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

The company has raised $4.8 million in an IPO through issuing 24 million shares at 20 cents per share.
ASX sign
Sultan has a suite of exploration plays all having gold potential

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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