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Sultan Acquire Canadian Lithium

26 May 2023 11:30
ASX: SLZ
Having completed the necessary $1.5 million dollar placement, Sultan Resources has now finalised the acquisition of its two highly prospective lithium projects.

After much anticipation, Sultan Resources have finally stepped into the growing Canadian lithium exploration scene with the acquisition of two highly prospective lithium projects.

New Lithium Horizons

With the acquisition now complete, Sultan holds 100 per cent interest in both the Kember and Ruddy Projects, which combined comprise a total of 39.3 square kilometres of highly prospective lithium land in Ontario, which is rapidly emerging as a lithium hotspot following a number of up and coming explorers staking claims.

The historically Australian-focused explorer announced its intent to acquire the Canadian projects in March, with the Company undertaking a capital raising of $1.5 million dollars to partially fund the acquisition, the second tranche of which was completed earlier this week, allowing the Company to move forward with finalising the acquisition.

Emerging Region

Both projects are located in regions that have been growing steadily in potential over the past few months as explorers continue to build Ontario’s battery metal pedigree, with both projects adjacent or abutting tenements that have defined resources and where spodumene-bearing pegmatites were intersected.

The first of the properties is Kember Lake, which despite being located just 8km from the 18.8 MT @1.52% Li2O indicated Spark Deposit held by Frontier Lithium, has seen no modern exploration.

While Kember Lake has no recorded exploration, the Geological Survey of Ontario has historically recorded the presence of pegmatitic granites on the property which the Company is now investigating given the proximity to Frontier Lithium’s properties, where over 398 metres of pegmatite averaging 1.88% Li2O was intersected.

Ruddy Lake meanwhile sits on the northern extremity of the Allison Lake Batholith, which is believed to be a “Goldilocks Zone” for the development of lithium, caesium and tantalum-bearing pegmatites, with the Ontario Geological Survey stating that the established margins of the Allison Lake Batholith as an important new target for rare-element mineralisation.

Looking Forward

The Company said with the acquisition now complete, it is looking to get boots on the ground as soon as possible.

“We are pleased to have closed this transaction. The Company now holds 100% of tenure with the correct host geology in a region that is emerging as a globally significant lithium exploration address. We look forward to finalising our exploration strategy for these projects, and getting boots on the ground and will keep the market updated in this respect,” Chairman Jeremy King said.

SLZ’s Australian Stock Exchange-listed share price has risen 4.44 per cent today, currently selling at 4.7c (11:04 am UTC+ 8 hours).

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