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30.07.2012
Matsa Accelerates Exploration in Response to Nova Discovery by Sirius Resources NL
Matsa Accelerates Exploration in Response to Nova Discovery by Sirius Resources NL
HIGHLIGHTS
• Matsa’s Symons Hill application covers 96km2 within two kilometres of Sirius Resources NL’s tenement containing the recently announced Nova Discovery.
• The Nova discovery hole is reported close to a SSW trending fault (Symons Hill Fault) which can be seen in aeromagnetic data to extend into Matsa’s tenement. Matsa believes that this potential structural link is significant.
• Matsa to commence exploration in proximity to the highly prospective Symons Hill Fault and other identified targets.
• Matsa’s strong financial position will fund the aggressive Symons Hill exploration program.
Matsa Resources (“Matsa” or “the Company” ASX:MAT) is to immediately accelerate its exploration programme in the Fraser Range area NE of Norseman following the Nova Nickel-Copper sulphide discovery announced by Sirius Resources NL (ASX:SIR).
Matsa’s Symons Hill tenement (ELA69/3070) is located only two kilometres south of Sirius’s tenement and six kilometres SSW of the discovery hole (4m 3.8%Ni and 1.42%Cu SIR announcement 26th July 2012).
“This discovery just to the north of our ground is very exciting for Matsa as it emphasises the prospectivity of our Fraser Range Project and in particular Symons Hill,” said Executive Chairman Paul Poli.
The 96km2 Symons Hill tenement is bisected by a SSW trending fault (termed the Symons Hill Fault by Matsa) which can be seen on aeromagnetic images to continue towards the Nova discovery (Figure 1).
“Matsa applied for the ground as part of our aggressive land acquisition strategy where potential for base metal and gold mineralisation was identified adjacent to the Symons Hill Fault,” Mr Poli said.
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.
“Matsa is in a strong financial position to commence exploration of Symons Hill because of our recently agreed Mt Henry Gold Joint Venture which will provide Matsa with cash and liquid assets of approximately $14M upon settlement,” said Mr Poli.
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Matsa_300712_English.pdf
It can be seen from Sirius’ announcements (26th July 2012) that the discovery hole tested electromagnetic conductors in granulite facies rocks. The reported location of this hole is close to the Symons Hill Fault (Figure 1). The highly magnetic rock units which are cut by this arcuate fault coincide with the large scale Fraser Range gravity anomaly. In Matsa’s opinion this anomaly increases the prospectivity of Symons Hill for Ni, Cu and PGE mineralisation.
Matsa is currently designing an exploration programme with the following priorities:
• Compilation and integration of results from past exploration and recent mapping by the Geological Survey of Western Australia (GSWA);
• Detailed geological interpretation of available magnetic, radiometric and gravity data to develop a set of first pass exploration targets for Ni, Cu, PGE’s and Au;
• Commence soil sampling focused on first pass exploration targets and within close proximity to the Symons Hill Fault; and
• Design electromagnetic survey based on sample results and geological interpretation to identify and locate massive sulphide ore bodies.
“We propose to follow up any positive results with drilling at the earliest possibility. Matsa has the means to fully fund a significant exploration programme including electromagnetic surveys and diamond drilling,” said Mr Poli.
About Matsa:
Matsa is an ASX listed exploration and development company based in Western Australia. The Corporate office is located in Perth with offices in Norseman and Bangkok, Thailand.
The Company recently signed a Joint Venture agreement with Panoramic Resources Ltd (ASX:PAN) providing significant cash and liquid assets. Matsa aims to increase shareholder wealth through the discovery and development of mineral properties within Australia and South East Asia.
It is committed to developing its Mt Henry Joint Venture to generate cash flow for shareholder benefit.
For further Information please contact:
Paul Poli
Executive Chairman
Phone +61 8 9230 3555
Fax +61 8 9227 0370
Email reception@matsa.com.au
Web www.matsa.com.au
Thomas Murrell
Media
Phone +61 417 984 996
Email tom@8mmedia.com
Exploration results
The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Fielding consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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HIGHLIGHTS
• Matsa’s Symons Hill application covers 96km2 within two kilometres of Sirius Resources NL’s tenement containing the recently announced Nova Discovery.
