- Sultan accelerating exploration activities on the newly acquired Colossus asset
- IP to follow Soil & Rock Chip Sampling Program to identify Drill Targets
- Generated a return of over ~90%, highest amongst junior gold explorer from LFB
The hinterland of New South Wales gained prominence when a giant gold discovery near Bathurst in 1851 sparked a gold rush. The Lachlan Fold Belt (LFB), which had been overlooked for long, was noticed by many following the first large discovery at Woodlawn in 1972 which was later followed by Cadia discovery in 1992 establishing the region as an interesting opportunity for the geologists.
The Lachlan Fold Belt, which already hosted the Newcrest Mining (ASX:NCM), one of Australia’s largest Gold and Copper operations, has been known for its typical Gold and Copper porphyry mineralisation.
The gold endowment in the LFB stretches over ~200,000 square kilometres, containing over 150 million ounces of known In-Situ Gold mineral resources. As of 31 December 2019, Newcrest’s Cadia contained over 37 million ounces of Gold contained in the mineral resources.
Ever since Alkane Resources (ASX: ALK) discovered the Boda prospect (689m @ 0.46g/t Au and 0.19% Cu) in the Northern Molong porphyry project (NMPP), the Au-Cu porphyry land has gained interests from experienced to the newest gold explorers in the industry. The region has seen a remarkable increase in the hunt for prospective exploration grounds, especially in the vicinity of the Alkane’s Boda discovery.
With the global gold mining industry facing grade decline along with increased mining depth and rising labour & operation costs, Australia is expanding the production volumes consistently to emerge as the largest gold producer by 2021.
Sultan gearing up for the Next Big Discovery in the LFB
Sultan Resources (ASX:SLZ), an earlier WA focussed gold and base metals explorer, acquired a 330 square kilometres Colossus Gold-Copper exploration asset in the Macquarie Arc region of the East Lachlan Fold Belt. The Macquarie Arc project included three tenements with Ringaroo, Big Hill, and Tucklan prospective targets. The Alkane’s Boda is located to the north and Cadia to the south of the central EL 8735 tenement which hosts both Ringaroo to the North and Big Hill on the Southern terminal ends.
Colossus Tenements over the prospective Macquarie Arc sequence Source: Sultan Resources
Soon after the shareholders gave approval to the acquisition, Sultan announced plans to accelerate the exploration program. A rock chip and soil sampling program at the Colossus controlled site was already underway with the results for Big Hill and Tucklan already announced.
With Strong Results from Big Hill and Tucklan, Sultan Turns to Ringaroo Prospects: Read Here
The Geological mapping indicates the consistency of the hydrothermal alteration styles with the Boda/Cadia style alkaline porphyry mineralisation with gold in association to phyllic and propylitic assemblages and localized zones of disseminated pyrite. The Colossus project is consistent with both gold-copper porphyry, gold-rich, alkali Cadia mineralisation.
Big Hill: High-grade assay from the Cowan Green confirmed the presence of large Gold-Copper anomalies (>1.5 kms x 0.1 kms) with substantial metal zonation. The Rock chip samples from Big Hill prospect indicated high-grade copper assay results from altered porphyry rocks.
Assay Results from Gowan Green (L) and Big Hill (R) Source: Sultan Resources
Tucklan Prospect: The soil and rock chip sampling program at the Tucklan prospect indicated a 1.5 x 0.3 kms Undrilled gold anomaly at Tucklan which contained a 700m x 300m core with gold grade up to 0.61 g/t.
Following the rock chip and sampling program at the Ringaroo prospect, Sultan plans to initiate an IP (Induced Polarisation) survey to identify priority drill targets.
Sultan strengthens its presence in Lachlan Fold Belt: Must Read
Creating value for Investors Backed by Strong Portfolio Progress
Sultan’s performance on ASX Source: ASX
Sultan is committed to create value for its investors and it has outperformed its peers from the Lachlan Fold Belt even during a pandemic when most of the equity investments have been unsuccessful in generating returns.
On 15 June 2020, Sultan closed at $0.125 a share on ASX generating a return of over 89.39% in the past six months.
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