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Matsa Resources commences survey at Siam where 54.6% copper discovered

Last updated: 13:20 07 Oct 2015 AEDT, First published: 12:20 07 Oct 2015 AEDT

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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.

 

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