MAT - Matsa Resources

Trading halt pending the announcement of a proposed capital raising. Wonder how the market will react to a new capital raising about 5-6 weeks after the share purchase plan closed?

McCoy Pauley said:

Trading halt pending the announcement of a proposed capital raising. Wonder how the market will react to a new capital raising about 5-6 weeks after the share purchase plan closed?

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Well, let's hope they have some agreement to start processing and the capital raising is to expedite that.

In light of the Chairmans comments in the Oct 09 Annual Report, (below) and comments last Dec that they had enough to advance the Norsman gold project, I'm guessing that it's either a ramping up of that gold processing plan or possibly to start evaluation of their iron ore projects either in Thialand or Aus.

• The identification and implementation of a model for the development of small scale high grade mining opportunities
  which can be brought into production quickly and provide immediate cash flow benefits to the Company. We are extremely
  pleased to have been able to quickly identify two opportunities for small scale mining on the Norseman tenements which
  when combined can deliver in excess of 40,000 ounces of gold during a 12 month period and produce healthy profits, even
  without the benefit of owning a mill. Of significance is that the Company has already identified several opportunities for the
  development of other small scale high grade mines to complement the strategy in the ensuing years.

• The introduction of opportunities to develop a second significant project for the Company within Australia or in South East
  Asia. We have identified several opportunities in Australia and South East Asia which complement the existing capabilities
  of the Company’s talent pool and experience.

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If it's anything other than the Norseman project I think I'll jump ship here.

This company is showing worrying signs of trying to become just a little too big, too quickly, for my liking. Today Norseman, tomorrow the World?

Matsa to do a deal with a Chinese Group.

The SP has a jump so I've bailed out at almost evens. Not a bad result considering that at one stage I was staring down the barrel of a 75% loss.

Good luck to holders.

A big buy order (400,000) entered at .32 yesterday morning with only 1,598 taken up before others out bid at .325 and no volume in a hurry to sell.

Interesting to see what news develops in the next few days.

I am not across MAT but a research report lobbed in my inbox, so for those interested.
http://www.breakawayresearch.com/breakaway_research_matsa_resources_update

Key Points
● JV agreement at Mt Henry with Panoramic Resources provides cash injection for Matsa while retaining a 30% free carry through the BFS
● Liquid assets (cash + shares) now greater than current market cap
● Additional exploration potential at Mt Henry with drilling to commence imminently
● Nearby Dundas iron ore project has +300Mt potential
● Thailand projects provide longer term opportunities

Matsa Accelerates Exploration in Response to Nova Discovery by Sirius Resources NL

-Matsa’s Symons Hill application covers 96km² within two kilometres of Sirius Resources NL’s tenement containing the recently announced Nova Discovery.
-The Nova discovery hole is reported close to a SSW trending fault (Symons Hill Fault) which can be seen in aeromagnetic data to extend into Matsa’s tenement. Matsa believes that this potential structural link is significant. -Matsa to commence exploration in proximity to the highly prospective Symons Hill Fault and other identified targets.
-Matsa’s strong financial position will fund the aggressive Symons Hill exploration program.

springhill said:

... Matsa’s Symons Hill application covers 96km² within two kilometres of Sirius Resources NL’s tenement containing the recently announced Nova Discovery. ...

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"Communist with knife and fork wishes to meet with a capitalist with steak and kidney pie!"

Keep an eye on MAT over the next week or so. As part of their cap raising it was mentioned project acquisition is on the cards, there may even be news from Symonds Hill.

MAT in trading halt pending release of results from Symonds Hill

Strong Nickel in Aircore Drilling at Symons Hill, Fraser Range

Highlights
Strongly anomalous nickel values received, up to 0.68% Ni within the 2km long SHG02 soil geochemical anomaly at Symons Hill Nickel rich saprolite and weathered gabbro at least 0.8km long and up to 300m wide intersected by recent aircore drilling
Nickel rich zone of interest open along strike and at depth and is partly coincident with ground EM conductor Plate3
Nickel values of similar tenor to reported early exploration results in weathered profile at Nova/Bollinger
Geology at SHG02 is interpreted to be favorable for associated nickel sulphide mineralisation at depth based on the Voisey’s Bay and Nova/Bollinger models
Diamond and RC and further aircore holes being planned as a result of this encouraging aircore programme
Matsa Resources Limited (“Matsa” or “the Company” ASX:MAT) advises that assay results from 71 first-pass aircore drill holes, which commenced on the 12th August 2013 have been received. These results relate to 10 lines of aircore drillholes for a total of 2,615m completed over soil geochemical targets SHG01, SHG02, SHG04 and SHG06

