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Matsa Resources Chases Deeper Copper As Siam Geology Unfolds

Matsa Resources (ASX:MAT) has quickly advanced a promising exploration target toward a diamond drilling program to begin this month on the company's Siam copper project in Thailand.

The drilling will test five high-priority induced polarisation (NYSE:IP) anomalies at the project's Siam 1 West prospect, with nine holes planned.

This work will include testing for copper mineralisation associated with copper mineralised float and outcrop at surface.

It is expected to demonstrate that Siam's copper at surface, including a narrow high-grade vein, is related to extensive copper sulphide mineralisation at depth.

Drilling is planned to intersect the target anomaly as close as possible to the projected survey line at a vertical depth of around 150 metres.

The program will total between 1,500-2,300 metres of drilling.

Firming prospectivity

The move to drill has followed rapidly on encouraging preliminary exploration, including an IP program which is expected to be repeated at as many as 20 additional copper targets defined to date.

Last month, Matsa detected five mineralised anomalies up to 500 metres long at Siam, with the IP anomalies located within a previously mapped boundary of copper mineralised float and providing strong support for a copper sulphide source.

A previously discovered 10-centimetre-wide high-grade chalcocite vein with copper values up to 54.6% copper and 148g/t silver is located adjacent to Anomaly 1.

This strongly supports the hypothesis that the chalcocite vein represents "leakage" over more extensive copper sulphide mineralisation at depth.

Anomalies 1-4 with moderate chargeability are located in a generally resistive host rock, and interpreted as possible disseminated copper sulphides.

Anomaly 5 is located in a more conductive host rock and may reflect stronger copper sulphide development.

Significantly, discovery of the anomalies demonstrates that Matsa is able to identify consistent continuous IP responses below the known copper mineralisation received during its maiden IP program.

Siam strengths

Siam has never been explored before and is located around 250 kilometres north of Bangkok.

The project is positioned in the Loei-Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the plus-5 million ounce Chatree gold mine.

Siam's prospecting licences cover strongly anomalous copper values seen in regional stream sediment samples and occupies an area comprised mostly cleared farmland with well-developed infrastructure including all weather roads and power supply.

Thailand is considered a favourable country for mining investment due to its high geological prospectivity, strong legal framework and rule of law, quality of internal infrastructure and well qualified local workforce.


The upcoming drilling at Siam is significant in its potential to confirm the strong suggestions of previous exploration that the targeted area hosts significant copper mineralisation.

This work could prove up Matsa's hypothesis about the depositing of more extensive copper sulphide mineralisation at depth, a geological scenario strongly supported by the presence of moderate IP anomalies at shallow depth.

Newsflow related to the drilling may represent future price catalysts for the company.

Also, it is significant that Matsa was able to identify high-priority targets and mobilise a diamond drilling program in such a short amount of time. Licences at the site were only granted in April of this year.

This demonstration of efficiency and ease of development could prove important as Siam matures.

Matsa is in a solid position to continue pursuing exploration at Siam's promising targets, with a cash and liquid asset holdings of about A$12 million as of the end of September.

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