Sultan Resources (ASX: SLZ) has identified a “classic” east Lachlan porphyry copper-gold drill target following an induced polarisation survey of its Big Hill prospect in New South Wales.
The company has interpreted the results of the IP survey, which has revealed a large-scale chargeability anomaly that is 1km long and 650m wide. It also extends to a 500m depth.
According to Sultan, the Big Hill complex which hosts its namesake prospect represents the upper or outer parts of the Alkalic porphyry gold-copper system found at Newcrest Mining’s (ASX: NCM) Cadia operation and Alkane Resources’ (ASX: ALK) Boda find.
With other similar characteristics to Cadia and Boda, Sultan says Big Hill is shaping up as the Lachlan Fold Belt’s latest “standout” undrilled porphyry target.
Big Hill is 50km south of Boda and 50km north of Cadia.
Alkane’s drilling of Boda has continued with latest extensional holes returning 152m at 0.14 grams per tonne gold and 0.14% copper from 88m, including 4m at 2.46g/t gold and 0.26% copper from 454m; and 382m at 0.26g/t gold and 0.12% copper from 337m, including 33m at 0.47g/t gold and 0.14% copper from 587m.
Meanwhile, at Cadia, Newcrest reported gold production of 179,546oz and copper output of 26,324t.
“We are extremely pleased with the progress at Big Hill,” Sultan managing director Steve Groves said.
“Sultan’s exploration efforts have rapidly advanced the Big Hill complex from a regional magnetic anomaly with the correct address to what we feel is a standout, undrilled porphyry copper-gold target in the central Lachlan Fold Belt.”
“The target is regionally significant and the recent outstanding IP survey results pave the way for imminent drilling,” he added.
Gearing up to drill Big Hill anomaly
Sultan is preparing to drill the anomaly and has secured landowner access.
The company has also submitted applications to drill with the government and secured a drilling contractor.
Ground preparations are underway with drilling scheduled to begin mid-May.