Crunch time: Sultan is about to tackle that 2km-long gold anomaly at Challenger
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Special Report: $3.1m market cap Sultan Resources is about to drill a very strong, 2km-long gravity high which is remarkably similar to Ramelius Resources’ nearby 750,000oz Tampia gold deposit.
Sultan Resources (ASX:SLZ) knows where the gold is at the underexplored Lake Grace project – now it plans to dial in on the high-grade stuff.
A new 1,000m drilling program will test a very strong, 2km-long gravity anomaly which is associated with the Challenger prospect, discovered by the explorer late last year.
The gravity high was revealed by the detailed survey completed in 2019 at Lake Grace, 200km south of Perth in WA.
This survey measured the density of the underlying rock. Gold-hosting rocks are denser than the surrounding rock and show up as warm/light colours in a gravity survey.
Sultan says early works show remarkable geophysical and geological similarities between Challenger and the nearby ~700,000oz Tampia deposit, owned by miner Ramelius Resources (ASX:RMS).
You can also see that previous drilling at Challenger – the blue dots – have potentially missed the most prospective areas.
Sultan has prioritised two standout anomalies (A and B, below) for drill testing in the five-hole program.
The first three holes will be drilled vertically (180m to 190m) to target anomaly B.
Hole four will be a deep (240m) angled hole targeting anomaly A, in the general vicinity of historic diamond holes which returned high-grade gold on the edge of the gravity anomaly.
Hole five (190m) will test down dip of Sultan’s recent reverse circulation drilling where thick zones of low-to-moderate grade mineralisation were intersected.
The drill rig will mobilise to site by the end of the month, Sultan says.