- Sultan Resources (SLZ) has kicked off a diamond drilling program at its Tucklan project in New South Wales to drill-test some potential gold targets
- The program will follow on from a failed reverse circulation (RC) program from 2020 which was meant to test gold anomalies found through induced polarisation (IP) surveys in the Tucklan area
- The first five RC holes ended up producing large amounts of water, which meant all except one had to be terminated before they hit target depth
- Now, the company is re-drilling these holes with a diamond drill rig to complete the planned drill testing
- At the same time, Sultan is continuing its IP program at the Big Hill and Gowans Green targets in the Tucklan project area
- Shares in the company are down 7.32 per cent this afternoon and currently trading at 19 cents each
Sultan Resources (SLZ) has kicked off a diamond drilling program at its Tucklan project in New South Wales to drill-test some potential gold targets.
The company initially started the drill-testing campaign in 2020 to follow up on gold anomalies identified via induced polarisation (IP) surveys in the Tucklan area.
However, the first attempt at drill testing yielded little success; Sultan said the first five reverse circulation (RC) drill holes produced large amounts of water which compromised the quality of the returned samples.
This meant only one of the holes actually reached its planned depth, with drilling in the rest having to be cut short.
Now, Sultan is returning to the terminated holes with a diamond drill rig, which it said should be able to complete the planned drilling.
Sultan told shareholders today the diamond rig has officially started drilling in the area. The company's plan is to complete two diamond tails and then wait for assays before deciding which, if any, of the other holes to drill with the diamond rig.
At the same time, Sultan is continuing its IP program at the Big Hill and Gowans Green targets in the Tucklan project area.
As part of the IP program, four 4.6-kilometre lines will be surveyed to locate deep drill targets with potential porphyry mineralisation. The results from the survey will help Sultan plan more holes to be drilled in the first half of 2021.
Nevertheless, shares in the company have stumbled today as investors react to having to wait longer for more substantial drilling results. At 1:03 pm AEDT, Sultan shares are down 7.32 per cent and trading at 19 cents each.