Sultan Resources (ASX: SLZ) has cemented its footprint in New South Wales’ Lachlan Fold Belt after revealing this morning it had completed its previously announced acquisition of 330 square kilometres of copper-gold tenements in the region.
The company revealed its takeover of private entity Colossus Metals Pty Ltd has now settled, giving Sultan ownership of the tenements which include the Tucklan, Ringaroo and Big Hill targets.
Part of the rationale behind the acquisition is to uncover mineralisation similar to Alkane Resources’ (ASX: ALK) Boda discovery where a 1,167m interval was unearthed and graded 0.55 grams per tonne gold and 0.25% copper.
This intercept included a 96.8m interval grading 3.97g/t gold and 1.52% copper.
Priority gold targets
Earlier this month, Sultan reported it had defined a 1.5km by 0.3km gold in soil anomaly at the Tucklan target within the Lachlan Fold Belt tenements.
The company also pinpointed a higher grade 700m by 300m core within the anomaly where up to 0.61g/t gold in soil was retrieved.
Sultan noted the anomaly was coincident with historic hard rock gold workings and remains “wide open” to the south-east.
Meanwhile, first pass rock chip sampling uncovered up to 1.11g/t gold over the anomaly.
According to Sultan, Tucklan and two other targets Big Hill and Ringaroo possess similar geological, geochemical and geophysical characteristics to Alkane’s Boda discovery.
Additionally, rock chip assays from the historical Gowan Green working, north of Big Hill, returned up to 24.6g/t gold and 26.1% copper.
Rock chips from Big hill assayed at up to 2.5% copper.
The Tucklan target is only 45km north-east of Boda.
Sultan is planning to undertake an induced polarisation survey over the target.
This will be combined with further rock chip and soil sampling to firm up drill targets.
Sultan noted that no historic drilling has been recorded at either Big Hill, Ringaroo or Tucklan.