Matsa Resources (ASX:MAT) - Executive Chairman, Paul Poli
Executive Chairman, Paul Poli
Source: Matsa Resources
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  • Matsa Resources (MAT) identifies anomalous nickel at the Symons Hill Nickel Project at Western Australia’s Fraser Range
  • The company’s joint venture partner, ASX-listed IGO (IGO) is exploring the area under an earn-in agreement to acquire 70 per cent in the project
  • In June, IGO drilled a single diamond hole to test for nickel sulphides, with assays since confirming intersections totalling 95.5 metres of nickel
  • Based on the results, MAT says the area could be fertile for nickel accumulations, with IGO reviewing the assay data to determine next steps
  • Matsa shares closed down 11.3 per cent to 5.5 cents each, while IGO shares closed down 0.11 per cent to $9.51 on August 18.

Matsa Resources (MAT) has received assays revealing anomalous nickel from the Symons Hill Nickel Project in Western Australia’s Fraser Range.

In June, the company’s joint venture partner and ASX-lister IGO (IGO) completed a single diamond drill hole to test for nickel sulphides at the project.

IGO is exploring the area under an earn-in agreement to acquire 70 per cent of Symons Hill.

From the 843-metre hole, IGO intersected a 410-metre-long interval containing blebby and semi-massive sulphides, with assays sent to Perth’s ALS laboratory for analysis.

Now returned, the results reveal the core hole contains numerous intersections totalling 95.5 metres of nickel.

Notably, the two highest single nickel intercepts included one metre at 617 parts per million (ppm) nickel from 66 metres, and 0.3 metres at 645ppm nickel from 577.8 metres.

Meanwhile, a peak copper assay returned 0.45 metres at 1400ppm copper, as well as 507ppm nickel, from 446.1 metres.

According to Matsa, the length of the intersected anomalous material suggests this area could be fertile for nickel accumulations, prompting consideration of possible further drilling.

IGO is reviewing the assay data against geological and geophysical models to determine next steps for exploration.

Matsa shares closed down 11.3 per cent to 5.5 cents each, while IGO shares closed down 0.11 per cent to $9.51 on August 18.

MAT by the numbers
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