Matsa Resources has found 9 lithium pegmatite outcrops at its play in Thailand

Tue 04 Oct 22, 2:19pm (AEST)
Traditional Thai temple architecture located in Wiang Kum Kam
Source: Unsplash

Key Points

  • After hitting gold at its WA Lake Carey project in August, Matsa has now hit lithium pegmatites in Thailand
  • 500m x 2km area containing 9 outcrop targets; rock chip samples en route to Perth, assays pending
  • Fieldwork mapping the surface now underway; Matsa first began exploration in the Southeast Asian country in February

Matsa Resources’ (ASX:MAT) shareholders are enjoying a 9.7% rise in the share price to 4c this afternoon as the company logs its discovery of nine pegmatite lithium outcrops at its Phang Nga project in Southern Thailand. 

Rock chip samples have been sent to Perth with initial assay results pending; the region Matsa is exploring is situated within a historical global tin province, but the company notes heavy vegetation will delay work on the ground. 

Regardless, fieldwork is now underway by company geotechs to conduct soil sampling and mapping with a follow up program slated for “immediate action.” The cluster of nine outcrops occurs in a region some 500m x 2km in size. 

Worth noting is that Matsa’s discovery does not relate to spodumene mineralisation which Pilbara Minerals (ASX:PLS) shareholders will be familiar with, but instead lepidolite. 

What is lepidolite? 

Lepidolite is another common source rock hosting mineralisation that is less commonly mined than its better-known counterpart, spodumene

Lepidolite refining practices to yield lithium metals are less developed than that for spodumene, and fewer companies focus on lepidolite exploration.

However, a number of companies on the ASX boast lepidolite deposits, including De Grey Mining (ASX:DEG), Lepidico (ASX:LPD), Lithium Australia (ASX:LIT) and Metals Australia (ASX:MLS).

Surveys by the British Geological Survey (BGS) conducted in the Southern Thailand region in the 1970s first confirmed lepidolite mineralisation. 

Another company, Pan Asian Metals (ASX:PAM) operate a similar operation nearby, lifting the confidence of Matsa’s geotech team. Pan Asian recently moved to a successful publication of a mineral resource for its Reung Kiet project. 

Rapid move to successful hit 

Matsa first flagged its intention to explore for lithium in Thailand back in February

The company acquired 65 prospecting licences spanning over 942km2, host to lithium occurrences reported by Thailand’s Department of Minerals and Resources and backed up by historical BGS activity. 

“I cannot be more delighted to move to discovery in under 9 months,” Matsa Resources chair Paul Poli said. 

“Thailand will keep delivering and gives me greater confidence our projects are highly attractive…we also know this is the first of several potential lithium target areas.” 

“I hold high hopes we will continue to find more lithium…the western granite belt has been one of the great tin provinces of the world and I am eager to add lithium to that story.”

Matsa's three month charts
Matsa's three month charts


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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