- Sultan Resources (SLZ) has begun diamond drilling at the Big Hill prospect which is located in the eastern Lachlan Fold belt in New South Wales
- The company will drill up to 10 holes, for 4500 metres, to assess Big Hill’s potential to host porphyry-style copper-gold mineralisation
- Drilling will include an initial three holes which will test the main induced polarisation anomaly
- The first three drill holes will take about four weeks to complete and will be used to guide the next seven planned holes
- Company shares are up a slight 1.69 per cent to trade at 30 cents
Sultan Resources (SLZ) has begun diamond drilling at the Big Hill porphyry prospect which is located in the eastern Lachlan Fold belt in New South Wales.
The company has planned to drill 10 holes, for 4500 metres, to assess the potential for the Big Hill prospect to host porphyry-style copper-gold mineralisation.
A rig has been mobilised to the site to start drilling the first three 400-metre deep holes which will initially test the main induced polarisation anomaly.
Sultan believes the Big Hill prospect represents parts of an alkalic porphyry copper-gold system similar to Newcrest Mining’s (NCM) Cadia operations and Alkane Resources’ (ALK) Boda discovery. Overall, Sultan hopes to uncover a fertile porphyry system.
“In little over a year since acquiring the project, the team have progressed an unknown, greenfields exploration prospect to an outstanding drill-ready East Lachlan porphyry target with similar exploration characteristics to the nearby Cadia and Boda systems,” Managing Director Steve Groves said.
Significantly, the Big Hill area hasn’t been subject to previous drilling which provides strong exploration upside potential.
The initial three holes will take about four weeks to be drilled and these will guide the next seven planned holes.
Company shares are up a slight 1.69 per cent to trade at 30 cents at 11:47 am AEST.