MATSA RESOURCES LIMITED LIMITED
ABN 48 106 732 487
ASX Announcement 27th April 2016 Outstanding New Copper Target Paisali Base Metal Project Thailand HIGHLIGHTSA highly prospective soil copper anomaly was identified by auger soil sampling at Chang 1 over an area of ~1km x 1.8km
Results at Chang 1 include strongly anomalous soil Cu values of up to 0.11% Cu
Geochemical zoning is evident in the preliminary data, with a central zone of highly anomalous Cu with supporting Ag and Ni values, surrounded by anomalous Pb, Zn etc. values on the periphery
The presence of a large complex magnetic anomaly, scattered diorite rubble and strongly anomalous copper values within a zoned geochemical anomaly, supports the potential for porphyry or skarn related copper sulphide mineralisation
Step out auger sampling is underway to define the extents of the Chang 1 anomaly which is open to the west and south
Induced polarisation (IP) surveys to commence with drilling of identified IP targets to commence as soon as possible
All provincial government and local government authorities have provided written consent for exploration to proceed
Executive Chairman
Paul Poli Director Frank Sibbel
Director & Company Secretary
Andrew Chapman
Shares on Issue
144.15 million
Unlisted Options
8.44 million @ $0.25 - $0.40
Top 20 shareholders
Hold 52.15%
Share Price on 26 April 2016
17 cents
Market Capitalisation
$24.48 million
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Matsa Resources LimitedMatsa Resources Limited ("Matsa" or "the Company" ASX:MAT) is pleased to provide an update on its exploration activities in the Paisali Base Metals Project in Central Thailand. These results relate to a new target located in Nakhon Sawan province, 50 kilometres from Matsa's Siam 1 and Siam 2 targets (which are located in the province of Petchabun).
Results have been received for 60 follow-up auger soil samples in an area where Matsa had previously detected highly anomalous copper values of up to 795ppm Cu, in wide spaced reconnaissance soil samples (Refer MAT announcement to ASX 30th July 2015). Auger soil samples have defined a soil copper anomaly (now called Chang 1), with values of up to 1100ppm Cu, which remains open to the west and south (Figure 1). Chang 1 can be seen to be located in a district of mostly private farmland. While underlying bedrock is mostly concealed by soil cover, field observations were made of sparse exposures of deeply weathered diorite in shallow (
Matsa Executive Chairman, Paul Poli commented "We are very excited to have made this new discovery which potentially represents a new copper district in addition to our Siam Copper project. We expect to be drilling this target during the June quarter and I am hopeful that we will make a significant copper discovery".
A total of 60 soil auger samples were collected on a staggered 200m grid to follow up earlier reconnaissance soil samples (Figure 1). A description of sampling and assay procedures is included in Appendix 1.
Figure 1: Chang 1 copper anomaly and sample locations on satellite image showing farmland setting.
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Matsa Resources LimitedResults from the 60 soil auger samples and the earlier wide spaced soil samples at Chang 1 can be seen to define a broad ~1km x 1.8km copper anomaly as defined by an interpretative 200ppm contour which remains open to the west and the southwest.
Samples were assayed using a 4 acid digest for a suite of 35 elements. Selected elements are displayed in Figure 2 and summary statistics (value ranges, percentiles etc.) for selected elements are summarised in Appendix 2.
At Chang 1 there is a clear zonation where elements such as copper, silver, nickel are elevated in a central zone, while elements such as zinc, lead, barium, iron and manganese are elevated away from the centre. This geochemical zonation pattern at Chang 1 is distinctly characteristic of a hydrothermal system. Hydrothermal systems are associated with ore deposits worldwide and are an important ore forming process within the Loei-Ko Chang belt where Chang 1 is located. Examples include porphyry-copper and skarn mineralisation at Puthep near Loei, Thailand and Phu Kham in Laos.
Multi-element assay data over Chang 1 can be seen in Figure 2, to display well-defined geochemical zonation. The zonation at Chang 1 can be simply expressed as copper and silver bearing minerals being formed close to the centre of the system while iron, manganese, lead and zinc remain dissolved. These subsequently come out of solution to form minerals in the outer parts of the hydrothermal system.
Figure 2: Chang 1: Gridded multi-element assay data overlain by interpreted boundary of values >200ppm Cu
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Matsa Resources LimitedThe Chang 1 soil copper anomaly can also be seen to be located close to the centre of a large complex magnetic anomaly as shown in Figure 3.
Figure 3: Outline of 200ppm Cu contour at Chang 1 on regional Total Magnetic Intensity (TMI) image
As discussed above, results to date are interpreted to reflect the presence of hydrothermal copper sulphide mineralisation at shallow depth under soil and alluvial cover at Chang 1. Furthermore, the presence of the complex magnetic anomaly underlying Chang 1 is interpreted to reflect an associated intrusion which may have acted as a source of heat and possibly fluids for the mineralised hydrothermal system.
In summary, the interpretation is based upon the following preliminary results and observations:
highly anomalous copper values;
weathered diorite in shallow excavations;
geochemical zoning with an inner Cu, Ag, etc. rich zone and an outer Pb, Zn, Mn etc. zone; and
Coincidence with a complex aeromagnetic anomaly.
Matsa has commenced planning an IP survey to be carried out as soon as possible, as a means to focus drilling on targets interpreted to be copper sulphide mineralisation. Further sampling has commenced over and adjacent to Chang 1 in order to close off the soil copper anomaly and to potentially detect additional mineralisation nearby. All provincial government and local government authorities have provided written consent for exploration to proceed.
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Matsa Resources Limited issued this content on 27 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 April 2016 00:36:35 UTC
Original Document: http://www.matsa.com.au/download/504
