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Summary
- Sultan’s tenure is in close proximity to established mining operations and exploration projects
- Prospective Au-Cu porphyry mineralization sought by explorer of all scales following the Boda discovery
- Sultan outlines exploration path, maiden drilling program in November-December
Sultan Resources (ASX:SLZ), an experienced gold and base metals explorer, is progressing on exploration activities in the East Lachlan Fold Belt and Yilgarn Craton. The recent addition to the portfolio is the Macquarie Arc Cu-Au porphyry project in the East Lachlan Fold belt which stretches over a 330 square kilometers in New South Wales.
In the Neighborhood of Mining Discoveries and Established operations
Sultan tenements in the neighbourhood of World Class operating mines & discoveries Source: Sultan
Sultan in June had acquired 100% of Colossus Metals and its assets in the Lachlan Fold Belt in the Macquarie Arc. The Lachlan Fold Belt is home to mining and exploration grounds held by major and medium houses including Newcrest Mining (ASX:NCM), Freeport McMoRan, Newmont Goldcorp, Fortescue Metals (ASX:FMG), Evolution Mining (ASX:EVN), Alkane Resources (ASX:ALK) and Sandfire Resources (ASX:SFR).
The World class Macquarie Arc hosts extensive Au-Cu porphyry terrain home to major gold and gold-copper operations including-
- Newcrest’s Cadia Valley Operations (>50Moz Au, 8.7Mt Cu)
- CMOC-Sumitomo’s Northparkes Copper-Gold Mine (5.2Moz Au, 4.4Mt Cu)
- Evolution Mining’s Cowal Gold Mine (>11Moz)
- Regis Resources’ (ASX:RRL) MchPhillamys Gold Mine (>2Moz Au)
Ever since the discovery at the Boda prospect, a major boom in the exploration activity has been triggered in the mining district.
Sultan in the tightly held prolific neighborhood
Molong Volcanic Belt and competitor tenement positions Source: Sultan Resources
Sultan’s project stretches across three exploration license namely, EL8734, EL8704 and EL8735 including the Big Hill, Tucklan and Ringaroo prospects. The tenements in the renowned Molong Volcanic Belt within the Star Plateau Project holds the Big Hill and Ringaroo prospects located between Newcrest’s Cadia operations and Alkane’s Boda discovery.
Here are a few neighbors of Sultan and their exploration progress-
- Alkane’s Boda Au-Cu porphyry discovery recorded an intercept of 1,167 metres with 0.55g/t Au, 0.25% Cu including 96.8 metres with 3.97g/t Au, 1.52% Cu
- Magmatic Resources (ASX:MAG) completed a deep diamond drilling program at prospective areas almost 40 kilometres from Ringaroo and Big Hill
- Kincora Copper reported visible copper during the deep drilling at the Trundle project
- Impact Minerals’ (ASX:IPT) Apsley porphyry target is adjacent to the Sultan’s Ringaroo porphyry Cu-Au prospect within the same Ordovician volcanic rocks. The Apsley prospect reported grades up to 8.1% Cu and 13.1 g/t Ag from assay results earlier in 2020.
A recent rock chip sampling program has highlighted the priority areas at the Macquarie Arc project. Here are the major outcomes of the soil and rock chip sampling program-
- Ringaroo – Numerous anomalies including a 0km x 0.40km large gold and copper N-S trending geochemical anomaly with >3.1 ppb Au and >94 ppm Cu grades.
- Big Hill – A newly defined (>1.5km x >0.10km) large Au-Cu + pathfinder anomaly with a magnetic anomaly of 300 meters diameter within it.
- Tucklan – Large 1.5km x 0.30km NW-SE striking geochemical anomalies with gold grades greater than 7.2 ppb Au.
The Future exploration path for the Macquarie Arc project has been planned with the maiden drilling program scheduled during the latter months of 2020.
On 27 July 2020, Sultan closed at $0.19 a share, with a market capitalization of $11.14 million.
All financial information pertains to Australian dollar unless stated otherwise.
