Summary
- SLZ commenced the proposed 3,800-metre RC drilling campaign at Tucklan. The initial phase of the program is anticipated to be completed in 20 days
- SLZ’s marks the first drilling activity at the Lachlan Fold Belt, and presents a strong potential across the suite of copper-gold projects
- The drilling program at Big Hill deposit is set to commence during the first quarter of 2021.
Following the mobilisation of the drill rig at the Tucklan prospect, Gold explorer and developer, Sultan Resources Ltd (ASX:SLZ) announced that the drilling campaign has commenced at the wholly-owned project in the east Lachlan fold belt of New South Wales.
As reported earlier, SLZ plans to undertake a maiden drilling campaign, aggregating to 3,800 metres of Reverse Circulation (RC) drilling at over 12 holes with possible diamond tails. The initial phase of the drilling program is anticipated to be completed in 20 days.
Tucklan is a large epithermal gold and gold-copper porphyry target with exceptional groundwork and IP results. The maiden drill program at Tucklan is SLZ’s first in the east Lachlan fold belt. The commencement of the drilling marks the beginning of an exciting period at the LFB project, where Sultan continues to progress towards drilling on the copper-gold targets at Big Hill deposit.
Important Read: Sultan’s strong presence in the prospective mining neighbourhood, Advancing on exploration path
SLZ’s Lachlan Fold Belt projects Source: Sultan Resources 2 December 2020
Sultan in the Lachlan Fold Belt
Sultan Resources holds 330 square kilometres of exploration ground in the east Lachlan fold belt (LFB) prospective for nickel, gold, cobalt and PGE. The Lachlan fold belt is considered highly prospective for copper and gold mineralisation, and hosts world-class mining operations, including Newcrest Mining’s (ASX:NCM) Cadia Valley operations (>50Moz Au, 8.7Mt Cu) and Evolution Mining’s (ASX:EVN) Lake Cowal gold mine (>11Moz Au). Alkane Resources’ (ASX:ALK) Boda discovery has reinvigorated a major boom in the exploration industry in the densely and completely-held district.
Sultan had acquired 100% interest in a suite of gold and copper exploration tenements from Colossus Metals in Central New South Wales. SLZ has continued the activities at the exploration assets with detailed mapping and sampling at the Tucklan, Ringaroo, and the Big Hill porphyry/epithermal targets.
A large (3.5 x 2.5km) magnetic anomaly at Tucklan coincides with IP chargeability and the historical Gold mining centres. It holds strong potential to host volcanic-related epithermal gold mineralisation.
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Furthermore, Tucklan holds strong potential to host porphyry-style Au-Cu and/or epithermal gold mineralisation at the 1.6km x 600m IP chargeability anomaly, defined beneath the gold and copper soil anomalies. The gold mineralisation extends to surface and untested historical workings.
Sultan was trading at $0.245 on 8 December 2020 (AEDT: 11:30 AM) with a market capitalisation of $16.68 million.
All financial information pertains to Australian Dollars unless stated otherwise.
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