Sultan Applies For Drill Permit For Kena Gold Property, Bc.
(via Thenewswire.ca)
Vancouver, BC - Sultan Minerals Inc. (SUL-TSX-V) ("Sultan") is pleased to report that an application for a drilling permit for its Kena Gold property submitted on July 2, 2011 has been accepted by the BC Ministry of Natural Resource and has been circulated for approval. On receipt of the permit Sultan plans to undertake the Phase 1drill program planned for the Gold Mountain and Kena Gold Zones.
The Phase I program is subject to financing and calls for 3,000 metres of diamond drilling on the Gold Mountain Gold zone. The planned program will test for large scale-high tonnage deposits as well as search for higher grade gold shoots within the broad zones of mineralization that include the Gold Mountain and Kena Gold zones.
Dependent upon the success of this initial phase of drilling an expanded Phase II drill program has been recommended. Sultan has thus made application for a multi-year exploration permit to commence in 2012 in order to expedite the proposed follow-up work program. The proposed follow up program calls for an additional 10,000 metres of drilling for the Gold Mountain Zone. (please see news release July 5, 2011)
The Gold Mountain and Kena Gold Zones have been partially tested with 16,500 metres of drilling in 116 diamond drill holes. A preliminary, NI 43-101 compliant, resource estimate (June 7, 2004) shows the two zones have a combined measured and indicated resource of 381,000 ounces of gold at an average grade of 1.00 g/t gold, using a 0.5 g/t cut-off grade. There is an additional inferred resource of 389,000 ounces of gold at the same grade and cut-off. With current gold prices over $1800/oz., Sultan's geologists believe that a 0.3 g/t cut-off grade is viable, raising the resource estimate to over a million ounces in all categories (0.7 g/t Au). The gold mineralization in the Gold Mountain and Kena Gold zones are both open along strike and at depth with excellent resource expansion potential.
The company is currently reviewing a number of alternatives to arrange funding for the project.
Linda Dandy, P.Geo., is Sultan's project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, who has reviewed and verified the contents of this news release.
For further information on the Company's projects, visit www.sultanminerals.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@sultanminerals.com or info@sultanminerals.com
For further information on Sultan's projects, visit www.sultanminerals.com.
This release was prepared by Sultan's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Sultan expects are forward-looking statements. Although Sultan believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Sultan, investors should review Sultan's filings that are available at www.sedar.com or Sultan's website at www.sultanminerals.com.
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