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Sultan Acquires Ontario Lithium

17 March 2023 14:48
ASX: SLZ

Sultan Resources has secured an international expansion to its Australia-focused portfolio having entered into an agreement to acquire two highly prospective lithium properties located within well-known lithium-bearing districts in Ontario, Canada.

The two new properties are immediately adjacent or abutting to known spodumene-bearing pegmatites, with the Company planning on contracting experienced Canadian-based geological consultants for an extensive exploration campaign starting in the Canadian summer.

The first of the properties is Kember Lake, which is located just 8km from the 18.8 MT @1.52% Li2O indicated Spark Deposit which has yet to see any kind of exploration according to records, but historic mapping by the Geological Survey of Ontario has recorded the presence of pegmatite granites which the Company plans to investigate.

The second project of interest is the Ruddy Lithium Project, located in a promising area surrounded by Green Technology metals’ exploration projects on the northern end of the Allison Lake Batholith. This intrusive has the potential to form LCT-hosting pegmatites, making the Ruddy Project a potential “goldilocks zone” for lithium exploration.

Sultan has also announced it will undertake a capital raising of up to 1.5 million dollars which will be partially directed to funding the acquisitions of the Canadian projects, with the placement also funding exploration work aimed at delineating targets for maiden drilling campaigns at the propertys.

Sultan has chosen a great time to step into the lithium market with a report from the International Energy Agency last July stating that to meet government demand, the critical mineral and battery metal supply chain, including lithium, will have to increase tenfold.

On top of timing, the Company’s region of choice is also top-notch as Canada rapidly emerges as a critical metals powerhouse, with the nation’s government signing a massive 3.8 billion dollar strategy in December to accelerate the development of strategic projects in mining, processing, manufacturing and waste reduction of critical minerals, including lithium.

The Company said it believes that these new projects will complement its current holdings in Australia and advances its business objective to explore hard rock metals.

“I believe this is a truly exciting opportunity for Sultan shareholders to have exposure to one of the most prospective lithium territories to explore globally. The Projects are strategically located and present exceptional geology to explore for Lithium,” Chairman Jeremy King said.

SLZ’s Australian Stock Exchange-listed is currently selling at 5.4c (2:06 pm UTC+ 8 hours).

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