Sultan uncovers evidence of nickel at Lake Grace
Link copied to
Special Report: Early stage exploration at Sultan Resources’ (ASX:SLZ) Lake Grace prospect has identified outcropping nickel-prospective ultramafic rocks.
This could represent further validation of the company’s long-held belief that the Lake Grace tenement portfolio is prospective for nickel.
Sultan says this belief was supported by Chalice Gold Mine’s (ASX:CHN) discovery of the Julimar nickel, copper and platinum group elements deposit about 215km to the northwest in the same belt of rocks.
The discovery of Julimar back in March also sparked off a rush to secure ground in the same Southwest Yiilgran Terrane by major companies such as Anglo American.
Historical drilling at Lake Grace has intersected ultramafic rocks with evidence of nickel and cobalt bearing sulphides, while airborne magnetic surveying by the company has revealed several unexplored areas with geophysical characteristics indicative of ultramafic rock types.
Sultan’s ground reconnaissance exploration to verify if magnetic anomalies identified in aeromagnetic surveys represent ultramafic rocks has confirmed that they do indeed outcrop in this area.
Rock chip samples collected by the company from the locations of the sub-outcropping rocks have been submitted to the laboratory for testing.
Work is continuing to the south of the Lake Grace tenement where an area of prominent magnetic response indicates the presence of further ultramafics.
While no outcrops have been found, the company will carry out geochemical sampling in the paddocks once the crop harvest is completed and access agreements with landowners are finalised.
Bodies of verified ultramafics will also be subject to electromagnetic surveys to locate any buried conductive bodies.
Sultan’s Lake Grace is almost entirely covered by cleared farmland with prominent granite hills outcropping in the south.
There are several salt lakes within the northern section of the tenement with very little outcrop except for one area which is the historical site of the only drilling undertaken on the tenement
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.