MATSA RESOURCES LIMITED — Capital/Financing Update 2015

Apr 7, 2015

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Matsa Resources Limited
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LIMITED ABN 48 106 732 487

ASX Announcement

8[th] April 2015

Siam Copper Project (Thailand) Exploration Tenements Granted

HIGHLIGHTS

CORPORATE SUMMARY

• In a historic grant, 37 Special Prospecting Licences (SPL’s) covering an area of 570km[2 ] in Matsa’s Siam Copper Project in central Thailand have been granted.

• The tenements are located in the NNW trending Loei-Ko Chang volcanic arc containing the Phu Kam copper deposit (Pan Australia Mining) in Laos and the Chatree gold mine (Kingsgate Consolidated) in Thailand.

• Key targets already identified include:

• Siam 1 anomaly where surface boulders containing native copper mineralisation with up to 3.9% Cu have been discovered within a large (>20km[2] ) stream sediment copper anomaly;

• Siam 2 anomaly with float containing visible secondary copper minerals up to 1.2% Cu within a stream sediment copper anomaly approximately 16 km[2] ; and

• Additional large stream sediment copper anomalies at Siam 3 and Siam 4 have also been identified.

• Geological mapping and rock chip sampling is currently underway.

• Further detailed exploration including ground geophysical surveys and drilling to commence at Siam 1 and Siam 2. Follow up exploration also to commence over the rest of the project area.

Executive Chairman

Paul Poli

Director

Frank Sibbel

Director & Company Secretary

Andrew Chapman

Shares on Issue

144.15 million

Unlisted Options

14.85 million @ $0.25 - $0.43

Top 20 shareholders

Hold 50.36%

Share Price on 8[th] April 2015

17.5 cents

Market Capitalisation

• $25.23 million

• First mover advantage has enabled Matsa to acquire a large portfolio of quality exploration assets in this highly prospective region.

Head Office: Suite 11, 139 Newcastle Street, Perth Western Australia 6000 Tel : +61 8 9230 3555 Fax: +61 8 9227 0370 Bangkok Office: Unit 1808, Pacific Place 2, 142 Sukhumvit Road, Klongtoey, Bangkok 10110 Tel : +66 0 2653 0258 Fax : +66 0 2653 0258 reception@matsa.com.au www.matsa.com.au

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INTRODUCTION

Matsa Resources Limited (“Matsa” or “the Company” ASX:MAT) is pleased to report that 37 of its 122 Special Prospecting Licence Applications (SPLA’s) in Thailand were granted during the month. This historic event represents the first time in almost a decade that such a large number of SPL’s for copper/base metals have been granted at the one time.

The 37 granted licences cover 570km[2] of Matsa’s Siam Copper project in Central Thailand. The project is located in the Loei – Ko Chang fold belt which contains important mineral deposits including the Phu Kham copper mine in Laos and the >5MOz Chatree gold mine operated by Kingsgate Consolidated. The Loei Ko Chang arc is an arcuate palaeo – island arc terrane which is more than 600km long and oriented approximately north – south. This terrane extends from Ko Chang Island in the south to Loei in the north of Thailand and beyond into Laos. The Siam Copper Project is underlain by Permo Triassic andesitic basaltic volcanics and associated intrusives and marine sediments.

The location of the Loei – Ko Chang arc and the 37 newly granted SPLA’s covering the Siam copper project (highlighted in green) are shown in Figure 1.

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Figure 1: Matsa Tenement Status Thailand (Inset Loei Ko Chang Arc)

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Matsa considers Thailand to be a very favourable country for mining investment due to its high geological prospectivity, strong legal framework and quality available workforce and infrastructure. Whilst barriers to entry have proved to be high and difficult, Matsa believes that the potential for a major discovery and rewarding mining project is high. Several mining operations in Thailand have proved to be successful including Kingsgate Consolidated Ltd’s world class low-cost Chatree gold mine.

