Special Report: Sultan Resources has hit paydirt in early exploration at its highly prospective Ringaroo porphyry gold-copper project in NSW’s Lachlan Fold Belt, a recent hotspot for porphyry exploration.

Sultan Resources (ASX:SLZ) has defined a 1km by 0.4km gold and copper soil anomaly during initial sampling at the Ringaroo project.

Indicating the company could be onto something big, the newly defined anomaly is coincident with a large 4.2km x 1.5km magnetic high complex.

The soil sampling was targeting a prominent north-south magnetic feature interpreted to represent a rock formation similar to that hosting Alkane Resources’s (ASX:ALK) Boda gold project, which sits 25km to the north.

Impact Minerals’ (ASX:IPT) Aspley gold and copper porphyry target sits in the same magnetic high complex in the Lachlan Ford Belt and lies 3km north of Ringaroo’s exploration boundary.

Sultan tenements in relation to world class operating mines of the East Lachlan Fold Belt, and the recent Boda discovery. Pic supplied.

The soil sampling returned gold values consistently greater than 3.1 parts per billion for gold, and copper values above 94 parts per million.

The high-priority Ringaroo porphyry target is undrilled and remains open to the south, west and north.

“The Ringaroo geology and geochemistry are consistent with characteristics associated with sub-surface porphyry gold and copper systems yet this high priority target remains undrilled,” Sultan said.

At Aspley, Impact has identified host rocks with elevated copper grading up to 8.1 per cent, and silver grades of up to 13.1 grams per tonne from surface rock samples.

The results of the soil survey are part of Sultan’s ongoing exploration program to identify prospective targets for drilling with a high potential to host gold and copper porphyry.

Sultan will follow up its soil sampling with additional exploration activity including, geological mapping, further rock sampling, petrology and high-resolution image surveys.

“The exploration program is designed to identify the best sites to drill test for deeper porphyry gold and copper mineralisation,” Sultan said.

The company has $2m in cash to fund further exploration activity in the Lachlan Fold Belt.

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This story was developed in collaboration with Sultan Resources, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.