- Sultan Resources (SLZ) has entered two consecutive trading halts to consider, plan and execute a capital raise
- The company will remain in the halts until October 29, or when an announcement is made, whichever occurs first
- On October 20, Sultan outlined a 1.6 kilometre-by-600 metre anomaly at its Tucklan Project in NSW
- The company is well advanced to undertake a maiden drill program with approval forms submitted and a rig secured
- Up to 12 reverse circulation holes will be drilled with work scheduled to begin in mid-November
- Shares in Sultan last traded for 27 cents on October 22
Sultan Resources (SLZ) has entered two consecutive trading halts to consider, plan and execute a capital raise.
The company will remain in the halts until October 29 or when an announcement is made, whichever occurs first.
On October 20, Sultan outlined a 1.6 kilometre-by-600 metre anomaly at its Tucklan Project in NSW.
This anomaly was defined via an induced polarisation (IP) survey that is aiming to identify drill targets across the Lachlan Fold Belt.
Yesterday, the company announced plans to undertake a maiden drill program at Tucklan are well advanced.
Exploration activity approval forms have been submitted, a drill contractor has been appointed, and a rig has been secured.
Up to 12 reverse circulation (RC) holes will be drilled with the possibility for diamond tails to be completed to target priority IP anomalies.
Subject to departmental approvals, work is scheduled to begin in mid-November.
Shares in Sultan last traded for 27 cents on October 22.