BULLETIN RESOURCES LIMITED — Capital/Financing Update 2021

Feb 10, 2021

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Matsa Resources Limited
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ASX Announcement

11[th] February 2021

Highly Successful Drilling Identifies New 2.4 km Gold Zone Lake Rebecca Gold Project

Highlights

• First aircore drilling at Lake Rebecca gold project (MAT 20%/BNR 80%) produces at least 3 new gold mineralised zones. One zone is already identified at over 2.4km in length

• This new discovery of gold mineralisation at such an early stage of exploration is very significant and opens up strong potential for further discoveries

• Elevated gold grades in saprolite may represent supergene gold above bedrock mineralisation. The discovery of the Rebecca deposit followed from a best result of 3m at 1.95g/t Au within a 0.1g/t gold in saprolite anomaly.

• Extensions of Rebecca style mineralisation was also found 1.2km along strike from the tenement boundary

• Drilling results include:

2m at 2.72 g/t Au

incl. 1m at 4.86 g/t Au

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Director

Frank Sibbel

Director & Company Secretary

Andrew Chapman

Shares on Issue

271.14 million

Unlisted Options

77.78 million @ $0.17 - $0.35

Top 20 shareholders

Hold 56.86%

Share Price on 10[th] February 2021

9.8 cents

7m at 0.73 g/t Au

incl. 1m at 2.03 g/t Au

Market Capitalisation

$26.57 million

3m at 0.75 g/t Au

8m at 0.51 g/t Au

8m at 0.47 g/t Au

4m at 0.48 g/t Au

• Planning is underway to commence RC drilling beneath the new gold zones and follow up along-strike targets

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Matsa Resources Limited (“Matsa” or “the Company” ( ASX: MAT )) is pleased to announce assay results from the first aircore drilling program at the Lake Rebecca gold project which is a joint venture between Bulletin Resources Ltd 80% and Matsa Resources Ltd 20% (BNR/MAT JV), 150km east northeast of Kalgoorlie, Western Australia. The project is immediately along strike of Apollo Consolidated Limited’s (“Apollo”; ASX: AOP) 1.03M oz Au Rebecca gold project (refer ASX: AOP announcement dated 10 February 2020 ).

The lake aircore drilling program was designed as an initial test of structural features such as folds that are considered prospective for gold. The aircore drilling has identified several new mineralised gold zones that have comparable gold tenor and extent to the >0.1 g/t gold anomaly that led to the discovery of Apollo’s Rebecca gold deposit. The discovery of these mineralised zones provides the BNR/MAT JV with strong support and encouragement for finding additional gold deposits on its tenement package (Figure 1).

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Figure 1: Sampling results from aircore drilling on the salt lake at Bulletin’s Lake Rebecca Project. Refer to ASX: BNR 23 July 2019 announcement for historical anomaly details (Figure 4).

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487 Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Significant gold intercepts within the anomalous gold zones include:

2m at 2.72 g/t Au from 33m 20LRAC087 incl. 1m at 4.86 g/t Au from 33m 8m at 0.51 g/t Au from 28m 20LRAC088 7m at 0.73 g/t Au from 76m 20LRAC169 incl. 1m at 2.03 g/t Au from 82m to end of hole 3m at 0.75 g/t Au from 76m 20LRAC187 8m at 0.47 g/t Au from 72m 20LRAC190 4m at 0.48 g/t Au from 20m 20LRAC029

A full table of results is provided in Appendix 1.

Chairman of Matsa, Mr Paul Poli said “The Lake Rebecca project is getting really exciting. The results of the first-up aircore drilling program are fantastic and show that the Lake Rebecca area could host multiple gold mineralised zones. Previous shallow drilling in the adjoining tenement identified similar grade gold anomalism and this led to the discovery of Apollo Consolidated’s 1Moz gold deposits and we hope to repeat this success.

Bulletin Resources Ltd are the project managers and are doing are fantastic job exploring this interesting and previously unexplored area. Bulletin’s chief geologist Mr Mark Csar is producing results very early in the piece, it’s a credit to him. Under the terms of the JV, Matsa is free carried for all exploration expenditure until the decision to mine.”

