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MATSA RESOURCES LIMITED — Capital/Financing Update 2007
Jul 11, 2007
65296_rns_2007-07-11_cc9c56ff-0ad7-4a88-8b65-58b79ac76697.pdf
Capital/Financing Update
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KALGOORLIE-BOULDER RESOURCES LTD
ABN 48 106 732 487
ASX Announcement ASX Codes: KAL, KALO
12 July 2007
POSITIVE INITIAL DRILLING RESULTS FROM NORSEMAN GOLD PROJECT
Kalgoorlie-Boulder Resources Ltd (the “Company”) today announced that it had received extremely encouraging results from the initial drilling program at its 100%owned Norseman Gold project.
The results extend the continuity of gold mineralisation 150 metres along strike at the North Scotia deposit and in-fill the existing inferred resources at Mt Henry and Selene.
Some of the more significant intersections were:
| North Scotia | |||
|---|---|---|---|
| 7SSC130 | 2m @ | 9.15g/t | from 66 metres |
| 7SSC132 | 2m @ | 7.97g/t | from 6 metres |
| 7SSC133 | 2m @ | 21.3g/t | from 28 metres |
| 7SSC134 | 3m @ | 3.15g/t | from surface |
| Selene | |||
| 7SELC041 | 3m @ | 2.31g/t | from 85 metres |
| Mt Henry | |||
| 7HENC116 | 3m @ | 2.50g/t | from 103 metres |
Managing Director Trevor Matthews said that the Company was extremely pleased with the results as it confirmed the geological model that the Company had developed for the Norseman Gold Project.
“The objective of this initial program was to commence infill drilling at Mt Henry and Selene and to commence step-out drilling at North Scotia in order to increase the current 1.23 million ounce inferred resources,” Mr Matthews said.
48 Lake Street, Northbridge WA 6003 PO Box 312, Northbridge WA 6865 Tel: 08 9228 9742 Fax: 08 9228 8685 [email protected]
www.kalgoorlieboulderres.com.au
“These results provide an outstanding basis for us to proceed with the second phase of drilling at Norseman this year as it has confirmed the mineralisation extends over a [much] longer strike length than previously defined at North Scotia.”
“In addition, the results strengthen our understanding of the current inferred resources delineated at Mt Henry and Selene as they validate our current geological interpretation of the Norseman ore bodies.”
“We are now mobilising to commence the second phase of the drilling program and hope to report further results later in the third quarter.”
The Company recently completed an initial 1,578 metre RC drilling program at its North Scotia, Selene and Mt Henry deposits at Norseman. This is the initial part of a wider 10,000 metre program to be completed during the year.
The objective of the drilling program was to commence infill drilling at Mt Henry and Selene and to commence step-out drilling at North Scotia to increase the mineral resources and to test current geological interpretations of the Norseman deposit.
The program involved two holes at Mt Henry, five holes at Selene and fourteen holes at the North Scotia deposit.
The data acquired from this drilling program will now be used to commence resource upgrade work at the Mt Henry deposit and allow further drill hole planning for the Selene and North Scotia deposits.
The resource upgrade work requires a review of the current model wireframes and geostatistical studies, to assist the geological interpretations and numerical modelling of the ore bodies involved. This will involve input from outside consultants with the majority of the work completed by the Company’s technical team based in Kalgoorlie.
For further information, please contact:
Trevor Matthews Managing Director Kalgoorlie-Boulder Resources Limited Telephone (08) 9228 9742
About Kalgoorlie-Boulder Resources
Kalgoorlie-Boulder Resources is an ASX-listed minerals exploration company focused on its 100%-owned Norseman Gold Project.
The Norseman Gold Project covers 124 square kilometres of the prolific South Yilgarn Greenstone belt of the Eastern Goldfields in Western Australia. Norseman is
the southernmost gold mining centre of the Norseman to Wiluna 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 5.5 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 total inferred resources of 1.23 million ounces of gold.
Kalgoorlie-Boulder Resources is currently undertaking an initial 10,000 metre drilling program at the Norseman Gold Project and will shortly commence a scoping study designed to identify the various development options available to the Company.
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Richard Breyley, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Richard Breyley is employed by Kalgoorlie-Boulder Resources 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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr 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.