Matsa’s tenement portfolio has been accumulated over the last 5 years, a period during which the company:

• remained confident that these applications remained secure and would be granted;

• developed and maintained a geological and business development team in Thailand to ensure that all practices and conditions required under the application process including community consultation, were complied with;

• carried out permitted exploration activities including prospecting and sampling within its application areas; and

• continued to investigate new mineral opportunities throughout Thailand across a range of commodities.

Matsa’s Executive Chairman, Mr Paul Poli said:

“Matsa is delighted that we have received formal grant for our Siam copper project in Thailand. Our work on the project to date excites us immensely. It is not often that one has a grass roots project where rocks on the ground contain visible copper mineralisation and with grades up to 3.9% copper! We have a number of high quality copper targets and remain confident in the potential for a major discovery. We remain proud of our team’s achievements in Thailand and in Australia in reaching this milestone of granting.

It is acknowledged that the granting of the licences could not have occurred without the support of the Thailand Department of Primary Industries and Mining (DPIM) and in particular the Director General of DPIM Mr. Suraphong Chiengtong.

Matsa looks forward very much to commencing exploration at Siam Copper in particular planned early drilling at the Siam 1 and Siam 2 prospects where results to date have been so encouraging.”

A description of exploration methods including assay and sampling procedures is included as Appendix 1. A table of the granted licences is included as Appendix 2.

SIAM COPPER PROJECT – Matsa 100%

The granted tenement package comprises 37 SPL’s for a total of 570km[2] . The SPL’s cover strongly anomalous copper values seen in regional stream sediment samples which were collected by the Thailand Department of Mineral Resources (DMR). The area comprises mostly cleared farmland with welldeveloped infrastructure including all weather roads and power supply.

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Subsequent stream sediment sampling carried out by Matsa confirmed key results with copper values up to 326ppm Cu as previously announced (MAT report to ASX 31[st] July 2011).

Based on this data, four preliminary stream sediment anomalies (Siam 1 – Siam 4) were selected for prospecting. Follow up prospecting and infill sampling was carried out within the Siam 1 and Siam 2 targets (Figure 2).

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Figure 2: Siam Copper Project Stream Sediment Targets

Field follow-up by Matsa identified boulders containing visible copper mineralisation in a largely soil covered area of ploughed fields at Siam 1. Assays of individual boulders include values up to 3.9% Cu with most of the mineralisation present as native copper and minor malachite in heavily silicified and altered basaltic lavas (Figure 3).

Infill stream sediment and soil sampling, prospecting and geological mapping was subsequently carried out over the Siam 1 and Siam 2 anomalies as previously announced and results are briefly discussed below (MAT report to ASX 31[st] January 2012).

Siam 1 Anomaly

Geological mapping over the Siam 1 prospect shows that extensive anomalous soil and rock chip values are located in a background of Permo-Triassic volcanics (Figure 3). A preliminary interpretation indicates that native copper mineralisation in altered volcanics is related to hydrothermal alteration of submarine lavas.

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Figure 3: Siam 1 Summary Geochemistry on Mapped Geology

An association between soil copper anomalism and weak magnetic anomalies from the regional data can be observed. One of the soil anomalies also coincides with the location of a pronounced resistivity feature in regional electromagnetic data.

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Figure 4: Native copper mineralisation in intensely altered basaltic lava (Sample P140)

Detailed follow up exploration is planned at the Siam 1 prospect, which will include:

• Infill geochemical sampling and geological mapping to better define the zones containing highly anomalous copper values in soil and rock chip samples;

• Orientation Induced Polarisation (IP) ground electrical survey over key copper targets; and

• Early diamond drilling.

Siam 2 Anomaly

Geological mapping was completed over the Siam 2 prospect (Figure 9). Boulders containing visible secondary copper minerals malachite and azurite with assays up to 1.27% Cu , are located in a background of andesitic basaltic volcanics intruded by a number of small diorite bodies. It was observed that the linear 8km long E-W trending soil copper anomaly is closely associated with a linear resistivity feature. A preliminary interpretation is that the anomalous copper values may be associated with hydrothermal alteration and mineralisation along a fault. There are several discrete magnetic anomalies which may be related to the copper mineralisation perhaps reflecting magnetite skarn development.

