Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

CULLEN RESOURCES LIMITED Regulatory Filings 2014

Nov 24, 2014

64724_rns_2014-11-24_48c36f85-9c5d-4da6-a41c-866ad29cf466.pdf

Regulatory Filings

Open in viewer

Opens in your device viewer

==> picture [476 x 71] intentionally omitted <==

==> picture [423 x 27] intentionally omitted <==

----- Start of picture text -----

ABN 46 006 045 790
www.cullenresources.com.au ASX Symbol: CUL 25 November 2014
----- End of picture text -----

ASX ANNOUNCEMENT

KILLALOE JOINT VENTURE

KILLALOE JV– EL63/1018, 1199 and PLs 63/1331-1333,1672: Matsa Resources Limited 80%; Cullen 20% free carried interest to Decision to Mine

Please find herewith a copy of an announcement made by the Manager of the Joint Venture, Matsa Resources Limited (ASX: MAT 25 Nov. 2014) in relation to the Killaoe Project.

Matsa’s announcement contains the full extent of information provided to Cullen at this time and in the format provided.

.

REGISTERED OFFICE : Unit 4, 7 Hardy Street, South Perth WA 6151 Telephone : 089 474 5511; FAX : 089 474 5588 Contact : Dr Chris Ringrose, Managing Director; email: [email protected]

==> picture [595 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

==> picture [132 x 116] intentionally omitted <==

LIMITED

ABN 48 106 732 487

ASX Announcement

25[th] November 2014

Drilling Recommences at Killaloe JV Project

Highlights

CORPORATE SUMMARY

Executive Chairman

  • Kambalda style Ni sulphide mineralisation confirmed at Killaloe by further assays from Phase 3 diamond drillhole programme at HWG.

  • The presence of elevated copper values, high Ni/Cu ratio and high MgO/Cr ratio all provide strong support that drilling is narrowing down to a mineralised lava channel pathway.

  • A wide zone of classic ‘harrisite’ textures between 329.2m – 338.7m provides further confirmation of prospective channel pathway rocks.

Paul Poli

Director

Frank Sibbel

Director & Company Secretary

Andrew Chapman

Shares on Issue

  • New assays from the recent extension to KLDH02 returned further elevated Ni values in conjunction with Ni sulphides as follows:

  • 0.25m @ 0.49% Ni, 0.09% Cu, 0.02% Co from 230.75m – 231m

  • 0.30m @ 0.54% Ni, 0.36% Cu, 0.04% Co from 232.9m – 233.2m

  • Phase 4 diamond drillhole 14KLDH06 commenced to test the basal contact of a mineralised lava channel as interpreted from 14KLDH02.

144.15 million

Unlisted Options

7.95 million @ $0.40 - $0.43 Top 20 shareholders Hold 50.36%

Share Price on 24 November 2014

18 cents

Market Capitalisation

$25.95 million

Head Office: Suite 11, 139 Newcastle Street, Perth Western Australia 6000 Tel : +61 8 9230 3555 Fax: +61 8 9227 0370 Bangkok Office: Unit 1808, Pacific Place 2, 142 Sukhumvit Road, Klongtoey, Bangkok 10110 Tel : +66 0 2653 0258 Fax : +66 0 2653 0258 [email protected] www.matsa.com.au

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Killaloe Project (Matsa Resources 80%, Cullen Resources 20%)

Matsa Resources is pleased to announce assays from two recently completed diamond drillholes and recommencement of drilling at the Hanging Wall Gossan (HWG) prospect Killaloe.

Recent diamond drilling at the HWG prospect at Killaloe continues to strongly support the target concept for Kambalda style nickel sulphide mineralisation. Nickel sulphide mineralisation has been confirmed in 3 of the 5 diamond drillholes completed to date (Refer previous announcements by MAT to the ASX on 30[th] October 2013, 30[th] September 2014, 4[th] September 2014, 31[st] July 2014, 20[th] June 2014 and 16[th] June 2014).

This report provides an update on Matsa’s exploration programme to discover komatiite hosted nickel sulphide mineralisation at Killaloe and includes:

  • New assay results for the drilled extension to drillhole 14KLDH02;

  • New assay results for 14KLDH05; and

  • Recommencement of diamond drilling on 22[nd] November 2014.

