys to better define them prior to drilling.

There has been extensive past exploration for nickel at Killaloe commencing in the 1960’s by companies including Anaconda, Union Oil, Western Mining and more recently, Sipa Resources and Australian Nickel.

Previous work has included detailed aeromagnetic/radiometric surveys, geological mapping, sampling, ground geophysics and drilling.

Matsa had over $4 million in cash at the end of the March 2013 quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 01 Jul 2013 14:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138532/matsa-resources-drills-for-nickel-and-gold-at-the-killaloe-project-45033.html
<![CDATA[News - Matsa Resources to drill for gold-copper at Fraser Range North in July ]]> https://www.proactiveinvestors.com.au/companies/news/138531/matsa-resources-to-drill-for-gold-copper-at-fraser-range-north-in-july-44863.html Matsa Resources (ASX:MAT) is set to drill for copper-gold at its Bulls-Eye and Similkameen prospects in the Fraser Range North project in July following having received all the work program approval.

The drilling plan includes a total of 10 reverse circulation drill holes with 8 holes totalling 1,000 metres testing the continuity of bedrock gold mineralisation at Similkameen and 2 holes for 500 metres that will target the magnetic anomaly at the Bulls-Eye target.

Recent soil sampling at Similkameen showed a discrete 2.5 kilometres long soil gold anomaly of greater than 5 parts per million. Anomalous gold values previously intersected in basement rocks in 2 shallow drillholes, done by Triton Gold (ASX:TON), which has a 10% interest in the project, include 4 metres at 1.71g/t gold and 4 metres at 0.3 g/t gold.

The target at Fraser Range North Bulls-Eye is defined as a moderate amplitude dipolar magnetic anomaly along 4 aeromagnetic flight lines. The discrete nature of this anomaly and its location are thought to reflect a magnetite bearing intrusion into the basement gneiss complex.

There has not been any significant previous exploration in the area because the basement lithologies are obscured by regolith cover.

However, modelling of the aeromagnetic data indicates at depth to the top of the magnetic source body of between 50 metres and 150 metres.

By drilling at the target, Matsa is proposing to test the concept that this magnetic anomaly reflects the presence of a magnetite rich iron oxide copper gold system.

The direct drilling costs associated with this programme will be 50% funded under the WA Department of Mines and Petroleum’s Exploration Incentive Scheme.

It is in the process of finalising heritage clearances and selecting drilling contractors.



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Wed, 26 Jun 2013 09:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138531/matsa-resources-to-drill-for-gold-copper-at-fraser-range-north-in-july-44863.html
<![CDATA[News - Matsa Resources soars on Symons Hill tenement grant ]]> https://www.proactiveinvestors.com.au/companies/news/138530/matsa-resources-soars-on-symons-hill-tenement-grant-40520.html Matsa Resources (ASX:MAT) soared over 22% after the company was granted the Symons Hill nickel-copper exploration licence in the Fraser Range in Western Australia.

Shares in Matsa hit a high of 47.5 cents before trending off around 46 cents or 21.05%.

The tenement includes E69/3070 where the company will explore at nickel-copper targets. The tenement is about 6 kilometres south-southwest of Sirius Resources' (ASX:SIR) Nova nickel-copper discovery.

It has already signed native title agreements.

Last quarter, Matsa had conducted helicopter borne VTEM survey at Symons Hill, identifying more than 20 conductive targets. It also completed infill VTEM surveys over 6 priority targets.

Soil sampling was completed and assays received at Symons Hill identified a new soil copper anomaly.

It had a cash balance of $3.64 million at the end of last quarter.

 

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Thu, 07 Mar 2013 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138530/matsa-resources-soars-on-symons-hill-tenement-grant-40520.html
<![CDATA[News - Matsa Resources begins airborne VTEM survey in Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/138529/matsa-resources-begins-airborne-vtem-survey-in-fraser-range-36269.html Matsa Resources (ASX: MAT) has started a 558 line kilometre helicopter borne VTEM survey at its Symons Hill project in the Fraser Range, Western Australia.

The 96 square kilometre Symons Hill Project is located just 6 kilometres from Sirius Resources’ (ASX: SIR) new Nova deposit in Fraser Range, Western Australia that delivered a discovery intercept of 4 metres at 3.8% nickel and 1.42% copper.

