- Sultan Resources (SLZ) has discovered high-grade gold and copper results from soil and rock chip sampling across the Lachlan Fold Belt
- Ongoing exploration is designed to target potential porphyry-style gold-copper and epithermal gold mineralisation
- Best results included 24.6 grams per tonne of gold and 26.1 per cent copper at the historic Gowan Green prospect
- Additional significant results were found at the Big Hill Prospect
- Follow up exploration will include ground IP surveying and rock chip and soil sampling at the nearby Ringaroo target
- Sultan’s shares are up 15.4 per cent and are trading for 15 cents each
Sultan Resources (SLZ) has released results from the first batch of soil and rock chip sampling from exploration along the Lachlan Fold Belt in New South Wales.
Ongoing exploration is designed to identify drill targets that may host porphyry-style gold-copper and epithermal gold mineralisation across the Big Hill, Ringaroo and Tucklan areas.
The soil sampling over the western flank of a six-kilometre-long magnetic feature successfully confirmed gold and copper anomalies with classic porphyry geochemical pathfinder signatures coincident with the mineralised rock chip samples and discrete magnetic highs.
Sampling also defined three priority targets including; Gowan Green, Big Hill and Wattle Ridge.
Gowan Green is centred upon a subtle historic gold and copper working. Significant results include 24.6g/t gold and 26.1 per cent copper, 2.69g/t gold and 7.55 per cent copper, 1.16g/t gold and 12.55 per cent copper, 0.51g/t gold and 4.49 per cent copper, 0.94g/t gold and 5.71 per cent copper.
The high-grade gold-copper rock chip samples confirm a newly defined large, low-level soil geochemical anomaly associated with a discrete magnetic high anomaly and northeast-southwest structural corridor.
Big Hill returned high-grade copper rock chip assays including 2.5 per cent copper, 2.21 per cent copper, 2.14 per cent copper and 1.3 per cent copper.
The pathfinder geochemical signature is associated with localised disseminated pyrite in ‘green rock’ altered basaltic andesite volcaniclastic breccias.
The company also observed localised zones of hematite-albite ‘reddened’ altered feldspar porphyries and zones of sodic (silica-albite-pyrite) alteration with up to 6.14 per cent sulphur and 9.0 per cent sodium oxide.
These findings are consistent with the high-grade Cadia-Ridgeway porphyry gold-copper mine 50 kilometres to the south, and the Boda discovery, which is approximately 50 kilometres to the north.
“To have such high-grade gold and copper results returned from within new large scale soil anomalies, coincident with the right rock types, porphyry-style alteration and mineralisation, all sitting above a large magnetic complex confirms the Big Hill area as one with significant potential,” Chairman Jeremy King said.
Sultan will conduct follow up exploration at Big Hill which will include high resolution ground IP surveying to locate chargeability features and further geochemical sampling and mapping to the east of the current soil anomaly to test the remainder of the magnetic complex.
A soil and rock chip sampling campaign has commenced at the Ringaroo porphyry copper-gold target in the north of EL8735. The Ringaroo target is located directly along strike to the south of Impact Minerals Apsley target, where a magnetic high anomaly has been defined.
Sultan’s shares are up 15.4 per cent and are trading for 15 cents each at 11:50 am AEST.