New Assays

Assays for a 33 element suite for the two Phase 3 diamond drillholes (14KLDH02 extension and 14KLD05) were received. Sampling and assay procedures for the two diamond holes are detailed in Appendix 1, drill collar locations in Appendix 2 and results for Co, Cu, Cr, Mg and Ni are presented in Appendix 3.

14KLDH02 extension (230m – 396m) Assays

Drillhole 14KLDH02 was extended from 230m to 396m and intersected a suite of ultramafic rocks which includes komatiites interpreted on chemical and textural grounds to occupy nickel mineralised lava channel pathways at HWG. Two narrow zones of disseminated nickel sulphide mineralisation were intersected as follows:

  • 0.25m @ 0.49% Ni, 0.09% Cu, 0.02% Co from 230.75m – 231m

  • 0.30m @ 0.54% Ni, 0.36% Cu, 0.04% Co from 232.9m – 233.2m

The presence in these intersections of elevated copper values, a high Ni/Cu ratio and high MgO/Cr ratio all provide strong support that they are located within a mineralised lava channel pathway. The sequence has been complicated by the presence of a number of faults, but textural evidence indicative of the facing or “way up” direction of komatiites in 14KLDH02 indicate the intersections are towards the base of the channel pathway (potentially an ore-bearing and ore focusing structure), which is most prospective for Kambalda style nickel mineralisation. The drillhole intersected a fault immediately beneath the sulphide zone which prevented testing of the prospective basal contact.

A wide zone was intersected exhibiting classic ‘harrisite’ textures between 329.2m – 338.7m (Figures 1 and 2). Harrisite textured komatiite is a recognised indicator of channel pathway rocks in a mineralised environment as shown schematically in figure 2.

Page 2

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

==> picture [453 x 196] intentionally omitted <==

Figure 1: Harrisite texture komatiite in 14KLDH02 at 329.2m

==> picture [339 x 341] intentionally omitted <==

Figure 2: Diagrammatic cross section of komatiite flow showing relationship between mineralised channel facies lava pathway, the harrisite layer and sulphide mineralisation of the Kambalda Komatiite Formation (after Cowden and Roberts, 1990)

14KLDH05 Assays

14KLDH05 was collared in gabbro which overlies faulted blocks of basalt, ultramafic lavas and graphitic shales. Based on geological logging and assays of drillhole 14KLDH05, no prospective lava channel way rocks were recognised.

Consequently, exploration efforts have been refocused to the more prospective northern part of the HWG Target, where nickel sulphides have been intersected.

Page 3

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Commencement of Phase 4 Diamond Drilling

Diamond drillhole 14KLDH06 commenced at HWG on the 22 November 2014 targeting the base of the interpreted mineralised lava channel associated with nickel sulphides in 14KLDH02. The drilling programme was delayed significantly by recent heavy rain in the area.

The orientation of this drillhole is based on an analysis of bedding and fault directions in oriented diamond drill core (14KLDH01-14KLDH05) and surface mapping. The analysis concluded that lithological contacts at HWG dip moderately towards the northwest and have been disrupted and offset by late stage northwest trending faults.

Consequently drillhole 14KLDH06, is oriented towards the southeast in order to test channel pathway locations perpendicular to the interpreted strike which were not effectively tested by previous holes which were orientated towards the northwest (Figure 3).

==> picture [414 x 388] intentionally omitted <==

Figure 3: HWG Prospect Geological and Target Summary

Page 4

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

For further Information please contact: Paul Poli Executive Chairman

Phone +61 8 9230 3555 Fax +61 8 9227 0370 Email [email protected] Web www.matsa.com.au

Exploration results

The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Member of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. David Fielding consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Page 5