The survey will cover the full 96 square kilometres area of the application at 200 metre spacing.

Infill lines will be flown as determined to be appropriate during the survey period.

VTEM has a proven track record in detecting massive nickel and other base metal sulphide mineralisation and Matsa believes the technique is well suited to the geological environment at Symons Hill.

Matsa has previously defined a 1.6 kilometre long nickel-copper soil anomaly at the project through infill sampling.

The 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.

 

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Thu, 22 Nov 2012 17:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138529/matsa-resources-begins-airborne-vtem-survey-in-fraser-range-36269.html
<![CDATA[News - Matsa Resources defines 1.6km nickel anomaly in Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/138528/matsa-resources-defines-16km-nickel-anomaly-in-fraser-range--35345.html Matsa Resources (ASX: MAT) has confirmed a 1.6 kilometre long nickel-copper soil anomaly at its Symons Hill Project in the Fraser Range region of Western Australia through infill sampling.

The company has now received 417 additional soil sample assays for Symons Hill which strongly support the potential for nickel-copper mineralisation.

To date 664 samples have been assayed, covering about 80% of the project.

The infill sampling has now clearly identified a nickel anomaly up to 67 parts per million with coincident elevated copper values up to 50 parts per million copper located over a 1.6 kilometre zone on the eastern margin of the interpreted mafic intrusive.

This anomaly may reflect base metal mineralisation along the eastern margin of the underlying intrusive, and represents Matsa’s highest priority exploration target at Symons Hill to date.

Matsa is currently planning follow up sampling and mapping on this zone, now termed Target SH01.

The target will also be covered in the planned VTEM program to begin in early November.


Regional targets

Assays from regional sampling have also identified three additional nickel targets with individual values up to 157 parts per million nickel.

Targets SH02 and SH03 could be new mafic intrusives up to 1.5 kilometres in extent aligned on a north-northwest trending fault as interpreted from airborne magnetics.

The significance of these two new targets is the relatively high nickel values.

SHO4 is a zone of elevated partly coincident nickel-copper values with similarities to target SH01.

It extends for 4 kilometres down the western side of the project, and has had limited investigation at this stage.

All targets will require further infill sampling, prospecting and mapping to evaluate their potential for associated nickel mineralisation.


Proximity to known discoveries

The 96 square kilometre Symons Hill Project is located just 2 kilometres from Sirius Resources’ (ASX: SIR) new Nova deposit in Fraser Range, Western Australia that delivered a discovery intercept of 4 metres at 3.8% nickel and 1.42% copper.

The 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.


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Fri, 02 Nov 2012 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138528/matsa-resources-defines-16km-nickel-anomaly-in-fraser-range--35345.html
<![CDATA[News - Matsa Resources discovers gold bearing quartz veins at Big Red ]]> https://www.proactiveinvestors.com.au/companies/news/138527/matsa-resources-discovers-gold-bearing-quartz-veins-at-big-red-34376.html  

Matsa Resources (ASX: MAT) has made some encouraging discoveries at the Big Red - which is part of the company's Dunnsville Project 45 kilometres north-west of Coolgardie.

A diamond drilling program of four holes for 515 metres was completed, with assays confirming the presence of gold mineralised quartz veins.

Intersections included: 0.7 metres at 2.44g/t gold from 80.4 metres; 2 metres at 1.06g/t gold from 98 metres; and 1.1 metres at 2.56g/t from 56.9 metres.

Matsa said that the gold mineralised quartz veins were seen to contain significant disseminated pyrite and are enclosed by pyrrhotite rich altered margins in the gabbro/dolerite country rocks.

It is likely that pyrrhotite (a magnetic mineral) within the country rocks gives rise to the discrete magnetic feature which partly underlies the Big Red target.

Importantly for Matsa - the assays from the current round of drilling support the target concept in that gold mineralisation has been shown to occur in steeply dipping pyritic quartz veins which intersect gabbro/dolerite country rock on an orientation of around 330 degrees.

The conceptual target at Big Red was defined by a +25ppb soil gold anomaly extending over an area of 3.5km x 1.5km within which 7 discrete zones containing +1g/t gold (Max. 7.85g/t) - previously defined by rotary air blast drilling.

The diamond drill program has determined the source of 2 of the 7 mineralised zones.

