MATSA RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 29, 2012

ASX Announcement

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Matsa Resources Limited – April 2012
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LIMITED

ABN 48 106 732 487

30 April 2012

Quarterly Activities Report – 31 March 2012

HIGHLIGHTS OF MARCH QUARTER

CORPORATE SUMMARY

• Negotiations of a JV for the Norseman Gold Project nearing completion.

• New gold anomalous zone discovered extending 4.5km SSE of the Big Red Prospect at the Dunnsville Project.

• Regional and infill soil sampling ongoing at Dunnsville in preparation for drilling scheduled in Q3.

• Soil and MMI samples at Killaloe have defined discrete targets in preparation for the next phase of exploration.

• Thai Government exploration approval process advancing.

Executive Chairman Paul Poli

Director

Frank Sibbel

Director & Company Secretary Andrew Chapman

Shares on Issue

131.17 million Unlisted Options

19.1 million @ 27.3c + Top 20 shareholders Hold 57%

Share Price on 27 April 2012

• Ground magnetic surveys over the Paisali Iron Ore project ongoing.

14 cents

Market Capitalisation

$18.35 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 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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Matsa Resources Limited – April 2012
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INTRODUCTION

Matsa Resources Limited, (ASX: MAT, the “Company” or “Matsa”) is pleased to report on its exploration and corporate activities for the Quarter ended 31[st] March 2012.

COMPANY ACTIVITIES

Norseman Gold Project - Corporate

Negotiations for a potential JV of the Norseman Gold Project have advanced significantly and are now nearing completion with final terms and conditions being negotiated. The Company is confident that it can complete a transaction in the near term.

The purpose of any proposed JV is to progress the development of the Norseman Gold Project and also provide the Company with significant cash and liquid assets. Furthermore it will lead to the commencement of a bankable feasibility study which in turn could allow a pathway to production.

The consideration received for the JV transaction would provide sufficient cash and liquid reserves for the Company to advance its other assets and create longevity for the Company’s future.

Matsa will continue to update the market on this exciting development as and when a formal agreement has been reached.

Dundas Iron Ore Project - Corporate

Discussions have been suspended with respect to the Dundas Iron Ore Project and its JV with Haina International Trading HK Limited whilst the negotiations for the Norseman Gold Project are being finalised.

Matsa will make a decision on the best way forward with this project in the second half of 2012 pending terms of the Norseman Gold Project and any associated synergies with the Dundas Iron Ore Project.

Share Placement

Matsa Resources agreed to raise $250,000 via the issue of 1,250,000 shares at an issue price of $0.20 per share to institutional and sophisticated investors.

Matsa welcomed this placement as it was the first time that the Company was able to entice independent institutional investors onto the share registry.

The proceeds of this capital raising were used to complete early stage and follow up exploration programs on the Company’s various projects in Western Australia.

Norseman Gold Project

Further exploration and feasibility studies are part of a Joint Venture agreement currently being negotiated for the Norseman Gold Project. The proposed new JV agreement would provide an outline of future exploration work once budgets and work programmes are approved by the JV participants.

This could include further conceptual work into the gold/magnetite concept and would build on the work completed to date.

Dundas Iron Ore Project

Metallurgical investigations are ongoing with the submission of further core samples for coarsecobbing/magnetite recovery testwork. The results of this testwork are expected in the coming weeks and will assist in planning future exploration/development programmes.

Dunnsville Gold Project

Matsa Resources has completed an infill and regional soil sampling program totalling 419 samples located around the Heines Dam area. The results returned to date have been very encouraging proving up and identifying a new zone of gold anomalism extending 4.5km SSE of the Big Red Prospect.

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This is in addition to the previously reported gold anomaly at Big Red which measures 2.6km long and 1km wide. The combination of these discoveries now leads the Company to believe that a significant gold mineralisation discovery is possible and that future exploration if positive could lead to a significant new gold project to the Company.