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Appendix 1 - Matsa Resources Limited - Killaloe JV Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg cut channels, random chips,
14KLDH02 was marked up for assay to ensure complete
techniques or specific specialised industry standard measurement tools coverage of the drilled section. Sample intervals were selected on
appropriate to the minerals under investigation, such as down the basis of geological boundaries to a maximum of 4m sample
hole gamma sondes, or handheld XRF instruments, etc). These
intervals
examples should not be taken as limiting the broad meaning of 14KLDH05 was marked up for assay of only representative
sampling. samples for selected geological units because no sulphide nickel
Include reference to measures taken to ensure sample mineralisation was observed nor textural evidence for the
representivity and the appropriate calibration of any presence of prospective channel facies Komatiites.
measurement tools or systems used. Core marked up for sampling was submitted to SGS Intertek
Aspects of the determination of mineralisation that are Material Kalgoorlie where it was quartered and sampled to mark ups
to the Public Report. Assays were then carried out as described below
In cases where ‘industry standard’ work has been done this
would be relatively simple (eg ‘reverse circulation drilling was
used to obtain 1 m samples from which 3 kg was pulverised to
produce a 30 g charge for fire assay’). In other cases more
explanation may be required, such as where there is coarse
gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules)
may warrant disclosure of detailed information.
Drilling Drill type (eg core, reverse circulation, open-hole hammer, Core drilling carried out by Frontline drilling using a track-
techniques rotary air blast, auger, Bangka, sonic, etc) and details (eg core mounted Desco 7000 diamond drill rig. HQ triple tube was
diameter, triple or standard tube, depth of diamond tails, face- drilled from surface till competent rock was encountered, the
sampling bit or other type, whether core is oriented and if so, by
the hole were completed with NQ. Core is oriented using Reflex
what method, etc). ACT II RD digital core orientation tool.
Drill sample Method of recording and assessing core and chip sample Core was lithologically and structurally logged.
recovery recoveries and results assessed.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and
Page 6

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria
JORC Code explanation
Commentary Commentary Commentary Commentary Commentary Commentary
grade and whether sample bias may have occurred due to
preferential loss/gainof fine/coarse material.
Logging
Whether core and chip samples have been geologically and
geotechnically logged to a level of detail to support appropriate
Mineral Resource estimation, mining studies and metallurgical
studies.
Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography.
The total length and percentage of the relevant intersections
_logged. _
Geologic and geotechnical logging carried out on the core.
Logging recorded as qualitative description of colour,
lithological type, grain size, structures, minerals and alteration.
All cores are photographed using a digital camera.
Sub-
sampling
techniques
and sample
preparation
If core, whether cut or sawn and whether quarter, half or all
core taken.
If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of
the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages
to maximise representivity of samples.
Measures taken to ensure that the sampling is representative
of the in situ material collected, including for instance results for
field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the
material being sampled.
Cores were sawn and quarter split prior to sampling and
submitted to the lab.
Quality of
assay data
and
laboratory
tests
The nature, quality and appropriateness of the assaying and
laboratory procedures used and whether the technique is
considered partial or total.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading times,
calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards,
blanks, duplicates, external laboratory checks) and whether
acceptable levels of accuracy (ie lack of bias) and precision
have been established.
ELEMENTS Co Cr Cu Mg Ni
UNITS ppm ppm ppm ppm ppm
DETECTION 1 5 1 20 1
METHOD 4A/
OE
4A/
OE
4A/
OE
4A/
OE
4A/
OE

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria JORC Code explanation Commentary
Verification The verification of significant intersections by either Not carried out because laboratory QA QC procedures are
of sampling independent or alternative company personnel. regarded as sufficient.
and The use of twinned holes. Data entry carried out by field personnel thus minimizing
assaying Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
transcription or other errors. Trial plots in field and rigorous
database procedures ensure that field and assay data are
Discuss any adjustment to assay data. merged accurately.
Location of Accuracy and quality of surveys used to locate drill holes (collar
Drill collars are surveyed by modern hand held GPS units with
data points and down-hole surveys), trenches, mine workings and other accuracy of 5m which is sufficient accuracy for the purpose of
locations used in Mineral Resource estimation. compiling and interpreting results.
Specification of the grid system used. Topographic control 2-5m accuracy using published maps or
Quality and adequacy of topographic control. Shuttle Radar data is sufficient to evaluate topographic effects
on assay distribution.
Data Data spacing for reporting of Exploration Results. Not known at this stage.
spacing and Whether the data spacing and distribution is sufficient to
distribution establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
 _Whether sample compositing has been applied. _
Orientation Whether the orientation of sampling achieves unbiased Diamond drill hole is oriented perpendicular to target and at a
of data in sampling of possible structures and the extent to which this is high angle to the modeled EM conductor.
relation to known, considering the deposit type.
geological
structure
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and
reported if material.
Sample The measures taken to ensure sample security. Sampling intervals marked up on core accompanied by
security separate printed cutting interval sheet. Core trays to be
secured with straps on a pallet for transport to the core cutting
contractor.
Audits or The results of any audits or reviews of sampling techniques N/A
reviews and data.
Page 8

