(MENAFN- ProactiveInvestors)
Cashed-up Ltd () has started ground electromagnetic surveys at the company’s Mt Day nickel project located near Poseidon’s () Emily Anne and Maggie Hayes nickel mines near Forrestania Western Australia.
A detailed review of past exploration data over the Mt Day project has identified a number of shallow drill intersections containing significant nickel values up to 1.51% nickel with supporting copper values up to 0.17% copper.
The planned electromagnetic (EM) survey is intended to cover the southern end of an 8 kilometre long belt of komatiite lavas which is believed to be a structurally favourable location for nickel mineralisation in the Maggie Hays area.
The support for nickel occurrences is provided in significant results from aircore drilling by previous explorers including 3 metres at 1.02% nickel from 69 metres.
Matsa has commenced the first of 5 planned lines for a 12.5 line-kilometres moving loop EM survey over two areas which have received minimal exploration to date.
The company is also planning to start diamond drilling to test any sulphide type conductors detected after completion of the current survey.
Matsa is also exploring for copper and base metals in Thailand.
It held cash receivables and liquid assets of $9 million at March quarter end and no debt.
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