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Figure 5: Siam 2 Prospect Summary

For further Information please contact:

Paul Poli Frank Sibbel Executive Chairman Director Phone +61 8 9230 3555 Fax +61 8 9227 0370 Email reception@matsa.com.au Web www.matsa.com.au

Exploration results

The information in this report that relates to Exploration results is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding 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 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. David Fielding 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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Appendix 1 - Matsa Resources Limited

Section 1 Sampling Techniques and Data

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

Criteria	JORC Code explanation		Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.		Sampling carried out according to well established procedure. Soil samples are taken as close as possible to the top of the weathered rock profile rather than in overlying vegetation rich A horizon material. Stream sediments samples represent active bedload in defined drainage channels
	Measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.		Soils and streams: Sufficient sample bagged in the field to enable selection of duplicates to be run for QA QC purposes. Rocks, typically 1-2kg collected, and submitted for crushing and grinding at lab.
	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.		Stream Sediment Samples and soil samples -2mm samples of active stream silt and B horizon soils were submitted for assay where samples were dried and further reduced by screening with assays carried out on the -80# fraction. A 0.5gram sample of the -80# fraction digested by Aqua regia acid digest and 23 elements including Cu were read by ICP OES to a reported detection limit of 1ppm Cu. Rock Samples Rock samples were submitted for drying, crushing to 2mm size and then pulverized down to 106 microns or -150#. A 0.5gram sample of the -150# fraction digested by Aqua regia and 23 elements including Cu were read by ICP OES to a reported detection limit of 1ppm Cu. Selected rock samples with assays over 1% Cu were subjected to screen assaying sieved to 75 microns or 200#. Both +200# and -200# fractions were subjected to a sodium peroxide fusion and measured with AAS for Cu only. Limited Hand held XRF analysis carried out on rock samples as a semi quantitive way to confirmtheircopperbearing character.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if _so, by what method, etc). _		Not applicable at this stage.

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Criteria	JORC Code explanation	Commentary
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Not applicable at this stage.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Not applicable at this stage.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Not applicable at this stage.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Not applicable at this stage.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Not applicable at this stage.
	The total length and percentage of the relevant intersections logged.	Not applicable at this stage.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Not applicable at this stage.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	Not applicable at this stage.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Standard lab sample preparation process includes drying, screening to -80# for soil and stream sediment samples. Rock samples undergoes drying, crushing to nominal -2mm size and pulverized to 106 microns/-150#. Rock samples with Cu grades of >1%were screened to75microns/-200#.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Not carried out because laboratory QA QC procedures are regarded as sufficient at this stage.
	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.	No field duplicates used
	Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample size is appropriate to grain size of material being sampled.

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Criteria	JORC Code explanation	Commentary
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Assaying of soil samples, stream sediments and rock samples were carried out at Mineral Assay and Services (MAS) laboratories in Bangkok, Thailand, employing Aqua regia digest and measured with Inductively Coupled Plasma – Optical Emission Spectrometry (ICP-OES) for 23 elements, including Cu. Some elements are partiallyleached usingAquaregia, e.g.,Al, Cr,Fe, etc.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Olympus Innovx Delta Premium (DP4000C model) handheld XRF analyser. Reading times employed was 45 sec/beam for a total of 135 sec using Soil Mode. This interval was determined by experienced geochemical consultants IOGlobal as being sufficient of quality assays but not for detailed “metallurgical assays.
	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.	Handheld XRF QAQC includes use of duplicates, standards and blanks.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Matsa Group Exploration Manager verified all significant results.
	The use of twinned holes.	Not applicable at this stage.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Data entry carried out by field personnel thus minimizing transcription or other errors. Trial plots in field and rigorous database procedures ensure that field and assay data are merged accurately.
	Discuss any adjustment to assay data.	No adjustments were made to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Sampling and other field acquired data is recorded to an accuracy between 3m and 5m in most cases.
	Specification of the grid system used.	UTM Grid system used namely Indian Thailand 1960 datum Zone 47.
	Quality and adequacy of topographic control.	Not carried out for surface samples.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Typically between 4 and 12 samples per km2.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.	Not applicable at this stage.
	Whether sample compositing has been applied.	Not applicable at this stage

