- Sultan Resources has started its gravity survey at Lake Grace in Western Australia
- The survey is designed to help identify priority structural gold targets for follow up drilling
- Gold anomalies up to 100ppb have been previously found
Sultan Resources has started its gravity survey at Lake Grace in Western Australia.
The Lake Grace project is located 250 kilometres southeast of Perth and is comprised of two project areas, Lake Grace Gold project and Lake Grace Nickel and Cobalt project, which covers an area of 690 square kilometres.
The Lake Grace Gold project is made up of four tenement applications that are prospective for gold.
The Lake Grace Nickel and Cobalt project is prospective for nickel, gold and cobalt. The tenement contains a sparsely drilled ultramafic sequence as well as extensions of the prospective gold-hosting components that make up the Lake Grace Gold project.
This upcoming ground gravity survey is designed to cover the Challenger prospect and extend northwest to cover historically identified gold anomalies identified with mafic rock types.
All of the identified anomalies show near-surface gold values in excess of 10ppb gold, with historic rotary air-blast and air-core drill results extending to over 100pb at depth.
The survey will aim to provide detailed geological information on the dense, magic gold-hosting rock types and will assist in planning follow-up drilling to target likely sites of higher-grade gold accumulation.
Data will be collected from a 100×100 metres spacing over Challenger, 200×100 metres in the area surrounding Challenger and 200×200 metres along the northwest trend.
Shareholders will be kept informed of the progress and results of the survey when they become available.
Sultan shares are currently steady trading for 6.7 cents apiece in a market cap of $3.190 million.