Thursday, 26 September 2013
SHARES in Matsa Resources have soared after encouraging nickel hits during drilling at the Symons Hill project in Western Australia’s Fraser Range district, with the company comparing them to the earlier drilling days of Sirius Resources.
Soil sampling at Fraser Range North
Matsa was trading 16.9% higher at A34.5c in morning trade, soon after releasing some assay results from a 71 first-pass aircore drilling program, with strong nickel values of up to 0.68% received.
The Symons Hill project is just south of Sirius’ famous Nova/Bollinger project in the Fraser Range and Matsa is one of a handful of companies trying to replicate that success.
Matsa said the objective of the 71 first-pass aircore drilling undertaken at 100m spacing was to determine the source of soil geochemical anomalies and determine the basement geology, which was concealed by overburden.
A total of 681 samples representing drilled intervals of 1-4m in length were assayed for a suite of elements including nickel and copper, with encouraging results.
“We commenced the aircore program because we believe the key to finding the next Nova/Bollinger deposit is by good old-fashioned geological techniques focusing on soil chemistry, structure and drilling,” Matsa executive chairman Paul Poli said.
Matsa released the highlights, which included 20m at 0.31% nickel, 0.007% copper, 0.028% cobalt from 12m, including 4m grading 0.39% nickel, 0.031% copper and 0.042% cobalt from 16m.
In a separate hole, the company delineated 25m at 0.26% nickel, 0.00% copper, 0.022% cobalt from 8m, including 4m at 0.68% nickel, 0.004% copper and 0.084% cobalt from 20m.
Other results included 4m at 0.41% nickel, 0.008% copper, 0.025% cobalt from 40m; 8m of 0.24% nickel, 0.040% copper, 0.020% cobalt from 44m; and 7m of 0.15% nickel, 0.011% copper and 0.011% cobalt from 36m.
“While we certainly hoped, we did not expect to see such high enrichment of nickel at such shallow depth as what we achieved,” Poli said.
“These results in my mind are so reminiscent to the early results of Sirius, it has really enthused our entire team.
“We are satisfied, we are very well funded and we are all systems go for drilling deep into his area to try and crack the big one.”
Matsa is designing an exploration program comprising induced polarisation surveys, additional aircore drilling, and subsequent reverse circulation and diamond drilling to follow up the encouraging results. It will continue to evaluate the other targets.