Sultan Resources Ltd (ASX: SLZ) continues to attract attention as exploration activities kick off at the Company’s Ruddy Project in North Western Ontario, with multiple pegmatite occurrences outcropping up to 30 metres in length and 15 metres in width observed within the projects interpreted “Goldilocks zone”.
Discovery of Significant Pegmatite Occurrences
The pegmatite occurrences were uncovered by Helicopter-supported geologists from Apex Geoscience Ltd and are a significant find as these pegmatite occurrences could potentially host lithium and gold mineralisation.
Despite challenges posed by the landscape, including thick deadfall and new growth, the exploration team has been able to collect a substantial number of samples, averaging over 15 per day, with geologists sampling priority outcrop for Lithium and its associated elements as well as undertaking veining for potential gold when appropriate.
The targeted area of exploration, referred to as the “LCT Goldilocks Zone,” surrounds the Allison Lake Batholith and spans approximately 3.5 kilometres in an east-west direction within the Project site. This area has attracted attention from other lithium explorers in the region, adding to the significance of the exploration efforts.
Figure 1: View to Ruddy Project looking SSE, Ruddy Lake in foreground.
Encouraging Field Observations
Field observations have provided encouraging evidence of pegmatite fractionation minerals, such as apatite or beryl, from a limited exposed outcrop, with recent burning in the area improving visibility and facilitating the identification of potential exploration targets.
However, the extensive coverage of mosses and lichen on the outcrop has made it difficult to assess the full extent of the mineralisation.
Figure 2: Aerial view, pegmatite outcrop example, Ruddy Project, visible outcrop estimate 20-30m length.
Sultan is optimistic about the initial findings and plans to extend the exploration program at the Project to evaluate its potential further. Additional days have been allocated if necessary, emphasising the Company’s commitment to fully understanding the Project’s prospects.
Meanwhile, at the Kember Project, Sultan has experienced a temporary delay due to a request from one of the four First Nation groups with established rights in the area. The group has asked for additional time to inform its members about the planned activities, with Sultan aiming to provide a revised timetable for exploration at the Kember Project in due course.
Chairman Jeremy King, expressed enthusiasm for the Ruddy Project, noting that the initial observations align with the Company’s optimism for the region.
“The swift commencement of Canadian exploration for Sultan represents an exciting time for shareholders, with initial observations matching our enthusiasm for the area, and we look forward to fully informing the market upon receipt of results from this first phase of activity.”
SLZ’s Australian Stock Exchange-listed share price has risen 4.76% today and is currently trading at 4.4c (11:39 am UTC+ 8 hours).