Junior explorer Sultan Resources (ASX: SLZ) has identified gold and copper targets for priority drilling at its Tucklan project in New South Wales’ Lachlan Fold Belt following “exceptional” induced polarisation (IP) results.
The seven-line dipole-dipole IP survey was completed by Fender Geophysics last month over a previously identified gold and copper soil anomalism and outcropping epithermal-style gold mineralised rock at Tucklan, located about 15km south of Dunedoo in central NSW.
An additional reconnaissance east-west line was completed over a prominent circular magnetic high known as the Glen Athol prospect.
At the Tucklan epithermal prospect, an “exceptional chargeability and resistivity response” was returned which is coincident with the previous anomalous gold-copper in soil results and outcropping mineralisation, Sultan reported.
At Glen Athol, a coincident 1.4km wide IP chargeability high anomaly and resistivity high is consistent with the geophysical signature of East Lachlan type gold-copper porphyry deposits, including the ‘concealed’ high-grade Cadia-Ridgeway gold-copper porphyry deposit owned and mined by Newcrest Mining (ASX: NCM).
Sultan chairman Jeremy King said the very high chargeability and resistivity results from the IP survey at Tucklan “match up beautifully with the gold and copper in soil results, the magnetic anomaly and the rock chip results from the historical workings”.
“This has given us great confidence to fast-track our efforts into drill testing these priority targets, and complete extension soils and extension IP surveying along strike to the southeast,” he added.
Maiden drilling program
Sultan considers the Tucklan epithermal target “drill ready” and Mr King said the field team are now busy preparing for a maiden drilling program.
Further IP surveying is also planned for this prospect.
Meanwhile, extension soil sampling grids, along strike to the southeast, have been completed with results pending. Reprocessing of publicly available aeromagnetic data including 3D inversion modelling is also in progress, Sultan said.
At the Glen Athol porphyry target, geological reconnaissance and rock chip sampling of possible basement windows above the geophysical target is planned along with systematic 100m x 100m soil geochemistry to identify geochemical pathfinders and alteration signatures indicative of porphyry deposits in NSW.
“The next step would be to drill test the coincident IP chargeability/magnetic high anomaly to confirm a fertile gold-copper porphyry system and the presence of disseminated sulphides associated with porphyry-style hydrothermal alteration,” Sultan said.
Fender Geophysics has been secured to complete further extension IP surveys at the Tucklan epithermal target and Glen Athol.
In today’s market update, Sultan also said follow-up exploration is continuing at the Big Hill prospect, another Lachlan Fold Belt project.
“Big Hill is advancing rapidly and shaping as a project which will also yield high-quality drill targets,” Mr King said.