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Figure 1 Dunnsville Project, Regional Geology

The recent results are shown in figure 2. Gold contours on figure 2 display the gold results as:

• Magenta: +95% percentile

These anomalies are located proximal to a deep seated crustal structure and possible feeder zone, the Bullabulling Shear. Regionally, in the Dunnsville area these deep seated NNW trending structures are related to significant mineralisation at both the Lady Ida and Bullabulling projects.

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Figure 2: Heines Dam Regional and Infill Soil Sampling Results

Lady Ida has an endowment of 420,000oz on the Reptile Shear and Ida Faults with Bullabulling reporting a 3.2Moz resource on the Bullabulling Shear itself.

• Red: 90-95 percentile

• Green: 75-90 percentile.

The largest anomaly measures 1.6km x 700m with at least another four +95 percentile anomalous zones located along a strike corridor trending SE from the Big Red Prospect (figure 2).

The soil results have been statistically normalised and levelled to allow for differences in the amplitude resulting from different sampling techniques. As a result the contour maps are based on percentile rather than real values.

It is apparent at Heines Dam and Big Red that the iron rich duricrust has been stripped by erosion and that the underlying basement is depleted in gold by deep weathering. This serves to mask underlying gold mineralisation in fresh rock and explains why these targets were not the focus of old workings.

RAB drilling at Big Red has produced a number of high grade gold intersections in fresh basement beneath gold depleted saprolite up to 50 metres in depth.

Having identified this anomalous corridor, Matsa plans to accelerate its exploration efforts by

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completing 4 deep (EIS funded) diamond holes into the Big Red Prospect.

the ratio of the anomaly with respect to the background value average of 25[th] percentile.

A further regional and infill soil sampling program totalling another 600 samples is also underway and RAB drilling on recently identified gold anomalous zones at Heines Dam is planned.

Soil sampling summary statistics are represented in table 2.

Killaloe Project Exploration (Matsa earning up to 70%)

During the quarter, assay results were received from infill soil and MMI (Mobile Metal Ions) sampling carried out over high priority geochemical targets identified in the previous quarter (Figure 3).

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Figure 3: Killaloe Project Priority Targets Location

Historic soil sampling has identified numerous targets including those at Cashel Fault, Duke and Target 28. The results however, were relatively broad and diffuse. Matsa decided to trial MMI sampling in an attempt to more precisely identify the origin of the transported soil anomalies.

Assay results received include a total of 221 infill soil samples and 77 MMI samples from the Cashel Fault, Duke and Target 28 prospects.

These results have better defined discrete anomalies in preparation for trenching and drilling to be completed in second half of 2012 as can be seen from figures 4 and 5.

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Figure 4 Duke, Gridded MMI results superimposed on soil samples Au.

Killaloe is well within haulage distance of Matsa’s Norseman Gold Project and any discoveries will complement the Norseman Gold Projects Resource inventory.

Cashel Fault Prospect

The infill soil sampling at Cashel Fault has further defined the gold anomaly (Au >9ppb, peak 34 ppb) at this target.

As MMI sampling is a partial digest technique, anomalies are ranked by response ratios which are

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MMI results have defined a distinct gold anomaly within the broader gold soil anomaly and the interpreted shear zone. The MMI gold anomaly exhibits response ratios between 5 to 7 times the background value (<2.8 ppb Au).

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Figure 5 Target 28, gridded MMI results superimposed over soil samples Au.

Duke Prospect

Infill soil sampling results in the Duke Prospect (Au >14ppb, peak 107 ppb) defined a continuous gold anomaly based from existing geochemical data.

Target 28 Prospect

Infill soil sampling results in Target 28 confirm a low amplitude gold anomaly (>5ppb, peak 7ppb) supporting previous geochemical data.

The MMI results give a better defined gold anomaly coinciding with peak gold values from previous soil sampling.

The MMI gold anomaly exhibits response ratios between 11 and 31 times the background value (<1.1 ppb Au).

Thailand Corporate

During the quarter a further 3 Special Prospecting License Applications (SPLA’s) from the Paisali Iron Ore Project received approval from the Department of Primary Industries and Mining (DPIM) screening committee.

