Sultan’s Tucklan gold project could be a McPhillamys lookalike
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Sultan has uncovered a potentially company-making, McPhillamys style gold system at its intriguing Tucklan project in New South Wales’ Lachlan Fold Belt.
The company’s maiden drill program intersected up to 136m of ‘impressive’ array of sulphide rich sets hosted in volcaniclastic sediments with pyrite, pyrrhotite, sphalerite, galena and chalcopyrite all identified.
Notably, these are similar to the minerals found in the base metal zones at the 2 million ounce Mcphillamys project about 130km to the south that is currently waiting for all required approvals ahead of a development decision.
Sultan Resources (ASX:SLZ) highlighted that hole TRC0001, which intersected the thick 136m zone, had targeted a strong induced polarisation chargeability ‘bullseye’ target, confirming the presence of a sulphide-bearing hydrothermal system.
It added that the style of veining, sulphides and alteration is not interpreted to be typical of an epithermal gold system and could represent a similar style of mineralisation to Regis Resources’ (ASX:RRL) Mcphillamys project.
The company drilled six reverse circulation holes – two that were completed with diamond tails – at Tucklan, though three holes failed to reach their target depth of about 350m due to excessive groundwater.
Logging of the drill chips and core has been very encouraging, revealing broad zones of hydrothermally altered volcaniclastics and coherent volcanic facies that contain multiple generations of veining and sulphide mineralisation in some holes.
Assay results are expected at the end of March due to laboratory backlog with Sultan noting that it might return to complete the unfinished holes if the results warrant.
Results from recently received soil geochemistry is being interpreted and drill targeting will also be considered.
IP surveying and soil geochemistry to close off the open-ended anomalous zones are ongoing.
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.