Sultan’s 1.5 Km Undrilled Gold Anomaly at Tucklan Reports High Grade Assay Results: Stock Up 3.4%

  • Jun 02, 2020 AEST
  • Team Kalkine
Sultan’s 1.5 Km Undrilled Gold Anomaly at Tucklan Reports High Grade Assay Results: Stock Up 3.4%

Summary

  • Tucklan in the Lachlan Fold Belt, uncovers large, undrilled Soil anomaly with high grade core with up to 0.61g/t gold in soil
  • Soil and Rock chip sample assaying resulted in 1.11g/t Au, 0.48g/t Au, 0.25g/t Au and 0.27g/t Au
  • Early encouraging results, Sultan well-funded to proceed to further Exploration stages

Sultan Resources Limited (ASX: SLZ), a diversified gold and base metals explorer, announced the results of the soil and rock chip sampling program from the Tucklan deposit in the Macquarie North of the Lachlan Fold Belt.

 

Regional Location Map – Big Hill, Tucklan and Ringaroo over the prospective Macquarie Arc sequence Source: Sultan Resources

  Regional Location Map – Big Hill, Tucklan and Ringaroo over the prospective Macquarie Arc sequence Source: Sultan Resources

 

The soil and rock chip sampling program are targeted to identify priority drill targets with strong prospects to host Au-Cu porphyry and/or epithermal gold mineralisation at the Big Hill, Ringaroo and Tucklan deposits in the Lachlan Fold Belt. The geological mapping, soil and rock chip sampling targeted on the magnetic anomalies coincident with the strong potassium radiometric anomaly and the historical gold workings.

Rock and Soil Assay Results from the Big Hill Prospect: Must Read

Lachlan Fold Belt of the NSW

The Lachlan Fold Belt hosts massive Au-Cu porphyry mineralisation with large gold mining operations such as the Newcrest Mining’s (ASX: NCM) Cadia-Ridgeway operations and new mega discoveries such as Alkane Resources’ (ASX: ALK) Boda discovery. The Cadia gold operations produced 913 kilo ounces of gold along with 91 kilo tonnes of copper at an all-in Sustaining cost of $132 an ounce of Gold. The polymetallic nature of the mineralisation allows the mining operations to operate at minimal operating cash costs.  

The Tucklan Deposit

Highly prospective Tucklan Deposit is located almost 45 kilometres north-east of the Alkane’s Boda prospect and share the regional Macquarie Arc geology. The soil sampling across the grid (100 m x 100 m) defines the 1.5km x 0.30km Northwest Southeast strike with geochemical anomalies holding gold grade higher than 7.2 ppb of Gold. Another higher-grade soil anomaly (700m x 300m) returned gold grades up to 613ppb.The Soil anomalies remain open to the Southeast.

Large scale metal zonation of the hydrothermal gold system is indicated from the series of pathfinder soil geochemical anomalies. The historical gold workings are associated to the soil anomalies that includes multiple pits, a shallow shaft and an adit. The Tucklan goldfield is interpreted to be underexplored with large scale gold and pathfinder surface geochemical anomalies within a 3.5km x 2.5km magnetic high complex and 1.8km x 0.5km NW-SE striking potassium radiometric anomaly.

 

Progressive Half Ranked Variable Gold Soil Map, on RTP Aeromagnetic Image (left) on K Radiometric Image (Right) Source: Sultan Resources

Progressive Half Ranked Variable Gold Soil Map, on RTP Aeromagnetic Image (left) on K Radiometric Image (Right) Source: Sultan Resources

 

Assay Results

The rock samples on the boundary of the gold and pathfinder soil anomaly reiterated the presence of strong Gold mineralisation associated with several other pathfinder elements, showcasing the polymetallic nature of the deposit.

The rock chip samples resulted in widespread altered volcanogenic rocks with the gold grades of 1.11g/t , 0.25g/t , 0.14g/t , 0.48g/t , 0.27g/t and supporting strong prospectivity of the Tucklan deposit. The gold in mineralisation is associated to sulphide such as widespread disseminated pyrite in Silica-K-Feldspar, breccias or sandstone with pyrite veining and concentrated quartz sulphide stockwork veining.

Sultan Hits homerun with Gold and Base Metals Projects in Yilgarn Craton and Lachlan Fold Belt: Read Here

Future Work Program – Tucklan

The geochemical and geological interpretation is in line with the ore deposit models of Gold rich volcanic hosted massive sulphide and volcanic hosted epithermal gold mineralisation systems. Additionally, superficial and at depth potential persists for Au-Cu-Mo porphyry deposits. The magnetic anomalies need to be explored further. The next steps of exploration include geological mapping, further rock and soil sampling, petrology and high-resolution Induced Polarisation (IP) survey to identify targets for the drilling program.

Big Hill: Further exploration programs have been scheduled for the next quarter to undertake a high-resolution IP survey, further geochemical sampling, and mapping to test the rest of the magnetic complex.  

Ringaroo: The rock and soil sampling program at the Au-Cu porphyry target at the Ringaroo prospect which is located along the strike of the Impact Minerals’ (ASX:IPT) Apsley target.

With over $2 million in cash, Sultan is well placed to advance to further exploration stages at the Macquarie Arc. The early encouraging results would motivate Sultan to further advance to accelerate the exploration activities.

Sultan closed at $0.150, up 3.5% from the previous closing price (As on 2 June 2020), with a market capitalisation of $6.91 million.

All financial terms are referred in AUD, unless states otherwise

 


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