- Matsa Resources (MAT) enters an agreement with IGO Newsearch (IGO) who’ll purchase a 70 per cent interest in all of Matsa’s tenements within the Fraser Range, WA
- This includes a 70 per cent interest in Matsa’s Symons Hill project
- The IGO subsidiary will pay $600,000 in cash and Matsa Resources will retain a 30 per cent free-carried interest in each of the tenements until a feasibility study or decision to mine is made
- The company says the sale gives it a cash boost and allows it to put its focus on its Lake Carey project in WA
- MAT shares are up 2.33 per cent and trading at 4.4 cents at 2:27 pm AEST
Matsa Resources (MAT) has entered an agreement with IGO Newsearch (IGO) who’ll purchase a 70 per cent interest in all of Matsa’s tenements within the Fraser Range, WA.
The IGO subsidiary will also acquire 70 per cent of Matsa’s Symons Hill project which covers a 60-square kilometre area in the Fraser Range region.
IGO will pay $600,000 in cash for the tenements and Matsa Resources will retain a 30 per cent free-carried interest in each of the tenements until a feasibility study has been completed or a decision to proceed to development and mining on each tenement, whichever occurs earlier.
Matsa Resources Chairman Paul Poli said the transaction gives IGO access to the company’s Fraser Range landholding and explore the tenements without specific time or cost demands.
“It provides Matsa with a cash boost as well as receiving the expert knowledge and exploration experience of the IGO team which is second to none. Matsa welcomes IGO’s exploration know-how and capabilities throughout its Fraser Range tenement holdings,” Mr Poli said.
Matsa Resources believes the sale of its non-core Fraser Range tenements will allow it to focus solely on the Lake Carey project in WA, while still retaining an interest in Fraser Range at no cost.
MAT shares were up 2.33 per cent and trading at 4.4 cents at 2:27 pm AEST.