New Nickel and Copper Anomalies at Symons Hill
Highlights

* 5 new bedrock Ni and Cu geochemical anomalies identified by aircore drilling, significantly increasing the opportunities for Ni-Cu sulphide mineralisation at Symons Hill.
* MLEM survey underway to better define a potential deep conductor directly underlying previously announced strong Ni enrichment (up to 1.1% Ni) in weathered olivine metagabbro at SHG02.
* 14,400m aircore drilling programme is 60% complete with 223 drillholes completed to date.
* 3 new bedrock Ni and Cu anomalies (SHG07 – SHG09) which were not previously detected by soil sampling returned handheld XRF results as follows:
SHGO7 - Ni value of 669ppm Ni and 177ppm Cu
SHG08 - Ni value of 469ppm Ni and 165ppm Cu
SHG09 - Cu value of 243ppm Cu identified beneath transported cover north of SHG01.

* 2 new bedrock Ni and Cu anomalies were discovered which coincide with soil geochemical targets SHG04 and SHG05 as follows:
* SHGO4 – elevated Ni and Cu values in 7 drill holes (including coincident values of 598 ppm Ni and 445ppm Cu) identified in interpreted fold closure in metagabbro unit.
* SHGO5 - elevated Cu values (maximum 359ppm Cu) in three drillholes at SHG05 on aircore lines spaced 400m apart
* Ground EM surveys over VTEM targets VA1 and VA2 are complete with surveying underway at VTEM target VA15. Drill targets have been developed at VA1 and VA2.
* Planning underway for deep drilling by integration of drilling results with detailed geophysical data (EM, Gravity and Aeromagnetics)

Link to the latest MAT presentation.
http://www.asx.com.au/asxpdf/20140303/pdf/42n3ys1ftx67ch.pdf

MAT took a nice stroll from 22.5c up to 29.5c today, closing at 29c, on the back of the following;

High Priority Nickel-Copper Target at SHG02 Symons Hill
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 @ 0.27% Ni, 43ppm Cu) in unweathered olivine metagabbro which contains trace disseminated sulphides
- Target also directly beneath strongly enriched Ni (12m @ 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
@ 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)

Second High Priority Nickel-Copper Target (SHG03) Symons Hill

Highlights

● A second Ni-Cu target identified at Symons Hill also with potential for sulphide mineralisation at SHG03, planning for immediate diamond drilling underway
● Target directly beneath significantly enriched aircore Ni values (13m @ 1.52% Ni, 0.01% Cu, 0.04% Co) in weathered olivine metagabbro
● Target is along strike of high RC Ni values (56m @ 0.39% Ni, 0.02% Cu) extending into unweathered olivine metagabbro
● Similar to SHG02, the chargeability anomaly at SHG03 may be caused by disseminated sulphides including Ni-Cu sulphides

Third New High Priority Nickel-Copper Target Symons Hill

Highlights

- A third high priority target at Symons Hill with potential for Ni-Cu sulphide mineralisation defined within the Gloucester Corridor.
- 2 steeply east dipping conductor plates identified immediately adjacent to and along strike from strongly enriched Ni values at SHG11 at depths of 125m below surface to a depth of 800m, giving the target a depth extent of ~675.
- High priority target lies within the Gloucester Corridor along strike from recently announced high aircore Ni values at SHG11. (4m @ 0.72% Ni, 0.026% Cu, 0.030% Co to BOH)
- Diamond drilling is planned to test target at a depth of ~250m vertical depth below surface with provision for further target definition by downhole EM surveys.

MAT - nice bullish candle close on it's high @ .155c (+6.9%)
Stochastic Oscillator
%K(14,3): 80.0+ %D(3): 73.3+
RSI (14) : 50.0+

http://au.investing.com/equities/matsa-resources-ltd (shows most indicator's have turned bullish)

MAT has 144m shares on issue, holds cash, receivables and liquid assets of $9 million at end of March quarter & no debt. Top 20 hold about 52.15% of all shares on issue.

