News and Announcements
Matsa Resources Limited (ASX: MAT) announces sale of Killaloe Project to Liontown Resources Limited
- Published September 07, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- Agreement announced for the sale of the 163km2 Killaloe Project to Liontown Resources Limited (ASX: LTR).
- Matsa will receive up to 20 million Liontown fully paid ordinary shares and a 1% royalty on all minerals recovered from the site.
- The newly acquired Killaloe project overs the same stratigraphy as Liontown’s existing Buldania Lithium Project, where previous successful discoveries of lithium
mineralisation were found.
A Sales Agreement has been entered between Liontown Resources Limited (ASX: LTR) and Matsa Resources (ASX: MAT) for 100% of Matsa’s rights to the Killaloe Project.
The project widens Liontown’s holdings to approx. 400km2, and with no previous drilling or exploration on the Killaloe project to date, it holds valuable potential for potential lithium discovery.
The area is in close proximity to the west and covers the same stratigraphy to Liontown’s existing Buldania Lithium Project, where recent drilling resulted in the discovery of significant spodumene-related lithium mineralisation at the Anna pegmatite, confirming the potential of the area as a future lithium deposit location.
Liontown will commence geological mapping and geochemical sampling of the area to define priority target areas for Q4 2018 drill testing.
Under the agreement, Liontown will issue 20 million, fully paid, ordinary shares at a value of 3cps to Matsa with the agreement subject to the undertaking of complete due diligence in
relation to matters of native title.
About Matsa Resources Limited (ASX: MAT)
Matsa is an ASX listed explorer/developer who has become a gold producer following the acquisition and development of the Fortitude gold mine. Fortitude forms part of the Lake Carey gold project south of Laverton.
Matsa has a pipeline of quality projects within Australia and central Thailand. Matsa has recently acquired the Red October Gold mine near Lake Carey which boosts the mining potential within the area.
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