To date, a total of 18 tenements have now received approval from that committee.

These approvals were received without objections and are now awaiting final departmental and ministerial approval for granting.

Representations were made to Matsa that SPLA’s were to be approved for final granting during the March quarter, however, delays arose as a result of further deliberations and discussions regarding exploration budgets for all SPLA’s which have been applied for by all companies in Thailand. These deliberations were overseen by the final selection committee co-ordinated by DPIM which Matsa believes have now been resolved

The MMI results have successfully delineated a better defined anomaly that coincided with both mineralised zones and shear zone structures, interpreted from drill hole and aeromagnetic data, respectively.

Whilst Matsa is disappointed in these delays, Matsa is confident that the Thai Government is enforcing an open and transparent tenement application process which will lead to the granting of all of the Company’s applications in due course.

The MMI gold anomaly exhibits response ratios between 9 to 33 times the background value (<2.8 ppb Au).

Matsa is therefore confident that final ministerial approval will be forthcoming as represented to Matsa by the DPIM.

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Project	Number of SPLA's	Area Km2
Siam Copper Project	8	124.3
KT Gold Project	2	31.05
Paisali Iron Project	8	124.38
TOTAL	18	279.76

Table 1: SPLA’s consented to by DPIM Screening Committee

Matsa has a total of 121 Special Prospecting Licence Applications (SPLA’s) amassing an area of approximately 1,750km[2] prospective for gold, iron ore and copper in Thailand (Figure 6).

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Figure 6: Current SPL Applications Thailand

Paisali Iron Ore Exploration

Most of the work completed in Thailand was on ground magnetic surveys within the Paisali Iron Ore Project.

Work has concentrated on the completion of further infill delineation and exploration scout traverses (figure 8).

This work has been accelerated using 2 ground geophysical magnetic crews in order to complete as much field work as possible before the end of the dry season.

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Figure 7: Ground magnetic survey in progress.

Magnetic anomalies at Paisali are believed to represent shallow magnetite skarn ore bodies. This is evidenced by similarities in the magnetic signature between anomalies on the Paisali Iron Ore Project and known magnetite skarns elsewhere in Thailand, as well as the occurrence of massive martite (weathered magnetite) rocks proximal to the anomalies.

This work, which is permitted, will allow Matsa to commence drilling soon after granting of the SPLAs.

One of the advantages with magnetite skarn type ore compared to BIF type magnetite common in Australia is the much larger grain size. This would allow for much cheaper and more energy efficient processing to produce a marketable magnetite concentrate as the ore does not need to be crushed and ground to the same extremely fine grind size.

The 4 images in figure 7 show delineated anomalies in magenta that are believed could represent shallow magnetite skarn ore bodies. The background image is regional aeromagnetics.

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Figure 8: Ground Magnetic Surveys Paisali Project

Siam Copper Project Exploration

The Siam Copper Project area was identified from anomalous copper results reported in a regional stream sediment survey, figure 9. In previous quarters Matsa has carried out further stream sediment and soil sampling as well as geological mapping and ground magnetic surveys. From this work 2 prospects have been identified, Siam 1 and Siam 2.

Figure 9: Siam 1 and 2 prospects

During the quarter no exploration work has been carried out on the Siam Copper Project with activities prioritised on the Paisali Iron Ore Project.

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KT Gold Project Exploration

Matsa Resources KT Gold Project totals 170km2 under 11 SPLA’s located just 18 kilometres east Kingsgate Consolidated 5Moz Chatree gold mine.

First pass exploration previously completed by Matsa has identified two large gold in soil anomalies, each measuring approximately 2.5k x 0.5km in extent. A previous vertical diamond drill hole along strike from the SE anomaly but outside of Matsa’s project area intersected 4m @ 3.3g/t Au and confirmed the presence of gold mineralisation associated with this anomaly.

Matsa is waiting the granting of these tenements prior to commencing further exploration.