 

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Thu, 11 Oct 2012 09:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/138527/matsa-resources-discovers-gold-bearing-quartz-veins-at-big-red-34376.html
<![CDATA[News - Matsa Resources’ Symons Hill shows potential for nickel sulphide mineralisation ]]> https://www.proactiveinvestors.com.au/companies/news/138526/matsa-resources-symons-hill-shows-potential-for-nickel-sulphide-mineralisation-33547.html Matsa Resources (ASX: MAT) has completed first pass soil sampling on 40% of its Symons Hill Project, with elevated copper, nickel, chromium and cobalt assays indicating a possible mafic intrusive.

The 96 square kilometre Symons Hill Project is located just 2 kilometres from Sirius Resources’ (ASX: SIR) new Nova deposit in Fraser Range, Western Australia that delivered a discovery intercept of 4 metres at 3.8% nickel and 1.42% copper.

The 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

Widely spaced, reconnaissance scale soil samples at intervals of 400 metres were recently completed at the project.

A number of elevated coincident values for copper, nickel, chromium and cobalt define a topographic depression 3 kilometres by 2 kilometres in extent, which is located within the interpreted Symons Hill Fault corridor about 10 kilometres south of Sirius’ Nova discovery.

The results and their topographic expression are believed to be indicative of a concealed mafic intrusive body at shallow depth.

This interpretation supports Matsa’s view that the Symons Hill Fault corridor is important in controlling the emplacement of mafic intrusions which have the potential for associated nickel sulphide mineralisation.

Matsa is continuing its first pass soil sampling program to cover the remaining 60% of the tenement, and will also undertake a program of infill soil sampling and geological mapping within the newly interpreted mafic intrusive.

The company plans to carry out electromagnetic surveying once soil sample results have been received and interpreted.

The application for the granting of the Symons Hill tenement is progressing and Matsa does not expect the application approval process to delay any proposed drilling programs.


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Tue, 18 Sep 2012 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138526/matsa-resources-symons-hill-shows-potential-for-nickel-sulphide-mineralisation-33547.html
<![CDATA[News - Matsa Resources cashed up from settlement of Mt Henry agreement ]]> https://www.proactiveinvestors.com.au/companies/news/138525/matsa-resources-cashed-up-from-settlement-of-mt-henry-agreement-32499.html Matsa Resources’ (ASX: MAT) stands to gain $5 million and 14 million fully paid shares in Panoramic Resources (ASX:PAN) from the settlement of the Mt Henry joint venture.

This takes the company to in excess of $14 million in cash and liquid assets on hand or almost $0.11 per share. The uplift should also come from the holding in Panoramic. 

The Bankable Feasibility Studies fully funded by Panoramic Resources will commence Monday 20th August 2012.

Matsa recently executed a joint venture agreement for its Mt Henry Gold Project which will see Panoramic 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.

Late last month Matsa’s share price rocketed following news that Sirius Resources (ASX: SIR) had made a potentially major new nickel-copper discovery in Fraser Range near to tenements applied for by Matsa.

The company then revealed it would be accelerating its exploration program on the Symons Hill tenement, located just 2 kilometres from Sirius’ new Nova deposit that has delivered intercepts of 4 metres at 3.8% nickel and 1.42% copper.

The 96 square kilometre 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.


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Fri, 17 Aug 2012 14:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138525/matsa-resources-cashed-up-from-settlement-of-mt-henry-agreement-32499.html
<![CDATA[News - Matsa Resources chases next major nickel, copper discovery in Fraser Range ]]> https://www.proactiveinvestors.com.au/companies/news/138524/matsa-resources-chases-next-major-nickel-copper-discovery-in-fraser-range-31811.html 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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Mon, 30 Jul 2012 10:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138524/matsa-resources-chases-next-major-nickel-copper-discovery-in-fraser-range-31811.html
<![CDATA[News - Matsa Resources: investor attention propels shares 108% higher, ASX issues speeding ticket ]]> https://www.proactiveinvestors.com.au/companies/news/138523/matsa-resources-investor-attention-propels-shares-108-higher-asx-issues-speeding-ticket--31781.html Matsa Resources (ASX: MAT) appears to have drawn the interest of eager investors with a 108% share price increase that could be related to the company’s application for a tenement strategically located near to a potential major new nickel-copper discovery by Sirius Resources (ASX: SIR).

