- Sultan Resources (SLZ) has completed the first phase of a maiden drilling program at its Tucklan Gold Project in New South Wales
- Six holes were drilled, three of which didn't reach their target depth
- However, one drill hole intersected an anomaly that hosts veining and sulphide mineralisation
- Encouragingly, the hole displays similar characteristics to the gold mineralisation style at Regis Resources' McPhillamy's Gold Project
- If a McPhillamy's-style gold system is discovered at Tucklan, this could be transformational for Sultan
- Company shares are up 15.8 per cent and trading at 22 cents
Sultan Resources (SLZ) has completed the first phase of a maiden drilling program at its Tucklan Gold Project in the east Lachlan Fold Belt, New South Wales.
This initial drilling includes six reverse circulation percussion holes, which were drilled over 1554 metres.
Three of the holes reached their target depth of around 350 metres while the other three holes didn't due to excessive ground water. Depending on the assay results, Sultan will complete the unfinished holes and drill additional holes if there's significant mineralisation.
While assay results are yet to be received, one hole intersected a strong induced polarisation anomaly and revealed an array of sulphide-rich vein sets hosted in volcaniclastic sediments of a mineralisation type that is similar to Regis Resources' (RRL) McPhillamy's Gold Project.
McPhillamy's is a bulk tonnage deposit that contains a total mineral resource of 70 million tonnes at one g/t for 2.29 million ounces of gold.
The company is pleased that the hole displays many characteristics associated with gold mineralisation at McPhillamy's. If Sultan discovers a McPhillamy's-style gold system is present at Tucklan, this could be transformational for the company.
Sultan expects to receive assay results before the end of the current quarter.
Company shares are up 15.8 per cent and trading at 22 cents at market close.