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Sultan Resources joins the rush to Australia’s best mining address at Lachlan Fold Belt

The date of: 2020-05-18
viewed: 1
source:Small Caps
Sultan Resources (ASX: SLZ) is all set to ramp up exploration on newly acquired ground in the Lachlan Fold Belt in central NSW, a region that has been described as “the hottest mining address in Australia” and “Australia’s premier exploration region”.
Enthusiasm for the Lachlan belt has been building, slowly at first, after Newcrest Mining (ASX: NCM) started production at its Cadia copper-gold mine in 1998 (and which in 2019 was producing gold at an all-in sustaining cost of $132/oz.)
But it was the discovery last year by Alkane Resources (ASX: ALK) that turned excitement into to a frenzy.
Drilling at Alkane’s new Boda discovery hit mineralisation over 1,167m at 0.55 grams per tonne gold and 0.25% copper from a depth of 75m, including 96.8m at 3.97g/t gold and 1.52% copper from 768m.
Another notable intersection from recent drilling by Alkane at Boda included 689m at 0.46g/t gold and 0.19% copper.
Earlier this month, Sultan shareholders overwhelming voted in favour of acquiring Colossus Metals, a private company that owned what Sultan has described as three “highly prospective” porphyry copper-gold targets, one located north of Gulgong and two south-east of Wellington.
Sultan said all three targets, Big Hill, Ringaroo and Tucklan, displayed similar geological, geochemical and geophysical characteristics to the mineralisation at Alkane’s Boda discovery.
There are no records of historic drilling at any of the three targets.
The Colossus vendors of the three properties, now controlled by Sultan, include mineral exploration professionals with a combined 50-plus years of working on the Lachlan Orogen (a belt of the earth’s crust involved in the formation of mountains) in NSW. They were closely connected to the discoveries of the McPhillamy’s two-million ounce gold deposit, and to the Tomingley deposit.
These Colossus vendors conducted ground field work across the three targets during the first quarter this year, producing rock chip samples and soil sampling grids.
These are undergoing laboratory analysis at Orange and results are expected by the end of May.
Apart from Cadia, the active miners on the Lachlan belt include Alkane at the Tomingley gold mine, Evolution Mining (ASX: EVN) with its Lake Cowal operation and China Molybdenum at the Northparkes.

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