Matsa Resources Ltd.: High Priority Nickel-Copper Target at SHG02, Symons Hill

(firmenpresse) - High Priority Nickel-Copper Target at SHG02
Symons Hill

8th May 2014

Highlights

· High priority Ni-Cu target identified with potential for sulphide mineralisation at SHG02 close to and along strike from 2 deep complex conductors (+350m depth), planning underway for immediate diamond drilling
· Target directly beneath significantly enriched Ni (108m (at) 0.27% Ni, 43ppm Cu) in unweathered olivine metagabbro which contains trace disseminated sulphides
· Target also directly beneath strongly enriched Ni (12m (at) 0.72% Ni, 108ppm Cu including values up to 1.08% Ni) in weathered olivine metagabbro
· Target lies proximal to strongly enriched Ni values and 2 deep complex conductors
· Scenario presents that the targeted chargeability anomaly at SHG02 may be a disseminated sulphide halo to massive sulphide mineralisation as described in the hanging wall at Nova-Bollinger
· Ongoing assessment and reinterpretation of recent IP and MLTEM data in conjunction with drilling data continues

Matsa is very pleased to report that an IP anomaly has been identified directly below and coincident with strongly enriched Ni values at SHG02. The importance of this chargeability anomaly was highlighted by a detailed interpretation of MLTEM and IP surveys integrated with all other exploration work completed to date at SHG02. The significance of this interpretation can be summarised as follows:

· The presence of IP and EM anomalies in association with strongly enriched Ni values has defined a high priority drill target at SHG02.
· An 8 mV/V chargeability anomaly evident in the IP survey data may reflect the presence of disseminated sulphides (including Ni and Cu sulphides) at depth.
· The anomaly is located directly below strongly Ni enriched aircore results including 1.2% Ni, 0.012% Cu, 0.001% Co (SHAC117) in weathered olivine bearing metagabbro and high Ni values in bedrock including 108m (at) 0.27% Ni, 0.004% Cu (SHRC06) accompanied by trace disseminated sulphides in unweathered olivine metagabbro in the 1.2km long SHG02 target zone.

· If the source of the IP anomaly is disseminated sulphides then this significantly increases the potential for massive sulphides associated with complex conductivity responses directly along strike and at a similar depth at VA15 as recently announced. (MAT announcement to the ASX 28th April 2014),

Executive Chairman and CEO Paul Poli commented Matsa is extremely enthused by the presence of a deep IP target and nearby EM conductors. The combination of impressive Nickel hits at SHG02 with chargeable and conductive anomalies has provided Matsa with an exciting target poised for immediate deeper drilling. We may be seeing a disseminated sulphide halo around one or more bodies of massive sulphide. This development at SHG02 significantly increases the possibility of success and is very exciting for the Symons Hill Project. The Matsa team is assessing a number of other key prospects in the Gloucester Corridor, including SHG03 and SHG11 as we write. We may end up defining several other high quality drill targets within the next week.

http://www.irw-press.at/prcom/images/messages/2014/5218/MatsaResources_080514_PRcom_English.001.png

Figure 1: IP Section 6463800 (SHG02) showing anomaly underlying enriched Ni intersected in Aircore and RC drilling


http://www.irw-press.at/prcom/images/messages/2014/5218/MatsaResources_080514_PRcom_English.002.png

Figure 2: MLTEM Survey SHG02 and Location of IP line 6463800mN

Data Review and Interpretation
A 3D assessment of recently acquired MLTEM and IP survey data in conjunction with aircore and RC drilling is currently underway. (Ground electrical survey procedures including instrumentation survey layout are described in Table 1)

Conclusions to date can be summarised as follows:
· A discrete feature (dark blue hole in Figure 2) evident in late channel MLTEM data was interpreted to be due to the effect of IP responses on EM data. This well defined chargeability anomaly can be seen to coincide precisely with strongly enriched Ni values in olivine bearing metagabbros at SHG02.
· A single 2.1km long IP survey line was completed on line 6463800mN, which was designed to follow up the MLTEM anomaly and confirmed the presence of a moderate strength (8mv/V) IP anomaly at a depth of around 240m.
· This well defined IP anomaly may be caused by disseminated sulphides including Ni and Cu sulphides. It is noteworthy that trace disseminated sulphides were identified in shallow (120m) RC drillholes completed in 2013 at SHG02. (MAT announcement to ASX 19th December 2013)
· Consultant geophysicists SGC confirm that the conventional 2DIP survey anomaly at SHG02 is clearly coincident with reverse/negative polarity, high powered MLTEM anomalism.  The 2DIP transect on 6463800mN has confirmed the polarisation effects at SHG02 as observed in the MLTEM data and also more importantly, has defined that the related IP source is at depth/within-bedrock and not a surficial unit.
· The anomaly immediately underlies strongly enriched Ni values in weathered olivine bearing metagabbro including 12m (at) 0.72% Ni, 0.01% Cu in SHAC117 (Figure 1).
· RC drillholes completed in 2013 to ~100m included broad intercepts of elevated Ni values extending into unweathered gabbro, including 108m (at) 0.27% Ni, 0.0043% Cu in SHRC06. (Figure 1)
· The deep IP anomaly associated with SHG02 is located above and along strike from 2 complex MLTEM conductivity responses at VA15 as reported recently. (MAT announcement to ASX 28th April 2014)
· Both the MLTEM and IP targets have been sufficiently well defined for high priority drilling.


For further Information please contact:

Paul Poli
Executive Chairman

Phone+61 8 9230 3555
Fax+61 8 9227 0370
Emailreception(at)matsa.com.au
Webwww.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 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.

To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/MatsaResources_080514_English.pdf

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Datum: 08.05.2014 - 12:22 Uhr
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News-ID 331260
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