Discussion

Drilling concluded in mid-January 2021 and totalled 182 holes for 7,307m. The drilling targeted anomalous gold zones within regolith or weathered rock (saprolite) which are considered indicative of potential gold deposits at depth. The aircore drilling has identified several gold zones of >0.1g/t Au in the Rebecca Complex. The presence of multiple sub-parallel mineralisation zones is consistent with previous observations that gold mineralisation at Lake Rebecca is hosted within a series of sub-parallel zones on or near fold structures.

Western side of Lake Rebecca

Drilling has shown that the western portion of the salt lake overlies a typical saprolite profile averaging 20m thickness beneath shallow lake cover of approximately 10m thickness.

Intercepts of 2m at 2.72 g/t Au including 1m at 4.86g/t Au from 33m in hole 20LRAC087, 8m at 0.51 g/t Au from 28m and 8m at 0.32 g/t Au from 40m in 20LRAC088 include observations of elevated quartz veining and silicification within saprolite. Elevated silicification is commonly associated with gold zones further south as observed in previous RC drilling and Apollo’s Rebecca deposit. These new gold intercepts are interpreted to be an extension of the gold zones associated with the Rebecca deposit to the south and are approximately 1.2km north along strike from the new tenement boundary (Figure 1).

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487 Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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As well as the interpreted Rebecca lode style mineralisation in holes 20LRAC087 and 20LRAC088, a series of supergene mineralisation zones of >0.1g/t Au within saprolite including 4m at 0.48 g/t Au from 20m in hole 20LRAC029 are recognised in the western half of Lake Rebecca. In the western half, the supergene mineralisation zones range to over 1km in length and are interpreted to lie either subparallel to regional geology or in a northeast zone, possibly sympathetic to the zone of ancient drainage systems leading towards deeper portions of the salt lake (Figure 1).

Eastern side of Lake Rebecca

The eastern half of the salt lake is deeper than the western half and is dominated by paleo-channel or ancient river sediments that have eroded much of the saprolite profile. The paleo-channel has an average depth of 58m and consists of a series of several fining-up sequences of gravels, sands and clays. The paleo-channel appears to deepen to the north indicating that the present day salt lake position may be south of the ancient river system when it was most active. Paleo-channels may host alluvial gold that has been transported from nearby weathered deposits.

A north striking gold mineralised zone of 2.4km in length is present in the eastern half of Lake Rebecca, subparallel to regional geology. The zone is open along strike. Gold mineralisation in the zone is hosted in saprolite or within the lower-most portion of the paleo-channel directly above saprolite. Aircore hole 20LRAC169 ended at 83m and intersected 7m at 0.73g/t Au from 76m to end of hole at 83m with the bottom 1m within this 7m interval returning 1m at 2.03g/t Au . The lower 3m of this interval is hosted within ultramafic saprolite, indicating mineralisation is in-situ and potentially reflective of bedrock mineralisation at depth.

The potential for deeper mineralisation is also supported in drilling 400m north with saprolite intervals of 8m at 0.18g/t Au from 76m in hole 20LRAC174 and 4m at 0.17g/t Au from 76m in 20LRAC175. Further north, intersections of 3m at 0.75g/t Au from 76m in hole 20LRAC187 and 8m at 0.47 g/t Au from 72m in hole 20LRAC190 are hosted within paleo-channel sands immediately above basement rocks. These intervals are interpreted to represent alluvial gold that has been transported from nearby weathered basement rocks (Figure 1).

Forward Work Plan

Importantly for the BNR/MAT JV and the wider prospectivity of its Rebecca tenement package, new gold anomalism areas are found in both the western block of the Rebecca Complex that contains known large gold deposits, and the newly identified and under-explored eastern block of the Rebecca Complex. The discovery of gold anomalism within the eastern Rebecca Complex block significantly increases the area of prospective geology for the project and provides strong encouragement to explore for deposits of a similar size to those found in the western Rebecca Complex block such as Apollo’s Rebecca deposit. Two structural targets to the north of the salt lake have yet to be tested with aircore drilling.

Planning to explore these targets as well as advancing the targets discovered by the recently completed aircore program is underway (Figure 2).

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Figure 2: Targets identified along strike of Lake Rebecca remain to be tested.

