Matsa is pleased to announce progress made on the Induced Polarisation (IP) survey which commenced at Killaloe in mid-June 2016.


IP surveys were completed at Duke and Windy Hill gold prospects

Two strong potentially significant new IP anomalies, Duke IP03 and WH IP02 respectively, were identified by the surveys

Both are interpreted to be typical disseminated sulphide IP anomalies with strong chargeability values in resistive rocks possibly reflecting sulphide mineralisation in quartz veins

Additional surveys are planned at Duke and Windy Hill in order to provide targets for immediate drilling

Surveying is currently in progress at Cashel with further lines to be completed at Shinboner

The IP surveys are being carried out in E63/1018, a joint venture between Matsa Resources Ltd and Cullen Resources Ltd (MAT 80%, CUL 20%). The Duke prospect is one of 5 prospects targeted for IP surveys where anomalous gold has been previously intersected by shallow drill holes. The other prospects include Windy Hill, Cashel, Shinboner North, and Shinboner South.

These gold prospects lie in or adjacent to the SE extension of a structural/stratigraphic corridor defining new gold discoveries at Baloo, Monsoon and Nanook within the Polar Bear gold project of S2 Resources Ltd (S2R).

IP surveys are being carried out along lines parallel to the geological strike to explore for disseminated sulphides at depth as a potential vector for primary gold mineralisation beneath widespread anomalous gold values in soil and shallow drillholes.

Anomalous gold intersections to date have mostly been achieved in weathered rocks at shallow depth and provide strong encouragement for potential gold mineralisation in deeper underlying fresh rock.

Survey lines completed include:

line 30000 at Duke has been extended (total line length of 2.5km) to better define Duke IP02 and led to discovery of a new, separate and stronger IP anomaly Duke IP03. All anomalies are located in areas of gold anomalous drilling and soils adjacent to the Duke and Killaloe gold prospects;

line 40000 at Windy Hill comprises a single long line for a total of 3.9km over the area of gold anomalous drill intersections and soils which make up the 3km long Windy Hill gold prospect; and

line 60000 at Cashel is in progress over this prospect where previous shallow drillholes intersected gold values >1g/t Au and up to 9.18g/t.