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21/06/16 Matsa Resources Limited (MAT) is pleased to announce that an Induced Polarisation (IP) survey has commenced today at the Killaloe project located 25km NW of Norseman.

The survey will test 5 gold targets which lie within and adjacent to an interpreted structural/stratigraphic gold corridor extending to the SE from S2 Resources Ltd’s (ASX:S2R) Polar Bear gold project (Refer MAT ASX announcements dated 21st April 2016 and 25th May 2016).

The IP survey will be carried out in E63/1018 which is a joint venture project between Matsa Resources Ltd and Cullen Resources Ltd (MAT 80%, CUL 20%).

The survey is planned to cover 5 targets (Windy Hill, Cashel, Shinboner North, Shinboner South and Duke) where anomalous gold has been previously intersected in shallow drill holes.


● The gold potential at Killaloe was highlighted by recent announcements made by S2 Resources Ltd (S2R), of high grade gold intersections in their Polar Bear project adjoining the Killaloe project

● The IP survey will cover strongly anomalous gold values including 2m @ 6g/t Au in shallow drill holes, within and adjacent to an interpreted 20km extension of S2R’s Polar Bear gold corridor

● Audio-frequency magneto-telluric (AMT) data will be recovered to measure natural “telluric” signals and will form part of research and development to determine it’s potential to increase the effectiveness of the IP survey


Please dyor as always .................... Cheers tela

27/06/16 Significant IP Results at Killaloe Gold Project!
● 2 significant Induced Polarisation (IP) anomalies identified along strike at the Duke Prospect within the Killaloe project, proximal to recent S2R Nanook discovery,

o Duke IP01 is located at a depth of ~30m to 50m
o Duke IP02 is located at a depth of ~100-150m.

● The IP Duke IPO1 anomaly at the Duke prospect is associated with known gold mineralisation at shallow depth >1g/t Au.

● The survey will now be extended to the south in order to fully define the Duke IP02 anomaly for immediate drilling.

● Only one line completed, a further four gold prospects to be tested under the IP survey following completion of the survey at Duke

Please DYOR .................... Cheers tela

Telamelo said:

27/06/16 Significant IP Results at Killaloe Gold Project!
● 2 significant Induced Polarisation (IP) anomalies identified along strike at the Duke Prospect within the Killaloe project, proximal to recent S2R Nanook discovery,

o Duke IP01 is located at a depth of ~30m to 50m
o Duke IP02 is located at a depth of ~100-150m.

● The IP Duke IPO1 anomaly at the Duke prospect is associated with known gold mineralisation at shallow depth >1g/t Au.

● The survey will now be extended to the south in order to fully define the Duke IP02 anomaly for immediate drilling.

● Only one line completed, a further four gold prospects to be tested under the IP survey following completion of the survey at Duke

Please DYOR .................... Cheers tela

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strong close @ .165c (+17.86%) on gaining volume/momentum and with our aud gold price nudging $1,800oz this one could easily move north of .20c+ very quickly imo

Cash and Liquid assets calc
Cash - $1,578,000 as of 31st March 2016
Expected spending is $988,000 this qtr leaving about $600,000 remaining

Assets
BNR - 174mil / 27.37% = 47,625,000 * 0.072 = $3,428,000
MLX – 4 mil shares * 1.43 = $5,720,000
PAN – 6mil shares * 0.12 = $720,000
PNR – 4.425mil shares * 0.125 = $555,000

Liquid Assets – 10.423mil and Cash 600k

Total Assets – 11mil

Please dyor as always........ Cheers tela

Matsa are in 'Trading Halt' for assay results at Lake Carey Gold Project.

Quite often, in fact very often, these gold assay results come in with Bonanza Results. The market looks at them and scarcely moves the stock price. Par for the course.

Hopefully I'm wrong this time - I hold quite a lot of stock - however, not confident is the order of the day.

Gold results look to be only significant and no sign of the word Bonanza: http://www.asx.com.au/asxpdf/20170405/pdf/43h9l4n9mg8n3n.pdf

Why they request a Trading Halt beats me on these occasions.