Junior explorer Sultan Resources (ASX: SLZ) says it has encouraging results from its Ringaroo prospect on the Lachlan Fold Belt in NSW.
A “very strong”, 650m-long induced polarisation (IP) anomaly within its 108 square kilometre Star Plateau project is of the type normally associated with previously defined gold and gold soil anomalies.
The IP survey was carried out over ground 8km south of Wellington where previous exploration found copper and gold anomalies.
Sultan says the ongoing exploration program is designed to identify drill targets with high potential to host porphyry gold-copper mineralisation.
Star Plateau includes segments of the highly prospective Late Ordovician–Early Silurian Northern Molong Volcanic Belt which is considered prospective for porphyry gold-copper-molybdenum, epithermal gold, gold-rich volcanogenic massive sulphide and orogenic gold deposits.
Just south of large Boda discovery
Sultan has previously noted that, of particular interest within the Star Plateau project, is the Big Hill Magnetic Complex which is a 5km by 2.5km ovoid shaped, high amplitude magnetic high complex.
The prospect contains historic workings and outcropping mineralisation.
Sampling by Impact Minerals (ASX: IPT) of the same magnetic feature just to the north of Ringaroo has revealed high grade copper results in outcrops.
Of this latest result, Sultan reported that “the IP technique is often used in porphyry exploration to detect the presence of disseminated sulphides”.
The Ringaroo prospect geology has been mapped by the Geological Survey of NSW as holding the same Macquarie Arc volcanic rocks that host the Boda discovery.
Drilling to begin at Tucklan this month
Meanwhile, Sultan has scheduled drilling at its Tucklan project, also on the Lachlan belt, the 700km long structure running from central NSW to eastern Victoria.
In June the company reported it had defined a large, untested 1.5km by 0.3km gold anomaly at it the then recently acquired project.
Within that defined anomaly was a higher grade 700m by 300m core containing up to 0.61 grams per tonne gold in soil.
Last month Sultan reported “exceptional” IP results at Tucklan, 15km south of Dunedoo, which had elevated the prospect to a high priority, drill-ready target.
The company has completed all permitting and land access negotiations and the drilling will begin as soon as the crops over the drill sites have been harvested.