It seems obvious that IGO are determined to take control of the whole of the Fraser Range having picked up BUX's ground for a song and stepping up to pay $20.5M for Winward Resources .Given that WIN had $5.5 M in cash IGO have effectively paid $16M for WIN's Fraser Range tenements .Below is a map showing the new tenement positions in the area.Rumour is that IGO are also in discussions with Sheffield Resources .....if that is so and they get SFX's ground that will leave only MAT and BOA as the last two standing .In the map the tenement marked in black has numerous applications (about 13) from IGO,Creasy,MAT and a number of other juniors
As far as I can ascertain MAT has about $11M in cash and liquids ,if we give the Fraser Range ground a notional value of around $10M- $12M that leaves their other extensive gold tenements and their Thailand holdings with a notional value of around $9M-$9.5M
I bought some Matsa today as I think with the current MC the sum of its parts are worth more than what the market cap is. I eagerly await further developments around the ground they picked up from Fortitude Gold with its JORC 385,000 oz of gold .If they come out and announce they have secured a deal to toll treat gold from there then the market should sit up and take notice in my opinion and well see it back around 30c at least
MAT Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
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