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Sultan Resources (ASX:SLZ) commences groundwork at Lake Grace
Source: ABC
  • Sultan Resources (SLZ) has commenced its reconnaissance groundwork program at the Lake Grace prospect in Western Australia
  • The program aims to verify if the magnetic anomalies have potential to host nickel sulphide mineralisation
  • The project forms part of an interpreted mobile zone, which is home to Chalice Gold Mines' recently discovered Julimar deposit
  • Sultan's Lake Grace portfolio is surrounded by major mining and exploration companies such as Anglo Gold and Gold Road Resources
  • On the market this afternoon, Sultan is up 7.32 per cent and is trading for 22 cents per share

Sultan Resources (SLZ) has commenced its reconnaissance groundwork at the Lake Grace prospect in Western Australia.

The project forms part of an interpreted mobile zone, which is home to the recently discovered Julimar deposit — found by Chalice Gold Mines.

The groundwork program aims to verify if the magnetic anomalies, which were identified during aeromagnetic surveys, represent ultramafic rocks with potential to host nickel sulphide mineralisation.

Historical exploration at Lake Grace has uncovered ultramafic rocks with evidence of nickel and cobalt-bearing sulphides.

Additionally, there is evidence of strong geophysical evidence for more than 25 kilometres of cumulative strike length of ultramafic rocks across Sultan's Lake Grace portfolio.

The work program will initially include a broad-spaced mapping, and rock and soil sampling program across the magnetic anomalies. The initial phase of the program will mainly use existing public roads, farm tracks and fence lines, which will provide good coverage across the tenement.

"Any areas where confirmed ultramafic rocks or geochemical anomalies that indicate likely ultramafic occurrence will be followed up with detailed grid-based soil or shallow drill sampling (auger, aircore)," the company said.

Sultan's Lake Grace portfolio is surrounded by major mining and exploration companies such as Anglo Gold and Gold Road Resources.

On the market this afternoon, Sultan is up 7.32 per cent and is trading for 22 cents per share at 1:52 pm AEST.


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