Sultan releases Activity Report for June Quarter, Newly Acquired LFB project Marks Strong Growth  

Summary

  • Soil and Rock chip sampling program results for Big Hill & Tucklan in Lachlan Fold Belt marked large anomalies with high grade Gold-Copper minerlisation
  • Assay results at the Challenger prospect in Lake Grace confirmed large scale gold mineralisation
  • Land access negotiations ongoing at Thana, East Tallering and Dalwallinu, Exploration programs scheduled for 2020 at the Thaduna and East Tallering

Experienced gold and base metals explorer, Sultan Resources Limited (ASX:SLZ) released the activities report for the June quarter.

During the quarter, Sultan completed the acquisition of Colossus Metals and its gold and copper exploration tenements in the Central New South Wales. Sultan continued with the detailed mapping and sampling program at the Big Hill, Tucklan and Ringaroo porphyry/epithermal gold and copper prospects.

Sultan tenements in relation to World Class operating mines of the East Lachlan Fold Belt, and the recent Boda discovery Source: Sultan

Sultan tenements in relation to World Class operating mines of the East Lachlan Fold Belt, and the recent Boda discovery Source: Sultan

Sultan proceeds with Exploration Activities in Established mining neighbourhoods

The field exploration work, including the soil and rock chip sampling program on the Big Hill and Ringaroo Porphyry Cu-Au deposit (EL8735) and the Tucklan epithermal prospect (EL8734) continued during the quarter.

The assay results for the Big Hill and Tucklan prospects were released during the quarter while the initial results from the Ringaroo were received recently subsequent to the June quarter.

Big Hill: The soil sampling along the western flank of the 6 kilometres long magnetic anomaly at the Big Hill prospect identified numerous geochemical anomalies with pathfinder signatures coinciding with the gold and copper mineralised samples and magnetic highs confirming the presence of large scale prospects.

The sampling program resulted in the discovery of two critical prospects including the Gowan Green and Big Hill.

Gowan Green Prospect: North of Big Hill, Gowan green holds historic gold and copper workings overlying a magnetic anomaly. Here are the several assay results of the rock chip samples from the Gowan green-

The high Au-Cu grade samples substantiated the presence of a new >1.5km x >0.10km large Au-Cu pathfinder soil geochemical anomaly associated with a 300 meters diametric magnetic anomaly and Northeast Southwest structural corridor.

Big Hill Prospect: Large ovoid shaped magnetic high characterise the Big Hill prospect. A 2.2km x 0.4km target area containing epidote-veined, epidote alterations, feldspar – pyroxene porphyry with dispersed native copper and malachite occurrences were observed from the mapping and soil geochemical results.

The geochemical results and the mineralisation system appear to be in coherence with the outer portions of the high grade Cadia-Ridgeway Au-Cu porphyry operations 50 kilometres to the south and the Boda discovery almost 50 kilometres to the North.

Big Hill-Gowan Green on Aeromagnetic Image Source: Sultan

Big Hill-Gowan Green on Aeromagnetic Image Source: Sultan

Tucklan Prospect: The geological mapping, soil and rock chip sampling program targeted the magnetic feature coincident with the potassium radiometric anomaly and historical gold workings. The soil sampling along a NW-SE striking 1.5km x 0.30km region showcased gold grades greater than 7.2ppb Au. A 700m x 300m high grade Gold soil anomaly “core” returned gold grades with values up to 613ppb Au in the soil assaying results.

Various gold workings associated with the soil anomalies were tested within the historical Tucklan goldfield. A large-scale gold and pathfinder surface anomalies are associated with a 3.5km x 2.5km magnetic high complex and 1.8km x 0.5km NW-SE striking potassium radiometric anomaly.

Variable Gold Soil Map on RTP Aeromagnetic Image Source: Sultan

Variable Gold Soil Map on RTP Aeromagnetic Image Source: Sultan

Lake Grace Gold Project in WA

Earlier during the March quarter, Sultan completed a 991 meters 5 RC drilling program focussing on the gravity anomalies down dip and along the strike of the Challenger gold mineralisation discovered in 2019.

In April, Sultan received 4m composite assay results for the drilling program at the Lake Grace project. The results indicated numerous significant gold mineralisation intervals similar in thickness and tenor to the initial drilling campaign by Sultan in 2019.

Assay results of the recent RC drill program Source: Sultan

Assay results of the recent RC drill program Source: Sultan

The assay results confirmed large scale gold mineralisation on a significant scale at the Challenger prospects. The drilling defined thick regions of gold anomaly and has extended the strike of the high-grade regions.

Subsequent Activities: Sampling results from Ringaroo Prospect

Sultan received the initial results of the soil sampling at the Ringaroo prospect in July. The soil sampling program targeted the N-S trending magnetic feature, which is interpreted to represent the Macquarie Arc intrusive complex similar to the Alkane Resources’ Boda discovery.

The magnetic anomaly hosts Impact Minerals’ Apsley deposit, just 3 kilometres north of Ringaroo over the EL8735 boundary. The soil sampling program covered an area of almost 3 square kilometres identifying anomalies including the large N-S trending 1.0km x 0.40km Gold-Copper geochemical anomaly with grades more than 3.1ppb Au and 94ppm Cu. Another large anomalous region was identified with grades more than 4.5ppb Au and coincident copper above 94ppm Cu.

As for the activities at the other projects, Sultan updated that-

Thaduna – A follow up exploration program on the 2018 defined gold and base-metal aircore anomalies have been planned for 2020. Ground geophysical surveys and further shallow and deep drilling have been planned at the Thaduna project. The negotiations for land access with the traditional heritage groups are ongoing.

East Tallering – A follow up drilling program to test aircore and RAB gold mineralisation is planned. The negotiations for land access with the traditional heritage groups are ongoing.

Dalwallinu - The negotiations for land access are ongoing.

Sultan holds cash of $2,005,594 as at 30 June 2020.

On 30 July 2020, Sultan closed at $0.185 a share, with a market capitalisation of $11.14 million.

All financial information pertains to Australian dollar unless stated otherwise.

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