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MATSA RESOURCES LIMITED Regulatory Filings 2016

Nov 23, 2016

65296_rns_2016-11-23_f6ef18ae-a795-43e5-8950-53e3e90ad4ab.pdf

Regulatory Filings

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Matsa Resources Limited
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LIMITED ABN 48 106 732 487

ASX Announcement

24[th] November 2016

Significant Copper Intercept at Chang 1 Paisali Base Metals Project Thailand

Highlights

  • A significant copper intercept of 22m @ 0.4% Cu from 106m within a broader intercept of 48m @ 0.29% Cu from 104m (16SCDD007) at Chang1

  • This intercept confirms the potential for economic copper mineralisation associated with an altered diorite intrusion underlying a large (~1.8km x 1.2km) soil copper anomaly

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Director

Frank Sibbel

Director & Company Secretary

  • Copper mineralisation is in the form of disseminated chalcopyrite and covellite in association with magnetite and lesser pyrite

  • An initial diamond drill programme comprising 6 diamond holes was completed recently with assays for a further 2 drill holes awaited

  • Further diamond drilling is planned for early 2017 once detailed infill ground magnetic surveys have been completed

Andrew Chapman

Shares on Issue

144.70 million

Unlisted Options

6.90 million @ $0.25 - $0.30

Top 20 shareholders

Hold 54.78%

Share Price on 23 November 2016

22.5 cents

Market Capitalisation

$32.56 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

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Matsa Resources Limited
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Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to provide an update on its Paisali base metals project where a 6 hole diamond drilling programme for a total of 1,060m has now been completed. Drilling was carried out to test several targets associated with a large (1.8km x 1.2km) soil copper geochemical anomaly. The soil copper anomaly which overlies a complex magnetic feature is interpreted to reflect the presence of an altered and copper mineralised diorite intrusion. (Refer MAT announcements to the ASX dated 26[th] April 2016, 29[th] April 2016, 29[th] July 2016, 26[th] August 2016, and 31[st] October 2016).

Diamond Drilling

A total of 6 diamond drill holes have been completed for 1,060 metres (Figure 1).

(A description of diamond drilling procedures and sampling and assay protocols is included in Appendix 1. Drill hole collars are summarised in Appendix 2.)

Assay Results

Assay results for drill holes 16SCDD005 and 16SCDD007 have been received (Table 1) and include the following highly anomalous copper intercept in drillhole 16SCDD007:

22m @ 0.4% Cu from 106m within a broader intercept of:

48m @ 0.29% Cu

This intercept is located in close proximity to peak soil copper values in the large soil geochemical anomaly (Figure 1). Hole 16SCDD005 which is also located close to peak soil anomaly returned an intersection of 17.7m at 0.22%Cu from 94.3m.

The intercept in hole 16SCDD007 confirms the potential for economic copper mineralisation associated with an altered diorite intrusion underlying a large (~1.8km x 1.2km) soil copper anomaly. There are mines currently operating at these grades in South America.

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Figure 1: Chang 1 Prospect Diamond Drill Holes on soil copper image

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Matsa Resources Limited
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Copper mineralisation was observed in diamond drill core to be associated with sheared and hydrothermally brecciated diorite with accompanying chalcopyrite, covellite, magnetite and lesser pyrite as well as quartz and carbonate veining. Silica and K-feldspar alteration with associated carbonate and biotite is also present. Higher grade copper mineralisation is interpreted to be controlled by faults which have had the effect of focusing mineralised hydrothermal fluids. The distribution of copper in soils appears to reflect these mineralised structures.

The associated complex magnetic anomaly underlying the anomalous soil geochemistry appears to be reflecting strongly developed magnetite alteration in the underlying intrusion. The presence of intense magnetite alteration can be a characteristic of intrusion related hydrothermal mineralisation styles, including skarns and iron oxide copper gold (IOCG) systems. Samples have been submitted for petrographic analysis in order to shed more light on the likely mineralisation style.

Further infill soil sampling and ground magnetics with the aim of identifying and better defining important structural features is planned before further drilling takes place.