BACKGROUND

About Matsa:

Matsa is an ASX listed exploration and development company based in Western Australia. The Corporate office is located in Perth with offices in Norseman and Bangkok, Thailand.

The Company aims to increase shareholder wealth through the discovery and development of mineral properties within Australia and South East Asia.

It is committed to developing its Norseman Gold Project and associated magnetite by-product to generate cash flow for shareholder benefit.

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Matsa Resources Limited – April 2012
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For further Information please contact:

Paul Poli Frank Sibbel Executive Chairman Non-Executive Director

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

The Exploration Target described in this announcement is conceptual in nature as defined under Section 18 of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' as stated below. The potential quantity and grade is conceptual in nature as there has been insufficient exploration by the Company at this stage to define a Mineral Resource and that there is no certainty that further exploration will result in the determination of a Mineral Resource or a Mineral Reserve. Estimates of tonnages and grade have been made by geologists who are familiar with the style and type of magnetite and hematite mineralisation and who have conducted field mapping and limited sampling of the mineralisation and completed aeromagnetic interpretation of the units hosting the mineralisation.

'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'

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 2004 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 .

Mineral resources and reserves

The information in this report that relates to mineral resources and 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 Matsa Resources Limited. 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 Exploration Results, 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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Field	Count_n	Minimum	Maximum	Mean	Median	Range	Variance	StandardDeviation	Percentile75	Percentile90	Percentile95
Au_ppb	417	1	29	8.10	8.00	28.00	15.0235	3.87601	10.00	12.00	15.00
Ag_ppm	162	0.01	0.22	0.04	0.04	0.21	0.000441	0.021006	0.05	0.06	0.07
Al_pct	162	1.21	4.48	2.89	2.97	3.27	0.367485	0.606205	3.30	3.58	3.86
As_ppm	162	2	10.2	3.70	3.40	8.20	1.9436	1.39413	3.90	4.80	6.89
Ba_ppm	162	20	210	73.64	70.00	190.00	769.883	27.7468	80.00	100.00	129.50
Bi_ppm	162	0.12	1.25	0.31	0.29	1.13	0.015671	0.125182	0.35	0.39	0.46
Ca_pct	162	0.05	9.3	2.69	2.28	9.25	5.87922	2.42471	4.74	5.82	7.26
Cd_ppm	162	0.02	0.12	0.07	0.08	0.10	0.000314	0.017727	0.08	0.09	0.09
Co_ppm	162	7.1	26.3	16.92	16.85	19.20	21.7261	4.66112	20.40	22.99	24.48
Cr_ppm	162	75	640	295.30	282.00	565.00	16225.57	127.38	405.25	460.80	488.70
Cu_ppm	162	18.8	76.9	49.46	50.85	58.10	165.551	12.8667	59.48	64.98	68.79
Fe_pct	162	3.71	15.7	8.22	8.30	11.99	3.23162	1.79767	9.32	10.10	10.65
Ga_ppm	162	7.92	16.2	11.93	12.10	8.28	3.02222	1.73845	13.15	14.15	14.50
Hg_ppm	162	0.01	0.05	0.02	0.02	0.04	7.63E-05	0.008738	0.03	0.04	0.04
K_pct	162	0.09	0.81	0.43	0.43	0.72	0.021041	0.145056	0.54	0.62	0.65
Li_ppm	162	2.8	19.7	9.11	8.80	16.90	8.11823	2.84925	10.88	12.80	13.90
Mg_pct	162	0.06	1.65	0.65	0.69	1.59	0.072904	0.270007	0.81	0.96	1.07
Mn_ppm	162	210	1200	610.72	597.50	990.00	27106.48	164.64	728.50	812.00	890.40
Mo_ppm	162	0.28	1.53	0.53	0.52	1.25	0.022746	0.150816	0.61	0.67	0.77
Na_pct	162	0.005	0.78	0.12	0.07	0.78	0.020079	0.141699	0.16	0.23	0.40
Ni_ppm	162	19.1	138	74.06	74.15	118.90	1006.84	31.7308	103.00	115.95	120.88
P_ppm	162	100	310	168.03	160.00	210.00	1735.2	41.6558	190.00	229.00	250.00
Pb_ppm	162	7.4	22.3	15.04	15.20	14.90	8.28057	2.8776	17.08	18.40	19.29
S_pct	162	0.005	0.3	0.02	0.01	0.30	0.000925	0.030406	0.03	0.05	0.05
Sb_ppm	162	0.05	0.31	0.14	0.13	0.26	0.002562	0.050613	0.17	0.20	0.22
Se_ppm	162	0.5	1.2	0.84	0.80	0.70	0.019614	0.140048	0.90	1.00	1.10
Sn_ppm	162	0.7	1.4	1.09	1.10	0.70	0.025535	0.159796	1.20	1.30	1.40
Te_ppm	162	0.02	0.29	0.10	0.09	0.27	0.002562	0.050613	0.14	0.17	0.19
Th_ppm	162	2.5	14.6	9.02	9.15	12.10	5.4307	2.33039	10.38	12.08	12.99
Tl_ppm	162	0.05	0.23	0.13	0.12	0.18	0.000991	0.031484	0.14	0.17	0.18
U_ppm	162	0.33	1.65	0.76	0.73	1.32	0.073545	0.271192	0.85	1.16	1.39
Zn_ppm	162	15	81	47.72	48.00	66.00	113.668	10.6615	53.00	60.00	66.00
Nb_ppm	162	0.025	0.55	0.15	0.11	0.53	0.009827	0.099133	0.22	0.29	0.35