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Figure 3: Drilling on Lake Rebecca

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487 Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Figure 4: Historical drilling results of gold in the saprolite or weathered rock overlying AOP’s Rebecca deposit. The 0.1 g/t Au anomaly has a strike length of approximately 1km and a peak result of 3m at 1.95g/t Au within a broader interval of 7m at 1.0g/t Au in RAB hole ROLR0733 (refer ASX: BNR 23 July 2019 announcement).

Background

Lake Rebecca comprises four granted and one pending Exploration Licences over a 575km[2] area. It is located approximately 150km east north-east of Kalgoorlie, WA. The project is located in the southern part of the Laverton Tectonic Zone, a regional scale shear/fault system that is one of the more productive gold zones in the WA Goldfields; hosting the Sunrise Dam, Wallaby, Red October and Granny Smith gold camps. The tenements are adjacent to, and along strike of AOP’s Rebecca Gold project.

This ASX announcement is authorised for release by the Board of Matsa Resources Limited.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487 Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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For further information please contact:

Paul Poli

Executive Chairman

T 08 9230 3555 E reception@matsa.com.au

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled by Mark Csar, who is a Fellow of The AusIMM. The exploration information in this report is an accurate representation of the available data and studies. Mark Csar is a full-time employee of Bulletin Resources Limited and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mark Csar consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487 Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Appendix 1 - Drill Hole Summary – All holes are Aircore and drilled in a vertical orientation. Nominal elevation is 350mRL.

Hole ID	MGAE	MGAN	Dip	Azimuth	EOH(m)	Interval => 0.1g/t Au
20LRAC024	487738	6642123	-90	0	20
20LRAC025	487835	6642159	-90	0	36
20LRAC026	487938	6642159	-90	0	33
20LRAC027	488037	6642158	-90	0	53
20LRAC028	488137	6642158	-90	0	35
20LRAC029	488237	6642158	-90	0	41	4m at 0.48g/t Au from 20m
20LRAC030	488337	6642158	-90	0	53
20LRAC031	488437	6642158	-90	0	41
20LRAC032	488537	6642158	-90	0	43
20LRAC033	488637	6642158	-90	0	52
20LRAC034	488737	6642158	-90	0	60
20LRAC035	488637	6642558	-90	0	45
20LRAC036	488537	6642558	-90	0	56
20LRAC037	488437	6642558	-90	0	49	4m at 0.10g/t Au from 36m
20LRAC038	488337	6642558	-90	0	41
20LRAC039	488237	6642558	-90	0	63
20LRAC040	488137	6642558	-90	0	42
20LRAC041	488037	6642558	-90	0	29
20LRAC042	487937	6642558	-90	0	29
20LRAC043	487837	6642558	-90	0	51
20LRAC044	487737	6642558	-90	0	73
20LRAC045	487338	6642772	-90	0	16
20LRAC046	487237	6642758	-90	0	11
20LRAC047	487137	6642758	-90	0	11	4m at 0.10g/t Au from 4m
20LRAC048	487037	6642758	-90	0	2
20LRAC049	486937	6642758	-90	0	17
20LRAC050	486837	6642758	-90	0	18
20LRAC051	486737	6642758	-90	0	18
20LRAC052	486437	6643158	-90	0	28
20LRAC053	486537	6643158	-90	0	10
20LRAC054	486637	6643158	-90	0	6
20LRAC055	486737	6643158	-90	0	2
20LRAC056	486837	6643158	-90	0	16
20LRAC057	486937	6643158	-90	0	32
20LRAC058	487037	6643158	-90	0	16
20LRAC059	487137	6643158	-90	0	3
20LRAC060	487237	6643158	-90	0	3
20LRAC061	487437	6642958	-90	0	18
20LRAC062	487537	6642958	-90	0	21
20LRAC063	487637	6642958	-90	0	39
20LRAC064	487737	6642958	-90	0	34
20LRAC065	487837	6642958	-90	0	39
20LRAC066	487937	6642958	-90	0	54
20LRAC067	488037	6642958	-90	0	41
20LRAC068	488137	6642958	-90	0	38
20LRAC069	488237	6642958	-90	0	44
20LRAC070	488337	6642958	-90	0	39
20LRAC071	488437	6642958	-90	0	51
20LRAC072	488337	6643358	-90	0	17
20LRAC073	488237	6643358	-90	0	34
20LRAC074	488137	6643358	-90	0	26

