Special Report: Sultan will fast track exploration of its new Lachlan Fold Belt gold and copper tenements after shareholders approved the acquisition of Colossus Metals.
An initial work program is already well advanced at the Big Hill, Ringaroo and Tucklan targets, which display encouraging geological, geophysical and geochemical characteristics indicative of the porphyry copper-gold mineralisation at the Boda discovery.
Sultan Resources’ (ASX:SLZ) says this work program is aimed at identifying drill targets with high potential to host porphyry-style or epithermal copper-gold mineralisation.
The company is currently waiting on assay results from detailed soil and rock chip sampling across all three prospects.
Listen: RockTalk: Searching for the next Alkane in the Lachlan Fold Belt
Samples are being analysed for gold and a full 53 multi-element suite to allow complete alteration mapping and litho-geochemical interpretations.
It will then carry out a ground induced polarisation survey to locate disseminated pyrite halos at depth that are indicative of porphyry mineralisation.
This first phase of exploration will be followed by comprehensive drill testing across the Big Hill, Ringaroo and Tucklan targets, where no historic drilling has been recorded.
With shareholder approval under its belt, Sultan will now work to finalise the other conditions and complete the acquisition of Colossus for 10 million SLZ shares and $100,000 in cash.
This will sew up the last remaining privately-held tenure in the Lachlan Fold Belt, which has drawn considerable attention thanks to Alkane Resources’ (ASX:ALK) Boda discovery.
Historic workings at Big Hill – a large 5km by 2.5km ‘mangetic high’ – display outcropping secondary copper mineralisation including malachite, azurite, chrysocolla and chalcocite, which are all copper-bearing minerals, while previous rock chips have contained copper grades of 2.47 per cent and 1.58 per cent.
It’s also sitting in the same host rocks as Boda 50kms to the north, and Newcrest’s Cadia-Ridgeway mine 50km to the south.