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Field	Count_n	Minimum	Maximum	Mean	Median	Range	Variance	StandardDeviation	Percentile75	Percentile90	Percentile95
Ta_ppm	162	0.005	0.01	0.01	0.01	0.01	5.74E-06	0.002395	0.01	0.01	0.01
Ti_pct	162	0.014	0.058	0.03	0.03	0.04	7.40E-05	0.008604	0.04	0.04	0.05
Zr_ppm	162	1.9	24.6	9.37	9.55	22.70	18.2471	4.27166	12.28	14.89	16.40
W_ppm	162	0.025	0.24	0.10	0.09	0.22	0.001699	0.041221	0.12	0.15	0.17
B_ppm	162	5	70	19.57	20.00	65.00	184.595	13.5866	30.00	40.00	40.00
Be_ppm	162	0.27	1.12	0.65	0.64	0.85	0.024472	0.156434	0.75	0.88	0.93
Ce_ppm	162	19.2	59.2	35.77	35.60	40.00	58.5953	7.65476	40.48	45.88	49.60
Cs_ppm	162	0.27	3.14	1.16	1.10	2.87	0.230282	0.479877	1.37	1.68	2.03
Ge_ppm	162	0.06	0.21	0.12	0.13	0.15	0.001331	0.036482	0.15	0.16	0.17
Hf_ppm	162	0.06	0.54	0.23	0.23	0.48	0.011214	0.105895	0.29	0.38	0.41
In_ppm	162	0.034	0.117	0.07	0.07	0.08	0.000191	0.013822	0.08	0.08	0.09
La_ppm	162	9.1	30.5	17.73	17.30	21.40	13.3111	3.64844	20.10	22.70	23.60
Rb_ppm	162	4.9	57.8	21.44	21.45	52.90	45.3573	6.73478	24.68	28.48	31.67
Re_ppm	162	0.0005	0.001	0.00	0.00	0.00	5.31E-08	0.00023	0.00	0.00	0.00
Sc_ppm	162	7.1	28.1	18.08	18.05	21.00	22.8691	4.78216	21.90	24.08	25.38
Sr_ppm	162	7.2	227	66.92	50.60	219.80	2298.29	47.9405	97.55	135.50	150.98
V_ppm	162	72	352	182.07	189.00	280.00	2193.56	46.8355	213.00	231.00	249.65
Y_ppm	162	7.55	25	15.63	15.38	17.45	10.692	3.26986	18.08	20.18	20.80