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary
Mineral Type, reference name/number, location and ownership Cullen Exploration owns the tenements and Matsa has farmed
tenement including agreements or material issues with third parties such in to the Killaloe Project and has earned 80% interest in the
and land as joint ventures, partnerships, overriding royalties, native title project after spending $500,000 in exploration costs.
tenure
status
interests, historical sites, wilderness or national park and
environmental settings.
The security of the tenure held at the time of reporting along
The project consists of 2 ELs and 4 Prospecting licenses.
The Project is Located on Vacant Crown Land.
The project is located within Native Title Claim No. 99/002 by
with any known impediments to obtaining a license to operate the Ngadju people.
in the area. A heritage agreement has been signed and exploration is
carried out within the terms of that agreement.
At the time of writing these licenses expire between 14thJune
2013 and 8thJuly 2017.
Exploration Acknowledgment and appraisal of exploration by other parties. Significant past work has been carried out by other parties for
done by both Ni and Au exploration including, surface geochemical
other parties sampling, ground electromagnetic surveys, RAB, AC, RC and
DD drilling.
Geology Deposit type, geological setting and style of mineralisation. Target is Kambalda style Ni hosted in ultramafic rocks within
the project.
Drill hole A summary of all information material to the understanding of Co ordinates and other attributes of diamond drillholes are
Information the exploration results including a tabulation of the following included in Table 1.
information for all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level – elevation above sea level
in metres) of the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
_Person should clearly explain why this is the case. _
Page 9

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria JORC Code explanation Commentary
Data In reporting Exploration Results, weighting averaging Exploration results are weight average where applicable, no
aggregation techniques, maximum and/or minimum grade truncations (eg cut-off grade applied.
methods cutting of high grades) and cut-off grades are usually Material
and should be stated.
Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and
some typical examples of such aggregations should be shown
in detail.
The assumptions used for any reporting of metal equivalent
_values should be clearly stated. _
Relationship These relationships are particularly important in the reporting of
All intercepts reported are measured in down hole metres.
between Exploration Results.
mineralisatio If the geometry of the mineralisation with respect to the drill
n widths and hole angle is known, its nature should be reported.
intercept
lengths
If it is not known and only the down hole lengths are reported,
there should be a clear statement to this effect (eg ‘down hole
length, true width not known’).
Diagrams Appropriate maps and sections (with scales) and tabulations of Suitable summary plans have been included in the body of the
intercepts should be included for any significant discovery report.
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate sectional
_views. _
Balanced Where comprehensive reporting of all Exploration Results is Not required at this stage.
reporting not practicable, representative reporting of both low and high
grades and/or widths should be practiced to avoid misleading
_reporting of Exploration Results. _
Other Other exploration data, if meaningful and material, should be Ni sulphides (1.35m @ 0.54% Ni from 93.35m 14KLD01;3m @
substantive reported including (but not limited to): geological observations; 0.49% Ni from 88m – includes 1m @ 0.65% Ni and 1m @
exploration
data
geophysical survey results; geochemical survey results; bulk
samples – size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical and rock
0.52% Ni from 99m) reported in previous RC drill hole (KLC21)
nearby. No DHTEM reported.
characteristics; potential deleterious or contaminating
_substances. _
Further work The nature and scale of planned further work (eg tests for Down hole TEM (DHTEM) is proposed.
Page 10

