- Following strong results from Big Hill and Tucklan, Sultan progresses on the soil and rock chip sampling on the Ringaroo prospect
- With Sultan well-funded, aggressive exploration plan is under discussion for prospective Au-Cu porphyry targets in Lachlan Fold Belt
- Current rock chip and soil testing program to be followed by IP survey to identify drilling targets
Australia focused experienced Gold and base metals explorer Sultan Resources Ltd (ASX:SLZ) is strengthening its presence in the emerging mining centres with recent mineral discoveries in the vicinity. Sultan holds key projects in its portfolio, with the latest agreement on the acquisition of Colossus Metals and its assets in the Macquarie Arc of the Lachlan Fold Belt. In addition, Sultan also owns four Gold, Copper and Nickel projects in the Yilgarn Craton of Western Australia-
- Thaduna Gold-Copper project
- Lake Grace Nickel Copper Gold project
- East Tallering Gold Project
- Dalwallinu Gold Project
Sultan’s land in the Lachlan Fold Belt (LFB)
Sultan entered into a binding agreement with Colossus Metals to acquire the prospective Gold-Copper porphyry asset in the Macquarie Arc. Colossus controls three major deposits namely, the Big Hill, Tucklan and Ringaroo which stretches over a 330 km2area in the heart of the Lachlan fold belt, which also hosts the Alkane Resources’ (ASX:ALK) mega Boda discovery and Newcrest Mining’s world class Cadia-Ridgeway Gold-copper operations.
Regional Location Map – Big Hill, Tucklan and Ringaroo over the prospective Macquarie Arc sequence Source: Sultan Resources
Sultan’s board and management team remain committed to exploring across the portfolio prospects to discover gold and base metals following a strategic exploration plan implementing modern exploration technique to generate value for the company, its shareholders and the local community.
Sultan recently announced the soil and rock chip assay results across the Big Hill and Tucklan deposits. The rock chip and soil sampling campaign at the Ringaroo porphyry Cu-Au prospect is already underway in the north of the granted exploration license EL8735.
Anticipation from the Ringaroo Cu-Au prospect, north of Star Plateau EL8735
Granted exploration license EL8735 hosts the Ringaroo Cu-Au porphyry targets to the north and the Big Hill to the south. EL8725 stretches across 108 km2 holding sections of the prospective Late-Ordovician- Early Silurian Northern Molong Volcanic belt which vastly and prominently hosts epithermal gold, gold-rich VMS, porphyry Au-Cu-Mo and orogenic gold deposits.
Source: Sultan Resources
Ringaroo is located south of the Alkane Resources’ Boda Cu-Au porphyry discovery, which reported an intercept of 689 metres with 0.46 grams Gold per tonne and 0.19% Copper. In addition, the Ringaroo targets are located along the strike of Impact Minerals’ Apsley target. Impact recently announced that its Apsley deposit indicated geochemical similarity to the Cadia-Ridgeway and North Parkes Gold mines with strong potential to host an extensive mineralisation system.
Sultan Hits homerun with Gold and Base Metals Projects in the Lachlan Fold Belt: Must Read
Tucklan Uncovers a 1.5 Kilometres Undrilled Gold Anomaly
The soil and rock chip assay results indicated the presence of a 1.5km x 0.30km gold anomaly holding gold grades exceeding 7.2 ppb (parts per billion) Gold. Within the large anomaly exists an undrilled high-grade core with gold grades up to 0.61 grams a tonne in soil. The rock and soil sample assay resulted in 1.11g/t Au, 0.27g/t Au, 0.48g/t Au and 0.25g/t Au.
The rock and soil sampling at the Big Hill prospect revealed a 6 Km long series of copper and gold anomalies with classic porphyry which indicated extensive vast targets. The initial phase is focussed on the Gowan Green, Big Hill and Wattle Ridge. The deposit showcased classic geochemical Cu-Au porphyry anomalies.
Sultan Advances on Gold Copper Assay Results from Large Scale Soil Anomalies at Big Hill: Read Here
Further Induced Polarisation (IP) survey is planned to test the geochemical anomalies targeted to uncover prospective Au-Cu porphyry to identify the drilling targets for the maiden program. Sultan holds over $2 million cash and is well placed to undertake and make progress on further exploration programs.
Sultan was trading at $0.14 a share on 11 June 2020, with a market capitalisation of $6.91 million (AEST: 3:35PM).
All financial information in Australian dollars, unless stated otherwise.