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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20LRAC075	488037	6643358	-90	0	20
20LRAC076	487937	6643415	-90	0	14
20LRAC077	487837	6643358	-90	0	21
20LRAC078	487737	6643358	-90	0	10
20LRAC079	486837	6643558	-90	0	16
20LRAC080	486737	6643558	-90	0	6
20LRAC081	486637	6643558	-90	0	32	4m at 0.10g/t Au from 12m
20LRAC082	486537	6643558	-90	0	18
20LRAC083	486437	6643558	-90	0	19
20LRAC084	486337	6643558	-90	0	23
20LRAC085	486277	6643558	-90	0	41
20LRAC086	485937	6643983	-90	0	35
20LRAC087	486037	6643958	-90	0	47	2m at 2.72g/t Au from 33m _incl._1m at 4.86g/t Au from 33m the interval 32 – 36m was sampled in 1m intervals
20LRAC088	486137	6643958	-90	0	49	8m at 0.51g/t Au from 28m, 8m at 0.32g/t Au from 40m
20LRAC089	486237	6643958	-90	0	39
20LRAC090	486337	6643958	-90	0	37
20LRAC091	486437	6643958	-90	0	34	4m at 0.10g/t Au from 24m
20LRAC092	486537	6643958	-90	0	39
20LRAC093	486637	6643958	-90	0	43
20LRAC094	486737	6643958	-90	0	41
20LRAC095	486637	6644358	-90	0	63	8m at 0.13g/t Au from 24m
20LRAC096	486537	6644358	-90	0	54
20LRAC097	486437	6644358	-90	0	72	4m at 0.10g/t Au from 52m
20LRAC098	486337	6644358	-90	0	59
20LRAC099	486237	6644358	-90	0	21
20LRAC100	486137	6644358	-90	0	22
20LRAC101	486037	6644358	-90	0	7
20LRAC102	485937	6644358	-90	0	4
20LRAC103	485837	6644358	-90	0	20
20LRAC104	485637	6644758	-90	0	7
20LRAC105	485737	6644758	-90	0	7
20LRAC106	485837	6644758	-90	0	2
20LRAC107	485937	6644758	-90	0	2
20LRAC108	486137	6644758	-90	0	2
20LRAC109	486337	6644758	-90	0	15
20LRAC110	486437	6644758	-90	0	27
20LRAC111	486537	6644758	-90	0	63
20LRAC112	486637	6644758	-90	0	74
20LRAC113	486737	6644758	-90	0	94
20LRAC114	486937	6644758	-90	0	99	8m at 0.16g/t Au from 64m, 4m at 0.22g/t Au from 80m
20LRAC115	487137	6644758	-90	0	84
20LRAC116	487237	6644758	-90	0	82
20LRAC117	487337	6644758	-90	0	70
20LRAC118	487437	6644758	-90	0	62
20LRAC119	487537	6644758	-90	0	79
20LRAC120	487637	6644758	-90	0	88
20LRAC121	487337	6645158	-90	0	81
20LRAC122	487137	6645158	-90	0	16
20LRAC123	487037	6645158	-90	0	47

