Proactiveinvestors Australia Sultan Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Sultan Resources Ltd RSS feed en Mon, 22 Jul 2019 03:52:24 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Sultan Resources identifies multiple gold and base metal targets in Thaduna drilling ]]> https://www.proactiveinvestors.com.au/companies/news/211130/sultan-resources-identifies-multiple-gold-and-base-metal-targets-in-thaduna-drilling-211130.html Sultan Resources Ltd (ASX:SLZ) has identified multiple gold and base metal targets at its Thaduna prospect in WA.

A 71-hole aircore drilling program delineated a 1-kilometre-long gold anomaly as well as a 1.5-kilometre-long multi-element base metal trend.

Peak values of 4 metres at 373 ppb gold and 4 metres at 157 ppb gold where assayed, as well as 4 metres of 520 ppm copper, 760 ppm zinc, 405 ppm cobalt, 578 ppm nickel and 1,380 ppm lead.

Infilling and extending the anomalies will be Sultan’s focus with drilling in 2019, with the objective of delineating targets for deep drilling to find the primary source of the anomalism.

READ: Sultan Resources admitted to official list of ASX and will focus on exploration in Western Australia

The discovered gold anomaly shows similar geological setting and element association to nearby intrusion-related gold discoveries such as the Lodestar Minerals Limited’s (ASX:LSR) Ned’s Creek Gold Project.

Drill holes in the north of licence returned widespread gold anomalism from predominantly Archean greenstones, particularly in the contact zone with granitic intrusions.

This contact zone is also the setting for the bulk of discoveries at Ned’s Creek.

Widespread base metal anomalism was intersected across the licence, with the contours of the most significant accumulations of base metals defining a broadly coincident northeast-to-southwest trend.

The trend aligns with a versatile time electromagnetic conductive anomaly defined in a historic regional survey.

Regional prospectivity

Most of the elevated base metal results occur in fine-grained sediments interpreted to belong to the Yerrida basin group.

Yerrida hosts sediment-hosted copper deposits at Thaduna-Green Dragon and Enigma Copper 7 kilometres to the southwest as well as Sandfire Resources NL’s (ASX:SFR) DeGrussa copper-gold volcanogenic massive sulphide deposit 30 kilometres southwest.

Surface mapping at Thaduna has also identified numerous outcrops of gossanous material and ferruginised quartz breccia.

These are often indicative of fluid movement along structures in areas of anomalous base metals.

“Mt Isa Copper-Nifty ‘spectrum’ of deposits”

Sultan previously recognised the potential for sediment-hosted copper mineralisation when acquiring Thaduna, including an independent geologist’s report with its company prospectus that highlighted Thaduna's copper prospectivity.

The following is an extract from the report:

The sedimentary basin hosting Thaduna is considered prospective for large to very large sediment-hosted copper deposits with affinities to the Mt Isa Copper-Nifty ‘spectrum’ of deposits.

The key elements common to these deposits, and which are identified at Thaduna include (Sipa, 2014):

Copper-rich source rocks towards the bottom of, or adjacent to, the basin, such as mafic volcanics, oxidised siliciclastics and/or metal-rich black shales;

Inversion of the basin to drive saline oxidised fluids capable of leaching and transporting metals;

Structures and fluid pathways;

Reduced rocks, such as carbon-bearing dolomites and/or reduced shales; and

Trap sites, such as fold hinges, to allow precipitation from the metal rich fluids.

Shale horizons, possibly from the Johnson Cairns formation, lie in the Thaduna tenements.

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Thu, 13 Dec 2018 03:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211130/sultan-resources-identifies-multiple-gold-and-base-metal-targets-in-thaduna-drilling-211130.html
<![CDATA[News - Sultan Resources admitted to official list of ASX and will focus on exploration in Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/202811/sultan-resources-admitted-to-official-list-of-asx-and-will-focus-on-exploration-in-western-australia-202811.html Sultan Resources Ltd (ASX:SLZ) has been admitted to the official list of the ASX and will begin trading at 13:00 on Thursday with a focus on gold and other minerals in Western Australia.

The company has raised $4.8 million through issuing 24 million shares at 20 cents per share.

Exploration planned

Sultan now intends to begin exploration programs on its suite of granted tenements at the East Tallering, Dalwallinu and Thaduna projects.

Exploration will also be extended to include the Lake Grace project once the tenement applications are approved.

Assessing potential

Non-executive chairman Jeremy King said the exploration programs would be designed to assess the potential for the presence of potentially economic mineral deposits on each of the licences.

He said the initial results would determine the scope, location and timing of further exploration across the portfolio.

In the prospectus, King said: “The company has assembled an experienced management and exploration team which is well qualified to exploit the potential of the company’s mineral assets.

“The board has significant expertise and experience in mineral exploration, project development and corporate finance, and aims to ensure that funds raised will be utilised in a cost-effective manner to advance the company’s projects.”

Acquired from Galahad Resources

East Tallering, Dalwallinu, Thaduna and the Lake Grace application have been acquired from Galahad Resources Pty Ltd.

Sultan also has an application pending for an additional exploration licence directly, which forms part of the Lake Grace project.

Drilling programs

East Tallering is about 450 kilometres northeast of Perth and is prospective for gold, copper and other minerals.

Sultan plans percussion drilling programs to test bedrock gold mineralisation as indicated by historic aircore drilling and geophysical anomalies.

At Dalwallinu, which is about 250 kilometres northeast of Perth and is prospective for gold, the company plans aircore and/or percussion drilling.

This will target structurally-hosted high-grade gold shoots similar to the nearby Pithara gold deposit.

Thaduna is 180 kilometres northeast of Meekatharra and is prospective for gold, copper and other minerals.

Aircore and/or deeper percussion drilling is planned to determine the project’s potential to contain structurally hosted gold mineralisation and/or VMS-style base metal mineralisation.

Two Lake Grace areas

Lake Grace, which is around 250 kilometres southeast of Perth, comprises two project areas, the Lake Grace Gold Project and the Lake Grace Nickel-Cobalt Project.

Depending on being granted the Lake Grace licences, Sultan will undertake exploration drilling and geophysical surveys in priority areas.

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Tue, 14 Aug 2018 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202811/sultan-resources-admitted-to-official-list-of-asx-and-will-focus-on-exploration-in-western-australia-202811.html