==> picture [829 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Criteria JORC Code explanation Commentary
lateral extensions or depth extensions or large-scale step-out Further DD drilling to define continuity of nickel sulphide
drilling). mineralization within the komatiite host rock pending results of
Diagrams clearly highlighting the areas of possible extensions, the DHTEM.
including the main geological interpretations and future drilling
_areas, provided this information is not commercially sensitive. _
Criteria JORC Code explanation Commentary
lateral extensions or depth extensions or large-scale step-out Further DD drilling to define continuity of nickel sulphide
drilling). mineralization within the komatiite host rock pending results of
Diagrams clearly highlighting the areas of possible extensions, the DHTEM.
including the main geological interpretations and future drilling
_areas, provided this information is not commercially sensitive. _

==> picture [602 x 109] intentionally omitted <==

Page 11

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

Appendix 2 – Drill Hole Location Data

Hole_ID NAT_East NAT_North NAT_RL Max_Depth Dip Azimuth
14KLDH02 395163 6460218 312 396 -58 57
14KLDH05 395557 6460082 297 341 85 300
-
14KLDH06 395198 6460314 303 In Proress -65 128
g

Appendix 3 – Key element assays 14KLDH02 extension and 14KLDH05

Hole_ID mFrom mTo Co_ppm Cr_ppm Cu_ppm Mg_pct Ni_ppm
14KLDH02 230 230.3 27 1226 55 9.8828 1636
14KLDH02 230.3 230.5 91 1460 356 7.2205 2072
14KLDH02 230.5 230.8 70 2198 246 8.9932 2826
14KLDH02 230.8 231 239 1333 856 7.7804 4892
14KLDH02 231 232.9 85 814 66 16.596 2019
14KLDH02 232.9 233.2 406 862 3573 4.6494 5384
14KLDH02 233.2 234.6 112 721 108 17 3202
14KLDH02 234.6 237.6 109 887 124 17.746 2911
14KLDH02 237.6 240.1 117 843 203 18.832 3202
14KLDH02 240.1 242.7 89 1179 45 17.463 2099
14KLDH02 242.7 244.4 228 1489 245 6.0817 5056
14KLDH02 244.4 245.7 71 455 172 3.8413 1059
14KLDH02 245.7 250 SNR SNR SNR SNR SNR
14KLDH02 250 251.9 87 2094 30 10.487 1569
14KLDH02 251.9 253.5 49 440 77 1.8824 497
14KLDH02 253.5 258 71 1078 64 6.8168 930
14KLDH02 258 262 154 1780 52 8.0682 2722
14KLDH02 262 262.4 71 636 21 2.5291 942
14KLDH02 262.4 265.3 82 1449 33 12.47 1268
14KLDH02 265.3 267.4 68 1133 38 5.6616 955
14KLDH02 267.4 268.9 26 261 74 1.9565 197
14KLDH02 268.9 270 67 886 79 3.8175 678
14KLDH02 270 271.8 30 228 53 1.8746 174
14KLDH02 271.8 275 64 843 13 8.524 811
14KLDH02 275 279 86 1332 50 14.693 1477
14KLDH02 279 283 89 1146 18 17.121 1749
14KLDH02 283 287 94 1170 20 16.976 1912
14KLDH02 287 290 111 1250 45 11.046 2027
14KLDH02 290 293.1 103 1486 58 9.182 1653
14KLDH02 293.1 294.7 82 2016 103 10.318 905
14KLDH02 294.7 296.9 92 2190 48 13.448 1204
14KLDH02 296.9 297.3 25 190 72 1.4288 205
14KLDH02 297.3 298 126 2351 73 5.7555 1814
14KLDH02 298 298.2 66 697 287 1.9223 592
14KLDH02 298.2 300.2 95 2149 71 9.5599 1306
14KLDH02 300.2 304 102 2165 63 9.0124 1330
14KLDH02 304 306.3 152 2887 57 6.7287 1629
14KLDH02 310.1 314 135 3150 8 5.4281 2141
14KLDH02 314 318 136 3597 9 5.7072 1997
14KLDH02 318 322 141 3498 4 5.5629 2283
14KLDH02 322 326.5 163 3746 3 5.686 2624
14KLDH02 326.5 326.7 155 7462 8 5.5837 2160
14KLDH02 326.7 329 147 6942 14 4.8577 1863
14KLDH02 329 333 138 3915 29 5.9107 1266