A summary of intercepts >0.1% Cu are shown in Table 1. Assays for 16SCDD006 and 16SCDD008 are pending. Assays for holes 16SCDD003 and 16SCDD004 were reported in ASX release of 31[st] October 2016.

Hole ID from to m %Cu
16SCDD005 24 112 88 0.12
including 24 58 34 0.12
and 62 65.4 3.4 0.11
and 67.9 72 4.1 0.13
and 84 88 4 0.14
and 94.3 112 17.7 0.22
16SCDD007 88 96 8 0.14
104 152 48 0.29
including 106 128 22 0.40
156 158 2 0.14
160 166 6 0.12

Table 1: Chang 1 Prospect Drill Holes 16SCDD005 and 16SCDD007 Assay intercepts >0.1% Cu

Matsa’s Executive Chairman, Paul Poli noted, “I am greatly encouraged by this excellent result which confirms the high prospectivity of this area for new copper deposits and provides strong motivation for the Company to proceed with its aggressive exploration programs in Thailand”.

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

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Matsa Resources Limited
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Competent Person Statement

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 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.

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Matsa Resources Limited
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Appendix 1: JORC Code, 2012 Edition – Table 1 report

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, or Diamond drill core Chang 1, Siam 1 (Thailand). Core is split with
techniques specific specialised industry standard measurement tools appropriate diamond saw ensuring representivity and sampled based on intervals of
to the minerals under investigation, such as down hole gamma 2m where visible mineralisation is noted. Occassionally at geological
sondes, or handheld XRF instruments, etc). These examples should discretion, sampling to a geological boundary rather than a 2m interval is
not be taken as limiting the broad meaning of sampling. conducted. Core is 1/2 cut providing approximately a 4kg sample for
Include reference to measures taken to ensure sample representivity assaying.
and the appropriate calibration of any measurement tools or systems
used.
Aspects of the determination of mineralisation that are Material to the
Public Report.
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, rotary air Triple tube diamond drilling at Chang 1. Core oriented using Camteq
techniques blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple camera.
or standard tube, depth of diamond tails, face-sampling bit or other
_type, whether core is oriented and if so, by what method, etc). _
Drill sample Method of recording and assessing core and chip sample recoveries Diamond drilling core is measured and recorded as a percentage of
recovery and results assessed. drilled metres with visual check of lost core intervals.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.
Whether a relationship exists between sample recovery and grade
and whether sample bias may have occurred due to preferential		 Mineralisation in the form of disseminated sulphides, unlikely to be
biased significantly by minor core loss.
loss/gain of fine/coarse material.
Logging Whether core and chip samples have been geologically and Diamond core Chang 1 and Siam 1. Geology, orientation, structure,
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Matsa Resources Limited
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Criteria JORC Code explanation Commentary
geotechnically logged to a level of detail to support appropriate magnetic susceptibility, photography, selected samples are submitted for
Mineral Resource estimation, mining studies and metallurgical petrographic analysis. The level of detail is sufficient to provide a robust
studies. geological model of mineralisation.
Whether logging is qualitative or quantitative in nature. Core (or Logging is typically qualitative to semi-quantitative in nature.
costean, channel, etc) photography.
The total length andpercentage of the relevant intersections logged.		 Core is logged over 100% of its length.
Sub- If core, whether cut or sawn and whether quarter, half or all core Diamond Core Chang1 and Siam 1, core is split in half with half marked
sampling taken. up and left in tray and half submitted for assay.
techniques If non-core, whether riffled, tube sampled, rotary split, etc and
and sample
preparation		 whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the
sample preparation technique.		 Every 10thsample is ¼ cut with the second quarter assayed as a
duplicate check of representivity.
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.
Quality of The nature, quality and appropriateness of the assaying and Quality of core at Chang 1 and Siam 1 is assessed on inspection of
assay data laboratory procedures used and whether the technique is considered Laboratory QA QC data.
and
laboratory
tests		 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
Samples are digested by Aqua regia and analysed using ICP-ES. The
laboratory conducts and reports lab duplicates and standards. No bias is
noted.
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) andprecision have been established.
Verification The verification of significant intersections by either independent or Data is maintained in Datashed which is a database system which is
of sampling alternative company personnel. maintained inhouse.
and The use of twinned holes.
assaying Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.		 Logging data is entered in the field to minimize transcription errors,
assay data are loaded electronically.
Location of Accuracy andquality of surveys used to locate drill holes(collar and All drill holes are set upbyhandheld GPS to 3m accuracy. Diamond drill
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Matsa Resources Limited
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Criteria JORC Code explanation Commentary
data points down-hole surveys), trenches, mine workings and other locations holes may be resurveyed on completion using a hired DGPS system.
used in Mineral Resource estimation.
Specification of the grid system used. Drilling in Thailand is located using the Indian Thailand 1975 dataum
Quality and adequacy of topographic control. zone 47.
Data spacing
Data spacing for reporting of Exploration Results.		 Reconnaissance drilling only, not attempting to establish continuity.
and Whether the data spacing and distribution is sufficient to establish the
distribution 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 sampling of Orientation of strike is not confirmed at this stage but inferred to be N or
of data in possible structures and the extent to which this is known, considering NNW with drilling generally E or W striking.
relation to
geological		 the deposit type.
If the relationship between the drilling orientation and the orientation		 No potential bias has been recognised.
structure 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. All core is locked in Matsa’s storage facility.
security
Audits or The results of any audits or reviews of sampling techniques and data.
No audits carried out.
reviews