The ASX issued a price and volume query when shares hit an intra-day high of A$0.25 today, up from yesterday’s closing price of $0.12. By 2.09pm (AEST) today 3.5 million shares had changed hands.

Matsa responded saying it is not aware of any material information that has not been disclosed to the market, which may explain the sudden investor interest.

However, Matsa did refer to the recent announcement by Sirius Resources yesterday that it may have a major new nickel-copper discovery on its hands at its 70% owned Fraser Range project in Western Australia. 

The connection is that Matsa has applied for a tenement around 2 kilometres south of the Fraser Range Project.

Patersons Stockbrokers issued a research note on Sirius yesterday including a tenement map highlighting parties who hold tenements near to Sirius’ discovery which includes and highlights the Matsa tenement application.


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Fri, 27 Jul 2012 14:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138523/matsa-resources-investor-attention-propels-shares-108-higher-asx-issues-speeding-ticket--31781.html
<![CDATA[News - Matsa Resources inks JV with Panoramic Resources for Mt Henry Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/138522/matsa-resources-inks-jv-with-panoramic-resources-for-mt-henry-gold-project--30586.html Matsa Resources (ASX: MAT) has reached 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.

Under the agreement, Panoramic Resources’ wholly owned subsidiary Mt Henry Gold will acquire a 70% stake in exchange for a A$5 million cash payment and the issue of 14 million Panoramic shares.

Panoramic shares were last trading at $0.565, valuing the share issue at around $7.9 million.

Further upside of the deal is Panoramic will be required to undertake a fully funded Bankable Feasibility Study (BFS).

The deal also includes the provision for buyout of Matsa’s remaining 30% interest in the project for a further $6.5 million in consideration with a $5 million royalty as a safety net should Matsa not be able to participate further or is unable to finance its share of the project within 180 days from delivery of the BFS.


Mt Henry

The Mt Henry Gold Project hosts a JORC Resource of 26.5 million tonnes at 1.7 grams per tonne (g/t) for 1.47 million ounces of contained gold, with the majority of the resource hosted by two closely spaced deposits.

The project is located just 5 kilometres south of Matsa’s Dundas Iron Ore Project, which lies at the southern end of the Norseman-Wiluna Greenstone belt.

Demonstrating the potential of the region, Dundas has an exploration target of 300 million tonnes and has been shown to host potentially economic magnetite iron mineralisation over a strike length of more than 4.7km.


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Wed, 27 Jun 2012 09:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138522/matsa-resources-inks-jv-with-panoramic-resources-for-mt-henry-gold-project--30586.html
<![CDATA[News - Matsa Resources identifies 7.5km gold strike anomaly at Norseman Project ]]> https://www.proactiveinvestors.com.au/companies/news/138521/matsa-resources-identifies-75km-gold-strike-anomaly-at-norseman-project-19675.html Matsa Resources (ASX: MAT) has used a soil geochemical sampling program to identify highly anomalous soil geochemical results with values up to 0.9 grams per tonne gold (g/t).

The strike extent of the anomaly totals 7.5 kilometres, and is a highly prospective geological location extending south from the historic Abbotshall open pit mine.

Adding some spice to the anomalous gold values are coincident precious metal indicator elements including such as arsenic, copper, silver, molybdenum, antimony and tellurium.

The next step to follow up the results is already being planned, with sampling, mapping, trenching and drilling planned for late 2011 and 2012.


Prospectivity boost

With the anomalous zone extending from the historic Abbotshall mine, this highlights known gold in the area.

The mine has an endowment of 42,000 gold ounces and is stratigraphically situated in an intensely sheared package of mixed mafic and felsic volcanic rocks termed the Abbotshall Beds.

The Abbotshall deposit is a shear hosted deposit with the thickest and highest grade gold mineralisation associated with steeply plunging shoots within the shear zone.

A total of 5,600 tonnes of ore at 8g/t was mined from Abbotshall prior to 1984, with a further 136,000 tonnes at 2.5g/t mined in 1997.

Importantly - mineralisation at Abbotshall remains open at depth.

 

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Thu, 15 Sep 2011 14:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/138521/matsa-resources-identifies-75km-gold-strike-anomaly-at-norseman-project-19675.html