Page 12

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

14KLDH02 333 337 115 2558 85 5.2215 1253
14KLDH02 337 338.7 100 2156 226 5.9391 919
14KLDH02 338.7 342 96 2914 70 5.5613 1035
14KLDH02 342 346 98 2919 81 4.4696 987
14KLDH02 346 350 143 3153 62 4.7085 2220
14KLDH02 350 354.1 123 3088 71 4.6991 1683
14KLDH02 354.1 355 33 669 34 0.8829 452
14KLDH02 355 355.3 97 2670 461 5.1031 943
14KLDH02 355.3 356 138 3123 261 5.1627 1212
14KLDH02 356 357.5 91 3135 212 3.7517 1020
14KLDH02 357.5 361 171 227 1286 1.0907 772
14KLDH02 361 364.4 151 116 1158 1.0568 737
14KLDH02 364.4 366 112 2916 145 4.0925 1264
14KLDH02 366 369 101 2823 53 5.5222 1175
14KLDH02 369 369.2 51 1505 26 3.4539 613
14KLDH02 369.2 369.9 157 6264 20 7.544 1617
14KLDH02 369.9 373 100 2436 35 9.0435 1634
14KLDH02 373 375.6 111 2151 55 10.647 1973
14KLDH02 375.6 377.5 206 4124 186 10.146 2953
14KLDH02 377.5 381 78 1420 34 11.772 1449
14KLDH02 381 385 83 1360 37 12.833 1622
14KLDH02 385 389 100 2704 101 10.993 1384
14KLDH02 389 393 93 2013 57 12.662 1602
14KLDH02 393 396.2 76 1411 41 13.586 1396
14KLDH05 5.8 6 43 376 93 5.9517 135
14KLDH05 14.6 14.8 45 469 139 5.4316 147
14KLDH05 19.5 19.7 47 514 129 5.5646 170
14KLDH05 24.3 24.45 49 586 173 6.8854 178
14KLDH05 29.8 30 52 526 226 7.0042 200
14KLDH05 33.1 33.3 52 540 133 7.1182 190
14KLDH05 38.1 38.3 47 632 118 6.0142 163
14KLDH05 41.8 42 48 586 96 6.5249 161
14KLDH05 49.2 49.4 48 592 65 6.3449 139
14KLDH05 52.8 53 45 610 60 5.8084 130
14KLDH05 55.5 55.7 59 692 44 7.706 162
14KLDH05 61.6 61.8 63 892 44 9.0589 190
14KLDH05 66.3 66.5 51 756 51 7.2822 153
14KLDH05 72.2 72.4 57 716 46 8.1623 174
14KLDH05 78.1 78.3 65 971 29 9.7146 210
14KLDH05 81.2 81.4 65 790 33 9.4516 206
14KLDH05 86.1 86.3 58 673 62 8.07 176
14KLDH05 92.7 92.9 59 684 67 8.4818 184
14KLDH05 98.4 98.6 55 662 52 8.0655 170
14KLDH05 102.2 102.4 60 687 66 8.7464 188
14KLDH05 107.3 107.5 62 750 65 9.152 195
14KLDH05 111.6 111.8 63 892 46 9.4048 195
14KLDH05 118.2 118.4 64 995 23 9.8492 209
14KLDH05 122.7 122.9 58 840 90 8.7079 183
14KLDH05 127.1 127.3 46 409 124 5.6792 136
14KLDH05 132.1 132.2 47 323 94 5.0488 114
14KLDH05 136.6 136.8 48 425 103 5.5857 122
14KLDH05 140.8 141 49 382 97 5.4069 129
14KLDH05 145.6 145.8 41 274 111 4.5815 94
14KLDH05 152 152.2 42 443 99 4.848 113
14KLDH05 158.8 159 44 459 25 4.9205 128
14KLDH05 162.1 162.3 42 349 38 4.0208 95
14KLDH05 166.1 166.3 38 314 37 4.5547 87
14KLDH05 172 172.2 45 429 75 5.4472 109
14KLDH05 176 176.2 56 684 60 7.2491 154
14KLDH05 182 182.2 56 755 91 7.4947 167