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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20LRAC124	486937	6645158	-90	0	34
20LRAC125	486837	6645158	-90	0	42
20LRAC126	486737	6645158	-90	0	35
20LRAC127	486637	6645158	-90	0	25
20LRAC128	486537	6645158	-90	0	31
20LRAC129	486437	6645158	-90	0	34
20LRAC130	486337	6645158	-90	0	31
20LRAC131	486237	6645158	-90	0	28
20LRAC132	486137	6645158	-90	0	32
20LRAC133	486037	6645158	-90	0	28
20LRAC134	485937	6645158	-90	0	42
20LRAC135	485837	6645158	-90	0	23
20LRAC136	485737	6645158	-90	0	11
20LRAC137	485637	6645158	-90	0	17
20LRAC138	485637	6645558	-90	0	1
20LRAC139	485837	6645558	-90	0	1
20LRAC140	486037	6645558	-90	0	10
20LRAC141	486137	6645558	-90	0	11
20LRAC142	486237	6645558	-90	0	28
20LRAC143	486337	6645558	-90	0	57
20LRAC144	486437	6645558	-90	0	55
20LRAC145	486537	6645558	-90	0	50
20LRAC146	486637	6645558	-90	0	41
20LRAC147	486737	6645558	-90	0	47
20LRAC148	486837	6645558	-90	0	63
20LRAC149	486937	6645558	-90	0	61
20LRAC150	487037	6645558	-90	0	58
20LRAC151	487137	6645558	-90	0	52
20LRAC152	487237	6645558	-90	0	47
20LRAC153	487337	6645558	-90	0	44
20LRAC154	488037	6645358	-90	0	66	4m at 0.16g/t Au from 60m
20LRAC155	488236	6645400	-90	0	54
20LRAC156	488437	6645358	-90	0	44
20LRAC157	488637	6645358	-90	0	48
20LRAC158	488737	6645358	-90	0	61
20LRAC159	488837	6645358	-90	0	50	2m at 0.20g/t Au from 48m
20LRAC160	488938	6645358	-90	0	52
20LRAC161	488738	6646158	-90	0	25
20LRAC162	488638	6646158	-90	0	31
20LRAC163	488538	6646158	-90	0	30
20LRAC164	488438	6646158	-90	0	43
20LRAC165	488338	6646158	-90	0	54
20LRAC166	488238	6646158	-90	0	63
20LRAC167	488138	6646158	-90	0	76
20LRAC168	488038	6646158	-90	0	87
20LRAC169	487938	6646158	-90	0	83	7m at 0.73g/t Au from 76m _incl._1m at 2.03g/t Au from 82m
20LRAC170	487838	6646158	-90	0	82
20LRAC171	487738	6646158	-90	0	50
20LRAC172	487638	6646558	-90	0	74
20LRAC173	487738	6646558	-90	0	92
20LRAC174	487838	6646558	-90	0	88	8m at 0.18g/t Au from 76m _incl._4m at 0.26g/t Au from 81m
20LRAC175	487938	6646558	-90	0	86	4m at 0.17g/t Au from 76m

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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20LRAC176	488038	6646548	-90	0	78
20LRAC177	488238	6646558	-90	0	54
20LRAC178	488338	6646558	-90	0	54
20LRAC179	488438	6646558	-90	0	39
20LRAC180	488538	6646558	-90	0	33
20LRAC181	488638	6646558	-90	0	25
20LRAC182	488438	6646958	-90	0	54
20LRAC183	488338	6646958	-90	0	54
20LRAC184	488238	6646958	-90	0	73
20LRAC185	488138	6646958	-90	0	84
20LRAC186	488038	6646958	-90	0	84
20LRAC187	487938	6646958	-90	0	79	4m at 0.11g/t Au from 68m, 3m at 0.75g/t Au from 76m
20LRAC188	487738	6646958	-90	0	59
20LRAC189	487538	6647758	-90	0	57
20LRAC190	487737	6647764	-90	0	87	8m at 0.47g/t Au from 72m
20LRAC191	487938	6647769	-90	0	77
20LRAC192	488138	6647758	-90	0	59
20LRAC193	487038	6646358	-90	0	31
20LRAC194	486938	6646358	-90	0	10
20LRAC195	486738	6646358	-90	0	18
20LRAC196	486638	6646358	-90	0	14
20LRAC197	486538	6646358	-90	0	20
20LRAC198	486438	6646358	-90	0	9
20LRAC199	486338	6646358	-90	0	6
20LRAC200	486238	6646358	-90	0	17
20LRAC201	486138	6646358	-90	0	45
20LRAC202	486038	6646358	-90	0	44
20LRAC203	485938	6646358	-90	0	26
20LRAC204	485838	6646358	-90	0	51
20LRAC205	485638	6646358	-90	0	32

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Appendix 2 - Matsa Resources Limited – Lake Rebecca Project (20% JV Interest)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

