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MATSA RESOURCES LTD - ASX: MAT
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Description
Matsa Resources Limited is a mineral exploration and production company based in Western Australia. The Company’s assets are extensive mineral leases that contain defined gold resources and various mineral prospects. The principal project is located in the Norseman region located within the southern part of Western Australia’s Eastern Goldfields and contains a Resource of 1.47 million ounces of gold. The Company is actively evaluating the potential to develop both short-term and long-term cash flow through the development of these resources.
Norseman Gold Project
The Norseman Gold Project covers 124km2 of the southern Norseman-Wiluna Greenstone belt. Norseman is the southern most gold mining centre in the Norseman-Wiluna Greenstone belt and has produced over 5.5 million ounces of gold in continuous operations since 1935. The Norseman project is located in two project areas. The Abbotshall – Mt Henry area extends 10 to 26km south from the centre of town and then extend north-west past the Abbotshall Mine 5km west of Norseman. The Everlasting area is located 8km north-east of Norseman.
During 2007 KBRL completed a number of exploration drilling programs centred on the Mt Henry, Selene, North Scotia, Break o’ Day, Telegraph and Everlasting areas. As a result of this successful exploration program KBRL announced a number of resource upgrades during 2007, 2008 and the final announcement was made in February 2009. In this announcement the company reported a total (JORC) Norseman Gold Project (Indicated and Inferred) resource of 26.5 Mt at 1.7g/t for 1.47 million ounces of gold.
Broad Arrow Gold Project
Matsa owns 100% of the Broad Arrow project, which is centred 38km north of Kalgoorlie and 4km east of the historic gold mining centre of Broad Arrow. The contiguous tenements have an area of 53km2 and are comprised of forty two Prospecting Licenses and four Mining Leases lying along the eastern margin of the Bardoc Tectonic Zone (BTZ) and into the adjacent Scotia-Kanowna Dome monzogranite to the east.
The adjacent Norton Goldfields Limited owned “Golden Cities” project to the north-east within the Scotia-Kanowna Dome comprises a cluster of at least four prospects and resources spread over an area of 20km2 containing supergene laterite hosted mineralisation and primary structurally controlled gold mineralisation in the granite reported to contain over 650,000 ounces.
The area has become a major gold province in a geological setting not previously thought of as having high prospectivity. Previous exploration within the tenure includes regional mapping, surface geochemical sampling and RAB and RC drilling. Drilling within the Broad Arrow project has delineated seven targets.
The project has potential for conventional gold and nickel deposits within the area, as well as previously untested palaeo-channel gold deposits. This style of gold, in ancient river-channels, has been highly profitable for Kalgoorlie miners at the adjacent Lady Bountiful and Mount Pleasant mining centres (approximately 1.25 million ounces). Such deposits are typically difficult to locate and are high grade.
The Company believes that a two-fold exploration strategy can quickly define smaller shallow gold deposits suitable for treatment at the adjacent 3 million tonnes per annum Paddington gold plant, as well as locate potentially substantial resources of palaeochannel and bedrock gold mineralisation.
Mount Vetters Gold Project
The Company has secured a 64.4km2 Exploration Licence located 45 kilometres north-west of Kalgoorlie in the northern part of the Kalgoorlie-Norseman Greenstone Belt. The tenement is wholly underlain by the Cawse Monzogranite and to the east and west are greenstone sequences.
The Cawse laterite nickel mining operation is located immediately west of the tenement and the Ora Banda gold mining centre is located 8 kilometres further to the west.
Gold occurrences occur within 4 kilometres of the tenement at Cawse and Wellington. These historical prospects are both hosted in granitoids and show strong similarities to the Broad Arrow project granitoid mineralisation.
Exposure throughout the tenement is virtually non-existent with a small granite outcrop in the north-east and the remainder is covered by alluvium and quartz-feldspar sands containing granite, greenstone and intrusive float.
Dunnsville Gold Project
The Dunnsville Project consolidates a large tenement holding over a zone of structural complexity within a geological setting favourable for both gold and nickel mineralisation. Matsa’s activities have focused on investigating gold mineralisation related to regional structural lineaments in the central and western parts of the tenure. Previous exploration has returned anomalous nickel intersects from ultramafics in the Dunnsville-Ubini sequence.
Mine For
gold
Location of operation(s)
Western Australia
Address
Suite 11 139 Newcastle Street
PERTH, WA, Australia
Phone
+61 (08) 9230 3555
Website
Last Updated
22/03/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