Table 2 Dunnsville Soil Geochemistry Summary Statistics

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Field Count_n Minimum Maximum Median Range Variance StandardDeviation Percentile75 Percentile90 Percentile95

Au_ppb	77	0.1000	76.3000	3.6000	76.2000	101.2718	10.0634	5.6000	11.2000	17.2800
Ag_ppm	77	<0.001	0.0410	0.0110	0.0420	0.0001	0.0071	0.0140	0.0210	0.0230
Al_pct	77	0.0028	0.0114	0.0056	0.0086	0.0000	0.0017	0.0066	0.0074	0.0090
As_ppm	77	<0.01	0.0500	0.0200	0.0600	0.0003	0.0169	0.0300	0.0340	0.0400
Ba_ppm	77	0.0200	0.9100	0.1000	0.8900	0.0179	0.1337	0.1900	0.3060	0.3820
Bi_ppm	77	<0.001	<0.001	<0.001	0.0000	0.0000	0.0000	-0.0010	-0.0010	-0.0010
Ca_pct	77	0.0080	0.0980	0.0210	0.0900	0.0003	0.0182	0.0280	0.0430	0.0708
Cd_ppm	77	<0.001	0.0080	<0.001	0.0090	0.0000	0.0021	0.0020	0.0030	0.0044
Co_ppm	77	<0.005	0.2990	0.0600	0.3040	0.0042	0.0652	0.1000	0.1712	0.2306
Cr_ppm	77	<0.1	<0.1	<0.1	0.0000	0.0000	0.0000	-0.1000	-0.1000	-0.1000
Cu_ppm	77	0.2100	2.9000	1.1700	2.6900	0.3704	0.6086	1.5700	2.1080	2.2620
Fe_pct	77	<0.0001	0.0002	0.0001	0.0003	0.0000	0.0001	0.0002	0.0002	0.0002
Ga_ppm	77	<0.001	0.0010	<0.001	0.0020	0.0000	0.0002	-0.0010	-0.0010	-0.0010
Hg_ppm	77	<0.001	0.0020	<0.001	0.0030	0.0000	0.0007	-0.0010	-0.0002	0.0010
K_pct	77	0.0000	0.0125	0.0046	0.0125	0.0000	0.0028	0.0077	0.0089	0.0095
Li_ppm	77	0.0240	0.1560	0.0650	0.1320	0.0010	0.0323	0.0890	0.1074	0.1434
Mg_pct	77	0.0136	0.0641	0.0351	0.0505	0.0001	0.0092	0.0406	0.0474	0.0498
Mn_ppm	77	0.0200	4.9400	0.5100	4.9200	0.4130	0.6426	0.8800	1.1920	1.5060
Mo_ppm	77	<0.005	0.0120	<0.005	0.0170	0.0000	0.0039	-0.0050	-0.0010	0.0062
Ni_ppm	77	0.1170	2.4700	0.5770	2.3530	0.2549	0.5049	0.9700	1.4140	1.6220
P_pct	77	<0.1	1.0000	0.5000	1.1000	0.1226	0.3501	0.8000	0.9000	1.0000
Pb_ppm	77	<0.01	0.0200	<0.01	0.0300	0.0000	0.0046	-0.0100	-0.0100	-0.0100
Pd_ppb	77	<1	2.0000	<1	3.0000	0.4973	0.7052	-1.0000	-0.2000	1.0000
Pt_ppb	77	<1	<1	<1	0.0000	0.0000	0.0000	-1.0000	-1.0000	-1.0000
Sb_ppm	77	<0.001	<0.001	<0.001	0.0000	0.0000	0.0000	-0.0010	-0.0010	-0.0010
Sn_ppm	77	<0.001	<0.001	<0.001	0.0000	0.0000	0.0000	-0.0010	-0.0010	-0.0010
Te_ppm	77	<0.01	<0.01	<0.01	0.0000	0.0000	0.0000	-0.0100	-0.0100	-0.0100
Th_ppm	77	<0.0005	0.0005	<0.0005	0.0010	0.0000	0.0001	-0.0005	-0.0005	-0.0005
Tl_ppm	77	<0.0005	0.0020	<0.0005	0.0025	0.0000	0.0005	-0.0005	0.0005	0.0008
U_ppm	77	<0.001	0.0750	0.0130	0.0760	0.0002	0.0155	0.0260	0.0364	0.0480
Zn_ppm	77	<0.02	0.3900	0.0300	0.4100	0.0028	0.0529	0.0500	0.0740	0.0900
Nb_ppm	77	<0.0005	<0.0005	<0.0005	0.0000	0.0000	0.0000	-0.0005	-0.0005	-0.0005
Ta_ppm	77	<0.001	<0.001	<0.001	0.0000	0.0000	0.0000	-0.0010	-0.0010	-0.0010
Ti_pct	77	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

