Sultan pierces the bullseye at Tucklan silver project
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Drilling has revealed a significant, silver-rich hydrothermal mineralising vein system at Tucklan, located in the mineral-rich Lachlan Fold Belt of NSW.
Sultan Resources’ (ASX:SLZ) Tucklan silver discovery is surrounded by a number of silver deposits and exploration prospects, most notably Silver Mines’ (ASX:SVL) ‘Bowdens’, the largest undeveloped silver deposit in Australia.
Silver Mines says deeper drilling beneath the mineralisation has intersected high grade silver and gold “and interpret these results to represent the feeder, or source to the Bowden’s silver deposit”, Sultan says.
The upside for Sultan is clear.
A recent 6-hole drill program, designed to test Induced Polarisation (IP) anomalies beneath strong gold, silver and copper surface geochemistry at Tucklan, has hit thick silver mineralisation.
IP surveys identify changes in electric currents caused by different rocks and minerals beneath the surface.
Hole TRC0001, which targeted a strong IP chargeability ‘bullseye’ anomaly, intersected:
88m @ 4.1g/t Ag from 200m, including:
IP is mapping a sliver dominated hydrothermal system which remains ‘open’ to the east, Sultan says.
Results from soil sampling also reveal a large silver and gold in soil anomaly to the east of the recent drilling, representing a significant target extending from TRC0001.
“These results are extremely encouraging,” Sultan managing director Steve Groves says.
“Drill hole TRC0001 pierced the IP bullseye and revealed a significant, silver-rich hydrothermal mineralising vein system.
“As evidenced by Silver Mines Ltd extensive tenure to the southeast, this part of the Macquarie Arc is highly prospective for silver, and recent surface work at Tucklan has shown that strong silver soil anomalism extends east of TRC0001 and that we are potentially only brushing the edge of a major silver-rich system.”
This leaves Sultan with a number of follow up targets at Tucklan, Groves says.
“[This includes] the original gold-bearing altered Ordovician volcanic rocks at surface which remain untested by drilling, the recently discovered silver system to the east, and the potential porphyry system indicated by geophysics at the nearby Glen Athol prospect,” he says.
Future work programs including extension IP surveying, and air-core drilling of new silver-gold targets are being considered.
IP results from ‘Big Hill’ and ‘Razorback’ targets have been received and are being interpreted, with results expected this month.
A significant drilling program will kick off in May at Big Hill and Razorback, the company says.
This article was developed in collaboration with Sultan Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.