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 including All exploration at Chang 1 has taken place on a granted SPL.
tenement agreements or material issues with third parties such as joint
and land ventures, partnerships, overriding royalties, native title interests,
tenure status historical sites, wilderness or national park and environmental
settings.
The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.
Exploration Acknowledgment and appraisal of exploration by otherparties. Regional aeromagnetic coverage has been ofgreat assistance in
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Criteria JORC Code explanation Commentary
done by selection of targets for more detailed exploration.
other parties
Geology Deposit type, geological setting and style of mineralisation. Matsa is exploring for intrusion related hydrothermal mineralisation
because of the strong association with magnetics.
Drill hole A summary of all information material to the understanding of the Drillhole information is included in the body of report as well as Appendix
Information exploration results including a tabulation of the following information 2.
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.
Data In reporting Exploration Results, weighting averaging techniques, Intercepts at Chang 1 are quoted on the basis of simple weighted
aggregation maximum and/or minimum grade truncations (eg cutting of high averages.
methods 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 quoted are explicitly downhole depths and not true widths.
between Exploration Results.
mineralisatio If the geometry of the mineralisation with respect to the drill hole
n widths and
angle is known, its nature should be reported.
intercept If it is not known and only the down hole lengths are reported, there
lengths 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 Appropriate diagrams are included in the body of the report
intercepts should be included for any significant discovery being
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Criteria JORC Code explanation Commentary
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 All grade above 0.1%Cu reported.
reporting 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 reported
Driling was based on results from broad soil sampling and ground
substantive including (but not limited to): geological observations; geophysical magnetics. There is no outcrop in the area.
exploration survey results; geochemical survey results; bulk samples – size and
data method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
deleterious or contaminating substances.
Further work
The nature and scale of planned further work (eg tests for lateral		 Infill soil sampling and ground magnetics.
extensions or depth extensions or large-scale step-out drilling).
Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.

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Matsa Resources Limited
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Appendix 2: Chang 1 Diamond Drilling, Collar Locations and survey information
Hole East North RL Azimuth Dip Depth
(m)
16SCDD003 87150 742600 77 270 -60 249.5
16SCDD004 87220 742600 77 90 -60 200.1
16SCDD005 87935 742600 78 270 -60 130
16SCDD006 87980 742800 78 225 -60 186.2
16SCDD007 87533 742803 77 90 -60 168.7
16SCDD008 87032 743202 71 270 -60 125.7

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