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MATSA RESOURCES LIMITED — Capital/Financing Update 2007
Nov 27, 2007
65296_rns_2007-11-27_9082b4d2-d5ec-4911-a284-0279716f84f8.pdf
Capital/Financing Update
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ASX Announcement
ASX Codes: KAL, KALO
28 November 2007
FURTHER SIGNIFICANT DRILLING INTERSECTIONS FROM THE NORSEMAN GOLD PROJECT
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Significant intersections reported from infill drilling at Selene gold deposit
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New JORC resource anticipated for Selene by end 2007
Kalgoorlie Boulder Resources Ltd (KAL:ASX) is pleased to announce further significant drilling results from the latest drilling campaign from the Selene Deposit at its 100% owned Norseman Gold Project.
Some of the most significant intersections are detailed below:
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3m @ 2.48 g/t 7SELC023 from 37 metres
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• 1m @ 20.2 g/t 7SELC028 from 70 metres • 6m @ 2.26 g/t 7SELC029 from 60 metres • 8m @ 2.18 g/t 7SELC030 from 20 metres (composite sample) • 10m @ 2.02 g/t 7SELC030 from 33 metres • 7m @ 2.22 g/t 7SELC068 from 32 metres
A table containing all significant intersections greater than 1.0 g/t is included at the end of this release.
These results do not form part of the upgraded resource estimate for the Norseman Gold Project that was announced on 6 November 2007.
A total of 1,205 metres of Reverse Circulation drilling was completed at Selene as part of a 5,000 metre drilling campaign at the Norseman Gold Project.
This was a Resource Development infill drilling program targeting the Northern and Southern fringes of the ore body. It is expected that infilling of these areas will lead to an improved geological model with a higher level of confidence as well as provide ore samples for metallurgical and density test work required to complete an ongoing scoping study into potential development scenarios for the Norseman Gold Project.
The scoping study, which will determine the possible parameters of future mining operations at Norseman, is due to be completed in the March quarter of
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- The Company then expects to proceed straight to formal feasibility studies for the Project.
The Northern and Southern fringes of the Selene Deposit appear to be reasonably well defined but the better mineralisation in the central area remains open at depth and may provide opportunities for further extensions to the resource.
The Inferred Mineral Resource at Selene currently stands at 9.6MT @ 1.5gm/t for 470,000 ounces. Work is currently proceeding on the new upgraded resource model for Selene incorporating the results from the most recent drilling program, expected to be released in mid December.
Chairman Michael Atkins said: “We are very pleased with the latest results and I am looking forward to the release of a revised JORC compliant, Indicated and Inferred resource for the Norseman project.”
The recent drilling program at Selene and Mt Henry deposits is the second in a series of campaigns designed to extend the mineralisation and grow the resource base at Norseman. The Company believes its extensive Norseman holdings have the potential to host in excess of two million ounces of gold.
The previously reported resource statement for the Norseman Gold Project using a 1.0 gram per tonne cutoff is as follows:
| Prospect | Classification | Tonnes (Mt) | Gold Grade | (koz) |
|---|---|---|---|---|
| MtHenry | Indicated | 5.0 | 2.0 | 310 |
| Mt Henry | Inferred | 5.6 | 1.8 | 320 |
| Selene | Inferred | 9.6 | 1.5 | 470 |
| Nth Scotia | Inferred | 0.3 | 3.4 | 36 |
| Abbottshall | Inferred | 0.5 | 2.0 | 30 |
| **Total ** | 21.1 | 1.7 | **1.2 Moz ** |
A new JORC Mineral Resource for the Norseman Gold Project, including updated resources for both Mt Henry and Selene, is due by the end of 2007.
The Company also expects to commence detailed V-TEM geophysical surveying on its tenements in the first quarter 2008.
For and on behalf of the directors of Kalgoorlie-Boulder Resources Ltd
Michael Atkins Chairman
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About Kalgoorlie-Boulder Resources
Kalgoorlie-Boulder Resources is an ASX-Listed minerals exploration company focused on its 100% owned Norseman Gold Project and its Clinker Hill Project NNW of Kambalda WA.
The Norseman Gold Project covers 124 square kilometres of the prolific South Norseman-Wiluna Greenstone belt of the Eastern Goldfields in Western Australia. Norseman is the southern most gold mining centre of the NorsemanWiluna gold belt which hosts an endowment of over 270 million ounces of gold. The Norseman region has been a major gold producer with production in excess of 6.1 million ounces of gold from 1935.
The Norseman Gold Project contains a number of mineral resources at the Mt Henry, Selene and Scotia deposits where there are currently indicated and inferred resources totalling 21.1Mt @ 1.7 g/t for 1.2M ounces of gold.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Richard Breyley, who is a member of the Australasian Institute of Mining and Metallurgy. Richard Breyley is a full time employee of Kalgoorlie Boulder Resources. Richard Breyley has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Mineral Resources and Ore Reserves. Richard Breyley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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Figure 1: Selene sections showing some new drilling.
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Selene Drilling Results
Tabulation of all significant assays:
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Figure 2: The Norseman Project Area
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