Vancouver — The eighth hole drilled by
It was the first hole of a third round of drilling over the gold porphyry target. Collared 75 metres west of hole 5 (134 metres grading 1.1 gram gold), hole 8 returned an uncut value of 2.24 grams gold over 207.6 metres at a down-hole depth of 6.7 metres. Included in this interval was a band of disseminated visible gold mineralization at a depth of 205 metres. Using a cut value of 34.29 grams gold, the total interval averaged 0.92 gram over the 207.6-metre section.
So far, five holes have been completed in the latest round of drilling. Results for the additional holes are pending.
The 35-sq.-km property is 45 km north of the Cominco smelter at Trail. Power, gas and rail lines pass through the property, as does a major highway.
The junior intends to drill 20 holes to test the extent of gold mineralization over a 1.4-km-by-500-metre area. To date, drilling has covered a 200-by-300-metre portion of a 2.1-km-by-650-metre coincidental geochemical and geophysical anomaly.
Preliminary petrographic and alteration studies on drill core have confirmed not only that the mineralization is consistent with a porphyry gold depositional setting (known for large-tonnage deposits) but that it contains low values of contaminants such as arsenic, cadmium and lead. Initial metallurgical tests on two composite core samples show that the material is not refractory, with recoveries hitting 92-97% when cyanide leaching is used.
The Kena property is underlain by volcanic rocks intruded by the younger Silver King porphyry stock. The volcanics are commonly altered and sheared. Sultan reports that brecciation, silicification and potassic alteration are prominent in areas that have the best gold-copper mineralization. Associated minerals are pyrite, chalcopyrite and finely disseminated magnetite.
Exploration work and data compilation by the junior have indicated five mineralized zones on the Kena property: Gold Mountain, Kena Gold, Shaft/Cat, South Gold and Kena Copper.
The Gold Mountain zone lies within a 6-km-long gold-in-soil geochemical anomaly that remains open to the north and south. The anomaly follows the 17 km-long silver King porphyry.
Sultan has begun regional exploration, including soil sampling, prospecting and reconnaissance geological mapping over the entire 17-km length of the porphyry. So far, crews have established 70 line km of grid and collected 1,250 soil samples. Once the geochemical survey has been completed and analyzed, an induced-polarization survey will be conducted over the best targets.
In other news, Sultan has closed a brokered private placement of 4 million units priced at 15 each. A unit consists of one share and half a warrant, with a whole warrant entitling the holder to buy one additional share at 25 for the first year and 30 for the second.
Proceeds amounting to $699,550 will be used for working capital and exploration purposes after brokerage fees of $59,000 are subtracted.
Be the first to comment on "Sultan tables bonanza gold grades"