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Sultan Resources Inch Closer to Calesi Drilling

20 February 2024 09:46
ASX: SLZ

Sultan Resources Limited (ASX:SLZ) continues to progress its drilling preparations at the Calesi magmatic nickel Prospect, located 5 kilometres south-west of Kulin in the Wheatbelt of Western Australia, laying the foundation for its campaign anticipated to start next month.

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Figure 1: Overview Plan of Sultan’s Kondinin-Lake Grace Project in the Southwest Terrane of WA, with RTX farm-in/JV tenement E70/5082 and current area of interest highlighted.

Drilling Preparation Progress

The Company has announced it has nearly completed necessary preparations for its upcoming campaign, sole funded by Rio Tinto Exploration Pty Limited (RTX) as per the farm-in agreement struck between the two companies.

Sultan’s agreement with mining giant Rio Tinto was announced in June 2023, and outlined Rio’s subsidiary RTX could undertake preliminary exploration across licence E70/5082 during an initial option period, with the option to earn up to 80 per cent interest in the licences by sole funding $2 million dollars in exploration activities, including a minimum of 1000 metres of RC and/or diamond drilling, within five years.

Following positive helicopter-borne Electromagnetic surveys in October last year, RTX have confirmed its intention to exercise the option to farm-in to E70/5082 and fund an initial drill program to test the identified EM anomaly.

Sultan has now received heritage clearances and relevant government approvals for the drilling program, selecting experienced drilling contractor Hagstrom Drilling to undertake the work.

The Company plans to drill an initial 2 RC holes to test the anomaly, expected to commence in March 2024.

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Figure 2: Channel 24Z EM response image overlain on aerial photography, with tenement E70/5082 highlighted. EM data also indicates the position of the Jitarning-Kulin rail line (closed since 2013). Initial planned 2 hole RC drill traverse highlighted in inset.

SLZ’s Australian Stock Exchange-listed share price is currently trading at $0.013 (9.30am UTC+ 8 hours).

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