Sultan Reports Successful Drill Expansion of Gold Mineralization at Kena Including 95.3 Metres of 1.37g/t Gold
10.09.2012 | The Newswire
Vancouver, September 10, 2012: Sultan Minerals Inc. (TSX-V: SUL; "Sultan") is pleased to report that Altair Ventures Incorporated (TSX-V: AVX; "Altair") has announced the results of holes 12KG03 through 12KG08 from the Kena Gold Zone ("KGZ") and holes 12GM01 and 12GM02 of the Gold Mountain Zone ("GMZ"), all located on its Kena Property in southeastern British Columbia. The results exceeded expectations by expanding the previously known Kena zone to the north and northwest.Overall, results from the eight drill holes are in line with values expected from these zones, with wide intercepts containing consistent gold values. While the first hole at Gold Mountain, 12GM01, was planned to twin historic hole 01GM-03, which returned 1.87 g/t Au over 116.05 metres, all other holes were drilled as step-outs from the existing gold resource blocks and were designed to increase the current Kena property resource estimate (see Sultan News Release dated June 27, 2012).
"A July 2012 research report by Natural Resource Holdings helps to put the Kena Gold deposit into a global context. According to the report, there are only 164 undeveloped gold deposits globally with over 1 million ounces of gold in all categories that are owned by non-major mining companies. Of these deposits, 52 are in Canada and 18 are in British Columbia. With the NI 43-101 report that was filed in May 2012, the Kena gold deposit with 549,000 oz Au Measeured and Indicated and 513,000 oz. Au Inferred (averaging 0.64 g/t using a 0.30 g/t cutoff) is now part of this elite group of gold deposits.
Noteworthy is the fact that the average grade of all deposits over 1 million ounces globally is 0.66 g/t, which is in line with the grades at Kena," stated Fayyaz Alimohamed, Altair's President and CEO.
Sultan and Altair previously released the results from the first 2 diamond drill holes (12KG01 and 12KG02) at the KGZ, which returned long intercepts of consistent gold mineralization containing shorter intervals of 'bonanza' grade values, including 32.9g/t Au over 2.95 metres (47.55m to 50.5m) in 12KG02. Significant results from the first two drill holes are tabled below (please see Sultan News Release dated August 20, 2012):
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|Hole ID |From (m)|To (m)|Length (m)|Au (g/t)|
|---------------------------------------------|
|12KG01 |10.31 |128.05|117.74 |1.04 |
|---------------------------------------------|
|includes:|11.75 |29.26 |17.51 |0.97 |
|---------------------------------------------|
|and: |71.93 |114.60|42.67 |1.93 |
|---------------------------------------------|
|includes:|71.93 |94.06 |22.13 |2.78 |
|---------------------------------------------|
|includes:|73.97 |85.23 |11.26 |4.21 |
|---------------------------------------------|
|12KG02 |15.20 |100.30|85.10 |2.07 |
|---------------------------------------------|
|includes:|44.50 |86.15 |41.65 |3.76 |
|---------------------------------------------|
|Includes:|44.50 |58.30 |13.80 |9.63 |
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Holes 12KG03 to 12KG08, also completed at the KGZ, were designed as step-outs from the first 2 holes. Hole 12KG06 was drilled outside of the mineralized zone but all other holes intersected wide zones of gold mineralization. The six holes were drilled at step-outs of approximately 50, 100 and 150 metres west from holes 12KG01 and 12KG02. Drilling depths ranged from 150 to 185 metres.
Significant results from the new drill holes completed on the Kena Gold Zone are tabled below:
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|Hole ID |From (m)|To (m)|Length (m)|Au (g/t)|
|---------------------------------------------|
|12KG-03 |6.09 |77.97 |71.88 |0.53 |
|---------------------------------------------|
|12KG-04 |4.88 |137.47|132.59 |0.42 |
|---------------------------------------------|
|includes:|82.85 |90.87 |8.02 |1.52 |
|---------------------------------------------|
|12KG-05 |3.05 |154.53|151.48 |0.61 |
|---------------------------------------------|
|includes:|14.33 |42.68 |28.35 |1.06 |
|---------------------------------------------|
|12KG-07 |20.15 |95.47 |75.32 |0.64 |
|---------------------------------------------|
|includes:|20.15 |41.08 |20.93 |0.88 |
|---------------------------------------------|
|and: |75.78 |90.95 |15.17 |0.92 |
|---------------------------------------------|
|12KG-08 |3.00 |154.84|151.84 |0.58 |
|---------------------------------------------|
|includes:|32.20 |55.58 |23.38 |0.89 |
|---------------------------------------------|
|and: |78.59 |81.69 |3.10 |5.54 |
|---------------------------------------------|
|and: |135.90 |154.84|18.94 |0.59 |
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*Note: True widths of intercepts are unknown at this time.
True widths may be less than core lengths reported.
Significant results from the first two drill holes completed on the Gold Mountain Zone are tabled below:
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|Hole ID |From (m) |To (m)|Length (m)|Au (g/t)|
|------------------------------------------------|
|12GM-01 |10.97 |106.32 |95.35 |1.37 |
|------------------------------------------------|
|includes:|21.25 |44.34 |23.09 |2.66 |
|------------------------------------------------|
|and: |89.05 |104.12 |15.07 |2.40 |
|------------------------------------------------|
|includes:|91.93 |94.16 |2.23 |4.01 |
|------------------------------------------------|
|and: |96.39 |98.39 |2.00 |4.52 |
|------------------------------------------------|
|12GM-02 |100.80|156.97 |56.17 |0.55 |
|------------------------------------------------|
|includes:|137.50|150.88 |13.38 |0.74 |
|------------------------------------------------|
|includes:|149.55|150.88 |1.33 |3.05 |
|------------------------------------------------|
|and: |210.80|221.20 |10.40 |0.75 |
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*Note: True widths of intercepts are unknown at this time.
True widths may be less than core lengths reported.
The first two holes completed on the Gold Mountain Zone returned significant widths of strong gold mineralization, highlighted by drill hole 12GM01 which intersected a 95.35 metre width averaging 1.37g/t Au.
Altair has now completed step-out drilling from the central zone at Gold Mountain, with nine more holes drilled along the zone to the southeast. These holes were interspersed over a distance of approximately 1,000 metres from holes 12GM01 and 12GM02, with an average 110 metre interval between holes. Core samples from these holes are now being analyzed, with results expected within the next 3 weeks.
"The results of these first step-out holes indicate how consistent the gold mineralization is on the Kena property. With continuity comes the capability to add ounces to the current resource," stated Fayyaz Alimohamed, Altair's President & CEO.
"We are pleasantly surprised by the extent and consistency of the gold mineralization in the Kena step-out holes. The results indicate that the Kena Zone may be much larger than we originally anticipated. We are extremely pleased with our partner Altair Ventures and the very professional program they are conducting to expand the gold resource on the Kena property." stated Arthur Troup, Sultan's President & CEO.
Altair is currently conducting surface sampling (soil and rock) and continued data compilation to define areas to expand upon the current gold resources. The second phase of the 2012 drill program will commence by early October.
Core samples are being shipped to Acme Laboratories in Vancouver, BC, where they are analyzed by a 36-element ICP-MS process, with elevated gold samples analyzed by a Fire Assay-AA or Gravimetric process. Altair follows a strict quality control protocol that includes the insertion of standards and blanks.
The Qualified Person for the Kena Property is Mr. Warner Gruenwald, P.Geo. and VP Exploration for Altair Ventures Inc.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Sultan Minerals Inc.
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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