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Matsa Resources Limited – April 2012
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Field Count_n Minimum Maximum Median Range Variance StandardDeviation Percentile75 Percentile90 Percentile95

Zr_ppm	77	<0.005	0.0140	<0.005	0.0190	0.0000	0.0022	-0.0050	-0.0050	-0.0050
W_ppm	77	<0.001	<0.001	<0.001	0.0000	0.0000	0.0000	-0.0010	-0.0010	-0.0010
Ce_ppm	77	<0.005	0.0170	<0.005	0.0220	0.0000	0.0050	-0.0050	0.0058	0.0082
Cs_ppm	77	<0.0005	0.0011	<0.0005	0.0016	0.0000	0.0003	-0.0005	-0.0005	0.0005
In_ppm	77	<0.0005	<0.0005	<0.0005	0.0000	0.0000	0.0000	-0.0005	-0.0005	-0.0005
La_ppm	77	<0.001	0.0030	<0.001	0.0040	0.0000	0.0005	-0.0010	-0.0010	-0.0010
Rb_ppm	77	0.0070	0.0770	0.0230	0.0700	0.0002	0.0131	0.0320	0.0470	0.0522
Sc_ppm	77	<0.005	0.0310	0.0070	0.0360	0.0001	0.0075	0.0100	0.0140	0.0222
Sr_ppm	77	1.0200	10.1000	2.4000	9.0800	1.5614	1.2496	2.8700	3.7040	3.9620
Tb_ppm	77	<0.001	0.0020	<0.001	0.0030	0.0000	0.0003	-0.0010	-0.0010	-0.0010
Y_ppm	77	<0.005	0.0880	<0.005	0.0930	0.0002	0.0134	0.0080	0.0158	0.0200
Yb_ppm	77	<0.001	0.0050	<0.001	0.0060	0.0000	0.0011	-0.0010	0.0010	0.0020
Dy_ppm	77	<0.001	0.0140	<0.001	0.0150	0.0000	0.0022	0.0010	0.0024	0.0032
Er_ppm	77	<0.0005	0.0071	<0.0005	0.0076	0.0000	0.0012	0.0008	0.0016	0.0021
Gd_ppm	77	<0.001	0.0130	<0.001	0.0140	0.0000	0.0020	0.0010	0.0020	0.0030
Nd_ppm	77	<0.001	0.0130	<0.001	0.0140	0.0000	0.0020	0.0010	0.0020	0.0030
Pr_ppm	77	<0.001	0.0020	<0.001	0.0030	0.0000	0.0003	-0.0010	-0.0010	-0.0010
Sm_ppm	77	<0.001	0.0070	<0.001	0.0080	0.0000	0.0011	-0.0010	-0.0002	0.0010
Eu_ppm	77	<0.0005	0.0026	<0.0005	0.0031	0.0000	0.0004	-0.0005	-0.0005	0.0005

Table 3 Killaloe MMI Summary Statistics

Field Count_n Minimum Maximum Sum_Total Median Range Variance StandardDeviation Percentile75 Percentile90 Percentile95 Au_ppb 221 1 107 1521 5 106 77.47701 8.802102 7 11 16

Table 4 Killaloe Soil Sampling Summary Statistics

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