Page 13

==> picture [596 x 56] intentionally omitted <==

----- Start of picture text -----

Matsa Resources Limited
----- End of picture text -----

14KLDH05 186.5 186.7 66 1106 151 9.304 291
14KLDH05 191.7 191.9 47 364 113 4.6445 113
14KLDH05 198.1 198.3 52 864 71 7.0913 172
14KLDH05 203.1 203.3 52 600 202 5.9625 212
14KLDH05 208.2 208.4 61 943 67 7.6815 209
14KLDH05 212.3 212.5 69 1136 105 8.4351 263
14KLDH05 216.8 217 59 1025 89 7.879 204
14KLDH05 223.6 223.8 68 1234 66 9.7094 247
14KLDH05 224.4 228 62 1178 57 9.2974 240
14KLDH05 228 232 60 1130 53 9.346 240
14KLDH05 232 236 59 1079 71 9.2074 241
14KLDH05 236 239.2 63 999 64 9.2513 244
14KLDH05 239.2 244 60 904 69 8.308 223
14KLDH05 244 248 52 766 67 7.1908 187
14KLDH05 248 249 54 748 26 7.2842 186
14KLDH05 249 249.8 34 276 763 4.4546 94
14KLDH05 249.8 250.4 349 112 526 1.2987 670
14KLDH05 250.4 251 57 56 431 1.5279 85
14KLDH05 251 251.3 290 71 1748 0.8902 574
14KLDH05 251.3 252 145 140 256 1.0436 279
14KLDH05 252 253 150 425 678 0.8154 607
14KLDH05 253 253.4 8 56 15 0.1281 106
14KLDH05 253.4 254.3 237 4489 87 6.0393 5033
14KLDH05 254.3 254.8 58 340 243 0.6058 1220
14KLDH05 254.8 255.5 262 551 1011 1.5689 1029
14KLDH05 255.5 256.1 243 1546 416 3.694 1091
14KLDH05 256.1 258 174 1853 559 3.9434 1096
14KLDH05 258 261 128 2972 97 4.9651 1422
14KLDH05 261 263.3 118 2915 117 5.2232 1376
14KLDH05 263.3 265 14 589 11 0.5541 159
14KLDH05 265 265.2 162 6023 118 6.9418 1878
14KLDH05 265.2 265.8 21 617 22 0.9509 243
14KLDH05 265.8 267.8 136 2810 117 4.5345 1823
14KLDH05 267.8 270 92 1202 40 13.536 1742
14KLDH05 270 272 85 1110 34 14.59 1715
14KLDH05 272 274.2 83 978 38 13.381 1655
14KLDH05 274.2 276 108 1608 55 9.1276 1725
14KLDH05 276 277.7 184 4851 63 4.2079 2515
14KLDH05 277.7 279.8 80 1485 61 3.7534 891
14KLDH05 279.8 280.4 135 3031 13 8.7366 1526
14KLDH05 280.4 281.7 56 703 115 2.941 406
14KLDH05 281.7 282.8 77 195 350 0.886 248
14KLDH05 282.8 284.7 56 80 296 0.9681 187
14KLDH05 284.7 286.4 81 1665 57 10.062 990
14KLDH05 286.4 288.3 48 123 295 0.7586 209
14KLDH05 288.3 290 92 1759 103 8.8777 1079
14KLDH05 290 293 79 1307 77 7.2468 682
14KLDH05 293 295.5 88 1592 51 8.5656 554
14KLDH05 299.8 300 95 2275 54 16.152 1529
14KLDH05 301.5 301.7 90 1613 43 15.989 1647
14KLDH05 306.6 306.8 97 2319 125 15.44 1988
14KLDH05 311.8 312 93 1738 31 15.906 1773
14KLDH05 318 318.2 87 1263 23 14.738 1702
14KLDH05 322.5 322.7 92 1634 42 14.284 1611
14KLDH05 328 328.2 93 1381 -1 10.984 1822
14KLDH05 333.6 333.8 161 3990 21 4.8872 2527
14KLDH05 339.3 339.5 90 1447 11 13.194 1779
14KLDH05 342.6 342.8 177 3020 58 4.4106 3145

Page 14