• The Nova discovery hole is reported close to a SSW trending fault (Symons Hill Fault) which can be seen in aeromagnetic data to extend into Matsa’s tenement. Matsa believes that this potential structural link is significant.
• Matsa to commence exploration in proximity to the highly prospective Symons Hill Fault and other identified targets.
• Matsa’s strong financial position will fund the aggressive Symons Hill exploration program.
Matsa Resources (“Matsa” or “the Company” ASX:MAT) is to immediately accelerate its exploration programme in the Fraser Range area NE of Norseman following the Nova Nickel-Copper sulphide discovery announced by Sirius Resources NL (ASX:SIR).
Matsa’s Symons Hill tenement (ELA69/3070) is located only two kilometres south of Sirius’s tenement and six kilometres SSW of the discovery hole (4m 3.8%Ni and 1.42%Cu SIR announcement 26th July 2012).
“This discovery just to the north of our ground is very exciting for Matsa as it emphasises the prospectivity of our Fraser Range Project and in particular Symons Hill,” said Executive Chairman Paul Poli.
The 96km2 Symons Hill tenement is bisected by a SSW trending fault (termed the Symons Hill Fault by Matsa) which can be seen on aeromagnetic images to continue towards the Nova discovery (Figure 1).
“Matsa applied for the ground as part of our aggressive land acquisition strategy where potential for base metal and gold mineralisation was identified adjacent to the Symons Hill Fault,” Mr Poli said.
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.
“Matsa is in a strong financial position to commence exploration of Symons Hill because of our recently agreed Mt Henry Gold Joint Venture which will provide Matsa with cash and liquid assets of approximately $14M upon settlement,” said Mr Poli.
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Matsa_300712_English.pdf
It can be seen from Sirius’ announcements (26th July 2012) that the discovery hole tested electromagnetic conductors in granulite facies rocks. The reported location of this hole is close to the Symons Hill Fault (Figure 1). The highly magnetic rock units which are cut by this arcuate fault coincide with the large scale Fraser Range gravity anomaly. In Matsa’s opinion this anomaly increases the prospectivity of Symons Hill for Ni, Cu and PGE mineralisation.
Matsa is currently designing an exploration programme with the following priorities:
• Compilation and integration of results from past exploration and recent mapping by the Geological Survey of Western Australia (GSWA);
• Detailed geological interpretation of available magnetic, radiometric and gravity data to develop a set of first pass exploration targets for Ni, Cu, PGE’s and Au;
• Commence soil sampling focused on first pass exploration targets and within close proximity to the Symons Hill Fault; and
• Design electromagnetic survey based on sample results and geological interpretation to identify and locate massive sulphide ore bodies.
“We propose to follow up any positive results with drilling at the earliest possibility. Matsa has the means to fully fund a significant exploration programme including electromagnetic surveys and diamond drilling,” said Mr Poli.
About Matsa:
Matsa is an ASX listed exploration and development company based in Western Australia. The Corporate office is located in Perth with offices in Norseman and Bangkok, Thailand.
The Company recently signed a Joint Venture agreement with Panoramic Resources Ltd (ASX:PAN) providing significant cash and liquid assets. Matsa aims to increase shareholder wealth through the discovery and development of mineral properties within Australia and South East Asia.
It is committed to developing its Mt Henry Joint Venture to generate cash flow for shareholder benefit.
For further Information please contact:
Paul Poli
Executive Chairman
Phone +61 8 9230 3555
Fax +61 8 9227 0370
Email reception@matsa.com.au
Web www.matsa.com.au
Thomas Murrell
Media
Phone +61 417 984 996
Email tom@8mmedia.com
Exploration results
The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Fielding consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=AU000000MAT8">http://www.irw-press.com/alert_subscription.php?lang=en&isin=AU000000MAT8</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.