MATSA RESOURCES LIMITED — Capital/Financing Update 2019

Dec 4, 2019

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Matsa Resources Limited
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LIMITED ABN 48 106 732 487

ASX Announcement

5[th] December 2019

Matsa Expands Nickel Exposure

Fraser Range

Highlights

• Matsa has won a ballot for a new large nickel-copper prospective tenement E28/2916, which is only 5km north-west of IGO’s Nova nickelcopper mine in the Fraser Range

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Director

• The new tenement expands Matsa’s interest in the Fraser Range to 177km[2 ] and compliments Matsa’s existing Symons Hill project which lies directly south of Nova nickel-copper mine

Frank Sibbel

Director & Company Secretary

Andrew Chapman

Shares on Issue

216.93 million

Unlisted Options

~26.35 million @ $0.17 - $0.25

Top 20 shareholders

Hold 52.78%

Share Price on 4[th] December 2019

12 cents

Market Capitalisation

$26.03 million

Head Office: Suite 11, 139 Newcastle Street, Perth Western Australia 6000 Tel : +61 8 9230 3555 Fax: +61 8 9227 0370 Bangkok Office: Unit 1801, 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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Matsa Resources Limited
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Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to advise that it has won the ballot for a new tenement in the Fraser Range. The new tenement, E28/2916 covers 119 km[2] and is located 5 kilometres WNW of the Nova nickel-copper mine owned by Independence Group Limited (IGO). Matsa now holds an impressive and strategic ground holding in the Fraser Range all of which is in close proximity to the Nova nickel-copper mine.

The tenement area is hosted in the Fraser Range metamorphics and is prospective for nickel-copper mineralisation. The first steps for Matsa while the application process for the new tenement is progressing will be to analyse previous exploration data and devise an exploration program accordingly.

The new tenement adds considerable prospectivity to Matsa’s nickel-copper exposure and its location close to Nova makes it a valuable addition. Matsa remains one of only a handful of companies which hold quality and sizable tenements in the Fraser range.

Matsa holds the Symons Hill project (E69/3070) which is located 6kms immediately to the south of the Nova mine and is located in the Fraser Range Tectonic Zone. Regional aeromagnetic and gravity information on the Symons Hill project indicates similarities in geological setting to the Nova mine. More recently Matsa has conducted a 2D seismic survey as part of a R&D programme in conjunction with Curtin University aimed at identifying nickel bearing gabbro seen in past drilling and interpreted to be very similar to the host rocks at the Nova mine.

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Figure 1: Location of Fraser Range Tenure Identifying the New Tenement

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Matsa Resources Limited
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For further information please contact:

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

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