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Sultan Resources to Conduct Helicopter EM Survey to Assess Geophysical Anomaly

16 August 2023 10:22
ASX: SLZ
Sultan

Sultan Resources (ASX:SLZ) have contracted New Resolution Geophysics (NRG) to conduct helicopter-borne electromagnetic (EM) surveys of E70/5082 south west of Kulin WA, to better assess a conductivity anomaly ascertained in existing helicopter EM data.

Partnering With a Mining Giant

The Company entered into an option and joint venture agreement earlier this year with powerhouse Rio Tinto for a portion of the Company’s Lake Grace Nickel-Cobalt-Gold Project in Western Australia, covering an expansive 690km2.

Under the agreement, Rio’s subsidiary Rio Tinto Exploration Pty Limited (RTX) funded the helicopter surveys to undertake preliminary exploration of E70/5082, and are entitled to earn 80 per cent interest by the way of funding $2 million exploration spend within five years.

This marks the initial phase of exploration for E70/5082 which is expected to be completed later today and forms part of the Company’s broader Lake Grace exploration project which encompasses both the Lake Grace Gold Project and Lake Grace Nickel/Cobalt Project.

Accessing an Anomaly

The target was initially identified by RTX geoscientists after examination of existing wide-spaced (20km) airborne EM data. Existing surveys demonstrated a strong untested late time conductivity anomaly in the northern part of E70/5082, coincident with another circular magnetic and radiometric anomaly suggesting potential for magmatic nickel sulfide mineralisation.

The survey will utilise NRG advanced “Xcite” system and be carried out over a 100 metre line spacing for a total of approximately 80 line km over an area of 4 km south west of Kulin, aiming to confirm the nature and extent of the conductivity anomaly before considering the merits of further on-ground exploration.

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Figure 1: Planned helicopter-borne time-domain electromagnetic flight lines in relation to E70/5082

Future Outlook

The Company has already seen success in it’s foreign projects, with its Ruddy Project in Western Ontario uncovering pegmatites, but will continue to turn its focus domestically to it’s Lake Grace Project in hopes to uncover the nature and extent of the anomaly, and need for subsequent on-ground exploration.

Sultan Resources will release the results of the survey after quality control, review and interpretation of the data has been completed internally and by RTX.

SLZ’s Australian Stock Exchange-listed share price is currently selling at 2.8 cents (10:00 am UTC+ 8 hours)

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