(Criteria in this	section apply to all succeeding sections.)
Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels,	Aircore drilling. Each metre is collected by bucket from the cyclone
techniques	random chips, or specific specialised industry	and deposited in a pile on the ground. Composite samples are
	standard measurement tools appropriate to the	collected from the 1m pile by scoop to make a 4m composite sample
	minerals under investigation, such as down hole	of approximately 2 - 3kg weight. The lower-most composite length
	gamma sondes, or handheld XRF instruments,	was adjusted to allow the final metre to be taken as a 1m sample
	etc.). These examples should not be taken as	(see example below).
	limiting the broad meaning of sampling.	Duplicate sample taken at an approximate 1:20 ratio on lowermost
	• Measures taken to ensure sample representivity	composite sample of the drillhole. A certified standard was inserted
	and the appropriate calibration of any	every 50thsample. Sample quality recorded in logging. The sampling
	measurement tools or systems used.	protocol is shown below
	• Aspects of the determination of mineralisation
	that are Material to the Public Report. In cases
	where ‘industry standard’ work has been done this
	would be relatively simple (eg ‘reverse circulation
	drilling was used to obtain 1 m samples from
	which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases more
	explanation may be required, such as where there
	is coarse gold that has inherent sampling
	problems. Unusual commodities or mineralisation
	types (eg submarine nodules) may warrant
	disclosure of detailed information.
Drilling	• Drill type (eg core, reverse circulation, open-hole	All drilling was aircore using either a face bit or vacuum bit
techniques	hammer, rotary air blast, auger, Bangka, sonic,	depending on ground conditions. Drilling depth was limited to drill
	etc.) and details (eg core diameter, triple or	refusal and generally ended in moderately weathered basement. On
	standard tube, depth of diamond tails, face-	occasion, running sands or a silcrete cap limited penetration to the
	sampling bit or other type, whether core is	Archean basement.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		_oriented and if so, by what method, etc.). _
Drill sample	•	Method of recording and assessing core and chip	Sample quality was qualitatively recorded in logging sheets.
recovery		sample recoveries and results assessed.	Sample weights were recorded by the laboratory.
	•	Measures taken to maximise sample recovery	In general, no sample bias is expected. Some sample bias may be
		and ensure representative nature of the	present where large volumes of coarse sand and water were
		samples.	encountered in some paleochannel environs. The level of bias, if any,
	•	Whether a relationship exists between sample	is not known at this stage.
		recovery and grade and whether sample bias
		may have occurred due to preferential loss/gain
		of fine/coarse material.
Logging	•	Whether core and chip samples have been	Qualitative logging of regolith, lithology, color, weathering and
		geologically and geotechnically logged to a level	observation comments on all one metre intervals. All drilling was
		of detail to support appropriate Mineral	logged. Photos of drill-hole sample piles were taken for later
		Resource estimation, mining studies and	reference. Chips from the lowermost metre of each drillhole were
		metallurgical studies.	retained in chip trays for reference.
	•	Whether logging is qualitative or quantitative in
		nature. Core (or costean, channel, etc.)
		photography.
	•	The total length and percentage of the relevant
		intersections logged.
Sub-sampling	•	If core, whether cut or sawn and whether	Composite sampling of the AC chips undertaken at 4m compositing
techniques		quarter, half or all core taken.	interval using a scoop. The lowermost metre was taken as a separate
and sample	•	If non-core, whether riffled, tube sampled, rotary	1m interval. Sample size of 2 -3 kg.
preparation		split, etc. and whether sampled wet or dry.
	•	For all sample types, the nature, quality and	Duplicate taken at approximately 1:20 ratio on lower-most down-hole
		appropriateness of the sample preparation	composite sample. Lab certified reference material submitted every
		technique.	50thsample as part of QA QC procedures.
	•	Quality control procedures adopted for all sub-	Sample size is considered appropriate for the grain size of the material
		sampling stages to maximise representivity of	samples (typically <2mm grain size).

