- Sultan Resources (SLZ) has defined a one kilometre by 400 metre gold and copper soil anomaly at the emerging Ringaroo prospect in the Lachlan Fold Belt of New South Wales
- The anomaly is coincident with a significant 4.2 kilometre by 1.5 kilometre magnetic high complex
- Importantly, it lies within the same magnetic high complex as Impact Minerals’ Aspley porphyry copper-gold discovery
- Sultan is conducting an ongoing soil sampling program across its Big Hill, Ringaroo and Tucklan prospects to define future drill targets
- Company shares ended the day with no change and trading for 18 cents each
Sultan Resources (SLZ) has announced encouraging results from an initial soil sampling program conducted at the Ringaroo prospect in New South Wales.
The Ringaroo Project comprises three exploration licences and the soil sampling program was targeted at the Star Plateau licence (EL8735).
The soil sampling results form part of Sultan’s ongoing Lachlan Fold Belt exploration program which is aimed at discovering high-quality gold and copper drill targets across the Big Hill, Ringaroo and Tucklan prospects.
Ringaroo
Soil sampling across a 200 metre by 200 metre grid covering a portion of three square kilometres has defined a number of anomalies including a north-south trending one kilometre by 400 metre gold and copper soil geochemical anomaly.
This anomaly showed gold values consistently higher than 3.1 parts per billion and coppers values above 94 parts per million.
The north-south trending magnetic feature is interpreted to represent an intrusive complex similar to that which hosts Alkane Resources’ (ALK) Boda discovery. The Boda gold-copper discovery is located just 25 kilometres to the north.
The magnetic high is at least 4.2 kilometres by 1.5 kilometres and hosts Impact Minerals’ (IPT) recent Aspley discovery which lies just three kilometres north of the sampled portion of Ringaroo.
A second anomalous zone that is located one kilometre to the southeast showed a narrow, northeast-trending anomaly with gold values greater than 4.5 parts per billion gold and copper above 94 parts per million.
Both anomalies are open in multiple directions and will be further defined as the soil sampling program expands.
Sultan Resources will follow up on these results with geological mapping, further rock and soil sampling, petrology and high resolution induced polarisation (IP) surveys. These activities are designed to identify priority drill targets for deeper porphyry gold-copper mineralisation.
Sultan Resources is well advanced in proceeding to the next stage of its exploration program within the Lachlan Fold Belt.
Specifically, a contractor has been appointed to conduct the IP surveys across the identified targets at Big Hill, Tucklan and Ringaroo.
Big Hill prospects
A follow up exploration program at Big Hill is ongoing with geochemical and mapping testing the remainder of the magnetic complex.
Additionally, a high resolution ground IP survey is also planned and will comprise four north-south oriented lines across the entire gold-copper anomaly.
The program will begin once landowner access approvals have been received.
Company shares ended the day with no change and trading for 18 cents each.