Sultan's Lake Grace in the hottest exploration region, sought by many held by a few

  • Jul 20, 2020 AEST
  • Team Kalkine
Sultan's Lake Grace in the hottest exploration region, sought by many held by a few

Summary

  • Mining companies including Anglo American and Impact Minerals have secured exploration grounds post Julimar discovery
  • Sultan holds a 690 km2 portfolio identified prospects across Kulin Hill and Lake Grace prospects
  • Geochemical, EM programs for Nickel deposits under planning, Land access for Gold region under discussion

Sultan Resources Limited (ASX: SLZ) announced that a mineral rush for securing prospective ground in and around the Lake Grace tenement is underway following the discovery of the Chalice Gold Mines’ Julimar Ni-Cu-PGE deposit.

Sultan holds the Lake Grace project spanning across a 690 square kilometres area with high prospectivity for gold mineralisation. The tenements include the historically tested ultramafic formations containing nickel and cobalt bearing sulphides. A detailed airborne magnetic survey had indicated several prospective unexplored areas with geophysical characteristics indicative of ultramafic rock formations.

Major Players taking interest in Lake Grace Neighbourhood

The Lake Grace projects stretch across 5 tenements situated within the prolific Yilgarn Craton. Lake grace exploration ground is located in the southwest Yilgarn Terrane which remains underexplored yet, is home to several large mining operations and discoveries including Newmont’s giant Boddington gold operations and most recently, Chalice Gold Mines’ Julimar Ni-Cu-PGE discovery. Subsequently, Sultan has observed an increased interest by the mining explorers including major firms such as Anglo American plc, to secure an exploration ground in Southwest Yilgarn Terrane.

Sultan’s Lake Grace portfolio of tenements in relation to the recent applications by Anglo American Source: Sultan

 

The 26km long layered mafic-ultramafic complex hosts the underexplored Julimar discovery. The drilling targets were identified via the high-resolution regional magnetic program. The Julimar Ni-Cu-PGE project following the drilling of the first hole had returned the following outcomes-

  • JRC001 - 33m with 6.5g/t Pd, 0.7g/t Pt, 1.6% Ni, 0.7% Cu, 0.1% Co from 44m
  • JRC003 - 17.6m with 5.3g/t Pd, 1.0g/t Pt, 1.3% Ni, 0.6% Cu from 191.4m
  • JRC006 - 41m with 2.6g/t Pd, 0.5% Ni, 0.4% Cu, 0.03% Co from 39m

The mining explorers who have recently taken an interest in the region include Anglo American plc who have applied for an area totalling over 10,130 square kilometres. Anglo American’s applications stretch southeast over a strike length of over 225 kilometres, north and west to Sultan’s tenure. Impact Minerals (ASX:IPT) has also secured a large exploration ground with an area of 1,900 square kilometres at the Arkun project.

Read Here on:  Sultan Accelerated Growth Story, Delivers ~200% Return in the Past 3 Months

Sultan identifies the massive Gold and Nickel potential at the Lake Grace Project. In December 2018, Sultan undertook a high-resolution airborne magnetic survey at the Lake Grace project.

The survey was conducted in 2 phases –

  1. E70/5095 (Kulin Hill)
  2. E70/5081, E70/5082, E70/5085 and E70/5179 (Lake Grace)

The survey was conducted along 100-meter spaced lines at the sensor height of 40 meters totalling at 8,996 line-kilometres. Further, a geological, structural and exploration target exercise was conducted by Core Geophysics on the survey data.

Regional magnetic image of Lake Grace Source: Sultan Resources

 

Kulin Hill – The area under the survey is characterised by gneiss and granite forming a part of western gneiss terrain. Small intrusions of mafic and ultramafic nature with potential Nickel mineralisation encapsulated and metasedimentary rocks occurred within a portion of the area under survey.

A 2.6-kilometre-long ultramafic body, interpreted to be associated with the Ni-Co sulphide mineralisation, was tested during the historical drilling program.  The survey had also delineated a further 14.5km strike of interpreted ultramafic bodies that are yet to be explored.

Lake Grace - The Kulin Hill’s geology extends through Lake grace prospect with a further 9.5 kilometres of potential 9.5km zone of probable ultramafic rocks identified in the central-east portion.

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

Sultan prepping for advanced exploration at Lake Grace

Sultan is carefully examining and assessing all the information and data related to the potential occurrence of Nickel and Copper on the Lake Grace portfolio.

Planning and scheduling of the advanced work programs may include mapping, geochemical sampling and EM surveys at the identified Nickel prospects and the negotiations for land access is underway for the Lake Grace Portfolio.

Further, planning is underway for work programs that are likely to include identified nickel targets, and discussions for access to exploration ground are underway at the Lake Grace portfolio.

Stock Information

On 20 July 2020, Sultan closed the day’s trade at $0.16, up by 6.67% against the previous close, with a market capitalisation of $9.38 million.

All financial information pertains to Australian dollar unless stated otherwise.

 


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