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Criteria	JORC Code explanation	Commentary
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Not applicable
	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.	Not applicable
Sample security	The measures taken to ensure sample security.	Where possible all samples submitted by Matsa staff
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	Not carried out at this stage.

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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.	Exploration tenements comprise more or less regular aggregates of square blocks to a maximum of 16km 2. Granted licences are listed in Appendix 2 Tenements are held by Siam Copper Ltd and PVK Mining Limited which are both wholly owned subsidiaries of Matsa Resources Limited. Tenements have been granted for a period of 5 years subject to completion of agreed exploration exploration programme. Regulations pertaining to Mining in Thailand are listed with a brief discussion of key pointsin Appendix
	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.	All granted SPL’s are currently in good standing and Matsa is entitled to carry out agreed exploration programmes as specified in the application process.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Past work in the Siam project area has included -80# stream sediment sampling carried out by the Department of Mineral Resources of Thailand (DMR) and made available to explorers. Other work includes a helicopter borne combined electromagnetic and magnetic survey carried out mostly on EW lines nominally 400m apart.
Geology	 Deposit type, geological setting and style of mineralisation.	The target is volcanic hosted copper mineralisation associated with widespread altered boulders, in some cases containing visible Cu mineralisation. The project area is part of an arcuate palaeo – island arc terrane which is more than 600km long and oriented approximately north – south. This terrane extends from Ko Chang Island on the Cambodian border in the south to the Laos border beyond Loei in the north. The geological character of this belt results from subduction of oceanic crust towards the east beneath the Indo – Sinian plate during the Permian and early Triassic periods through to the Tertiary. Volcanic rocks, comprising mostly andesites in the project area, were deposited in early Triassic times over extensive Permian aged shelf limestones.
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: easting and northing of the drill hole collar elevation or RL(Reduced Level – elevation above sea level in metres) of	No drilling available at this stage.

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Criteria	JORC Code explanation	Commentary
	the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. 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.	Not applicable
	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.	Not applicable
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not applicable at this stage
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’).	Not applicable.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be 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.	Suitable summary plans have been included in the body of the report.
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.	Not required at this stage.
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.	All related exploration information are included in the main body of the report
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.	Included in the main body of the report.

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Appendix 2 – Matsa Resources Limited - SPL’s granted February 2015

SPL_Number	Area (km2)	Minerals	Company
PB13/2553	16	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB8/2553	15.28	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB17/2553	0	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB16/2553	0	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB21/2553	0	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB14/2553	15	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB15/2553	15	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB12/2553	16	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB11/2553	16	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB7/2553	14.3	Cu,Fe,Pb,Zn	PVK MiningCo.,Ltd
PB22/2553	14.91	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB23/2553	15.45	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB24/2553	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB25/2553	15	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB27/2553	15.35	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB28/2553	15.32	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB29/2553	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB30/2553	14.36	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB31/2553	15.15	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB32/2553	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB46/2553	15.57	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB10/2554	14	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB11/2554	13	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB18/2554	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB19/2554	15	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB20/2554	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB21/2554	15	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB22/2554	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB23/2554	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB36/2553	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB37/2553	15.11	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB38/2553	15.84	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB39/2553	15.77	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB40/2553	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB7/2554	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB8/2554	16	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.
PB9/2554	15	Cu,Pb,Zn	Siam Copper Resources Co.,Ltd.

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