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
		samples
	•	Measures taken to ensure that the sampling is
		representative of the in situ material collected,
		including for instance results for field
		duplicate/second-half sampling
	•	Whether sample sizes are appropriate to the
		grain size of the material being sampled.
Quality of	•	The nature, quality and appropriateness of the	AC chip samples were collected from the Project area by staff, and
assay data		assaying and laboratory procedures used and	delivered to SGS Kalgoorlie (WA) where they were crushed to -2mm,
and		whether the technique is considered partial or	subset, riffle split and pulverised to -75um before being assayed for
laboratory		total.	50g charge assayed by fire assay with AAS finish. Lab code FA505.
tests	•	For geophysical tools, spectrometers, handheld	Lab standard samples as well as duplicates and blanks were
		XRF instruments, etc., the parameters used in	incorporated into each batch for QAQC. Resultant data was reviewed
		determining the analysis including instrument	by BNR and no issues are noted.
		make and model, reading times, calibrations
		factors applied and their derivation, etc.
	•	Nature of quality control procedures adopted
		(eg standards, blanks, duplicates, external
		laboratory checks) and whether acceptable
		levels of accuracy (ie. lack of bias) and precision
		have been established.
Verification	•	The verification of significant intersections by	Significant intersections were checked by the Competent Person.
of sampling		either independent or alternative company	No twinning of holes was undertaken.
and assaying		personnel.	Data was directly entered into a computer in the field with validation
	•	The use of twinned holes.	profiles to check data errors. Data was backed up daily. Post drill
	•	Documentation of primary data, data entry	campaign data validation was also carried out.
		procedures, data verification, data storage	There are no adjustments to assay data apart from length-weight
		(physical and electronic) protocols.	compositing of reported intervals.
	•	Discuss any adjustment to assay data.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Criteria	JORC Code explanation	JORC Code explanation	Commentary
Location of	•	Accuracy and quality of surveys used to locate	Data points were located with hand-held GPS with ~3m accuracy. The
data points		drill holes (collar and down-hole surveys),	terrain is flat lying (salt lake) with little vertical variation. Surface RL is
		trenches, mine workings and other locations	nominally 350mRL.
		used in Mineral Resource estimation.
	•	Specification of the grid system used.
	•	Quality and adequacy of topographic control.
Data spacing	•	Data spacing for reporting of Exploration	Drilling was preliminary and wide spaced in nature, targeting gold
and		Results.	anomalism in the regolith.
distribution	•	Whether the data spacing and distribution is	Drilling was planned at 100m across strike and 400m along strike in
		sufficient to establish the degree of geological	general with 800m spacing between lines on target margins.
		and grade continuity appropriate for the Mineral	Drill spacing is not sufficient for Resource or Reserve estimation.
		Resource and Ore Reserve estimation	Sample compositing/aggregation has been applied as noted above.
		procedure(s) and classifications applied.
	•	Whether sample compositing has been applied.
Orientation of	•	Whether the orientation of sampling achieves	Drill holes are vertical. Regional strike and dip of geology is north,
data in		unbiased sampling of possible structures and the	dipping moderately to the west.
relation to		extent to which this is known, considering the	No material sampling bias is anticipated to be derived from drill
geological		deposit type.	orientation.
structure	•	If the relationship between the drilling
		orientation and the orientation of key
		mineralised structures is considered to have
		introduced a sampling bias, this should be
		assessed and reported if material.
Sample	•	The measures taken to ensure sample security.	Samples were collected in the field by BNR staff and directly
security			transported to the laboratory in Kalgoorlie.
Audits or	•	The results of any audits or reviews of sampling	No audit has been carried out.
reviews		techniques and data.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.	Tenements are E28/2600, E28/2635, E28/2709 and E28/2878 with E28/2977 pending grant. Tenements E28/2600 and E28/2635 are held 80% Bulletin and 20% Matsa Resources. A portion of the tenements overlie Lake Rebecca which is a registered Aboriginal site and a S18 consent to explore the area has been granted.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	Work over the tenements has been completed by Aberfoyle Resources, CRA Exploration, BHP and Matsa Resources. Work has largely been of reconnaissance nature with minor RC drilling in the SW corner of E28/2600. Apollo Consolidated Limited (AOP) has conducted extensive exploration to the immediate west and south of E28/2600.
Geology	• Deposit type, geological setting and style of mineralisation.	The deposit types being sought are orogenic syntectonic gold mineralization. Geology comprises granite and gneiss with minor zones of amphibolite and metamorphosed ultramafic rocks
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	See Appendix 1. All results > 0.1g/t Au are reported.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Criteria	JORC Code explanation	Commentary
	• If the exclusion of this information is justified on the basis that the information is not material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg. cutting of high grades) and cut-off grades are usually material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	No data was top-cut. A lower limit of 0.1g/t Au was used in interval results.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole _length, true width not known’). _	Drilling was vertical. Regional strike and dip of geology is north, dipping moderately to the west. Further drilling is required to determine local dip and strike.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be	A map has been provided in body of report.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Criteria	JORC Code explanation	Commentary
	included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	A summary of results is included in Appendix 1.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	The review made use of publicly available aeromagnetics and drilling by previous and current explorers.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Drilling (infill and extensional) and other exploration works are planned to progress exploration in the tenements.

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au