Sultan Resources Ltd (ASX:SLZ) announced the assay results of the soil sampling program at the Ringaroo prospect in the Lachlan Fold Belt.
The soil sampling program focussed on what is interpreted as the Macquarie Arc intrusive complex similar to the Alkane’s Boda prospect.
The soil sampling program identified multiple anomalies, including the large (1.0km x 0.40km) geochemical anomaly with Gold grades exceeding 3.1 ppb and Copper grades greater than 94 ppm.
Another large anomaly consistently showcased gold grades greater than 4.5 ppb and coincident copper anomaly with a Copper grade greater than 94 ppm. Further, both large anomalies were found to be open in all directions.
Exploration steps including extended sampling program, geological mapping, petrology and IP study may be anticipated in future to identify priority targets for the maiden drilling program.
Sultan traded at $0.19 a share at 12:04 PM AEST on 9 July 2020, increasing 5.56% against the previous close, with a market capitalisation of $11.14 million.
All financial information pertain to Australian currency unless stated otherwise.