Sultan Resources Ltd (ASX:SLZ) announced the increasing interests amoung the mining majors including Anglo American Plc to secure a prospective exploration ground close to Lake Grace Ni-Cu-Au project in the Southwest Yilgarn region.
The sudden interest is understood to be subsequent to Chalice Gold Mines’ discovery of Julimar Ni-Cu-PGE deposit in March. Chalice identified the target via study of high-resolution regional magnetics and announced mega intersections of mineralisation during the drilling program, some of which are as follows-
- JRC001 - 33m with 6.5g/t Pd, 0.7g/t Pt, 1.6% Ni, 0.7% Cu, 0.1% Co, 44 metres downhole
- JD003 - 17.6m @ 5.3g/t Pd, 1.0g/t Pt, 1.3% Ni, 0.6% Cu, 191.4 metres downhole
- JRC006 - 41m @ 2.6g/t Pd, 0.5% Ni, 0.4% Cu, 0.03% Co, 39 metres downhole
Mining explorers have applied for exploration licences for vast areas aggregating to 10,130 square kilometres.
Sultan traded at $0.16 at 12:18 PM on 20 July 2020, increasing 6.67% against previous close, with a market capitalisation of $8.79 million.
All financial information pertains to Australian dollar unless stated otherwise.
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