- Sultan Resources (SLZ) completes its initial three-hole drilling campaign at Big Hill, confirming the prospect’s porphyry potential
- The company carried out diamond drilling at the copper-gold prospect to test its outstanding IP, magnetic and geochemical anomalies
- It intersected interpreted porphyry-style alteration with disseminated pyrite and trace chalcopyrite and bornite, meaning it could be near a porphyry system
- Assay results are pending, but SLZ says it’s confident enough to push ahead with drilling the larger Big Hill Magnetic Complex
- Company shares are trading down 5 per cent at 19 cents per share at 1:17 pm AEST
Sultan Resources (SLZ) has completed the initial three-hole drilling campaign at Big Hill, confirming the copper-gold prospect’s porphyry potential.
A total of three diamond drill holes for 1146 metres was completed at the prospect in Central NSW, testing its outstanding IP, magnetic and geochemical anomalies.
SLZ said the drilling had intersected interpreted porphyry-style alteration with disseminated pyrite and trace chalcopyrite and bornite, meaning it could be near an alkalic porphyry gold-copper system.
Assay results are now awaited, but the company said the drilling has already confirmed the targeted IP chargeability anomaly was caused by pyrite.
As a result, SLZ will carry out further drilling within the larger five-kilometre-long-by-2.5-kilometres-wide Big Hill Magnetic Complex.
While Managing Director Steve Groves said the initial results were pleasing.
“The geological results from the first three-hole section at Big Hill are extremely
encouraging, and indicate that we are in the distal alteration halo of a potential
buried alkalic porphyry gold-copper system,” Mr Groves said.
“The style and intensity of alteration varies from hole to hole and will allow us to start constructing vectors towards the possible causal intrusion and potential wall rock zones of elevated copper-gold mineralisation.”
The exact location of the next drill holes will be determined by the assay results, SLZ explained.
The company also revealed it was considering following up with reverse circulation drilling at Big Hill, to test the outcropping Razorback copper-gold skarn target.
Sultan resources share were trading down 5 per cent at 19 cents each at 1:17 pm AEST.