Sultan Resources (ASX: SLZ) has defined a large, undrilled 1.5km by 0.3km gold in soil anomaly at its recently acquired Tucklan project located on the prolific Lachlan Fold Belt in NSW.
Within that defined anomaly is a higher grade 700m by 300m core containing up to 0.61 grams per tonne gold in soil.
The overall anomaly is coincident with historic hard rock gold workings and remains “wide open” to the south-east.
First pass rock chip samples include gold assays of 1.11g/t, 0.48g/t, 0.25%g/t and 0.27g/t.
Sultan said these support the strong prospectivity of Tucklan.
Last month, Sultan shareholders overwhelming voted in favour of acquiring Colossus Metals, a private company that owned what Sultan described as three “highly prospective” porphyry copper-gold targets, one located north of Gulgong and two south-east of Wellington.
Enthusiasm for the Lachlan belt has been surging since the discovery last year by Alkane Resources (ASX: ALK) of the Boda deposit, with Alkane hitting mineralisation over 689m at 0.49g/t gold and 0.19% copper.
Sultan said all three targets, Big Hill, Ringaroo and Tucklan, displayed similar geological, geochemical and geophysical characteristics to the mineralisation at the Boda prospect.
There are no records of historic drilling at any of the three targets.
Tucklan just 45km north of Boda
Sultan said pathfinder elements, host geology and metal zonation support a large scale, zoned hydrothermal gold system consistent with several ore deposit types including volcanic-hosted epithermal gold systems, “possibly related” to buried gold-copper-molybdenum systems.
First pass rock chip sampling on the margins of the gold and pathfinder soil anomaly has confirmed the presence of strongly anomalous gold and pathfinder elements such as arsenic, tungsten, thallium, potassium, sulphur, silver, barium and copper.
Tucklan is 45km northeast of the Boda discovery and is hosted in similar Macquarie Arch geology.
The company now plans an induced polarisation survey and further rock chip and soil sampling to better define near-term drill targets.
So far, soil sampling has defined the 1.5km by 0.3km coherent gold in soil chemical anomaly showing gold values greater than 7.2 parts per billion.
A higher grade 700m by 300m anomaly “core” is evident with values up to 613ppb.
Historical gold workings are associated with the gold in soil anomaly and include numerous prospecting pits and a shallow shaft and adit.
In 1899, the Mudgee Guardian reported plans to float a company to work the Tucklan goldfield and, in 1932 (long after the mine had closed), the same newspaper reported that a lucky fossicker had found a 3oz gold nugget.
Sultan said it is well funded with more than $2 million in cash.