Sultan Minerals Inc: Reports Assays from Kena Project, Drill Program Expanded to 7,500 Metres
25.10.2012 | The Newswire
Vancouver, October 25, 2012 - Sultan Minerals Inc. (SUL-TSX-V) ("Sultan") is pleased to announce that Sultan's Joint Venture partner, Altair Ventures Inc. ("Altair") has commenced Phase 2 drilling. An additional 4,000 metres of drilling is anticipated during this Phase, which would bring the total drilling completed in 2012 to over 7,500 metres. The drilling will focus on the Kena Gold Zone ('KGZ'), the Gold Mountain Zone ('GMZ') and an area referred to as the High Grade Corridor ('HGC'). "Phase 1 drilling at Kena, comprising 19 holes into the KGZ and the GMZ, returned results that demonstrated strong continuity of gold mineralization", stated Fayyaz Alimohamed, Altair's President & CEO. "With continuity comes the capability to add ounces to the current resource, which the Phase 2 program should continue to expand".
The Phase 2 program will test the down-dip continuity of part of the KGZ, fill in gaps in the GMZ and test an area along strike of the KGZ that may be part of the HGC.
Metallics Assaying
Following the identification of visible gold in the Phase 1 drill core, Altair completed "Metallics" assaying on selected samples of core. In some samples the Metallics assay is higher than the previous Fire Assay, indicating that coarse gold may exist in some sections of core, even when not recorded visually. This coarse gold is postulated to have been screened from the sample during the standard ICP or Fire Assay analysis. Some samples returned a significant upgrade in gold content by using the Metallics assay procedure.
Of the 12 samples submitted, there was an average increase in gold grade of 14.4% by utilizing Metallics assaying. An example of the effect of this can be seen in the revisions to the results of the first two holes of the 2012 Phase 1 drill program in the table below:
-----------------------------------------------------------
|Hole ID |From (m)|To (m)|Length (m)|Fire Assay|Metallics|
| | | | |Au (g/t) |Assay |
| | | | | |Au (g/t) |
|---------------------------------------------------------|
|12KG01 |10.31 |128.05|117.74 |1.04 |1.15 |
|---------------------------------------------------------|
|Includes:|71.93 |114.60|42.67 |1.93 |2.15 |
|---------------------------------------------------------|
|includes:|71.93 |94.06 |22.13 |2.78 |2.94 |
|---------------------------------------------------------|
|includes:|73.97 |85.23 |11.26 |4.21 |4.54 |
|---------------------------------------------------------|
|12KG02 |15.20 |100.30|85.10 |2.07 |2.50 |
|---------------------------------------------------------|
|includes:|44.50 |86.15 |41.65 |3.76 |4.64 |
|---------------------------------------------------------|
|Includes:|44.50 |58.30 |13.80 |9.63 |12.29 |
-----------------------------------------------------------
The significance of this test is that the overall grade of gold mineralization on the Kena Property may be higher than currently thought. However, a more extensive program of Metallics assaying will be necessary in order to be statistically meaningful enough to draw any conclusions.
Kena Gold Zone
Sultan previously reported the results of 9 drill holes completed in the Kena Gold Zone, which returned long intercepts of significant gold mineralization containing 'bonanza' grades, including 32.9g/t Au over 2.95 metres (47.55m to 50.5m) in 12KG02. Significant results from the rest of the Kena Gold Zone drill holes are tabled below:
Significant Results from the Kena Gold Zone 2012 Phase 1 Drilling
-----------------------------------------------
|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 |
|---------------------------------------------|
|12KG-08 |3.00 |154.84|151.84 |0.58 |
|---------------------------------------------|
|includes:|32.2 |55.58 |23.38 |0.89 |
|---------------------------------------------|
|includes:|78.59 |81.69 |3.10 |5.54 |
|---------------------------------------------|
|includes:|135.90 |154.84|18.94 |0.59 |
-----------------------------------------------
*True width of intercept not known, and may be less than the interval indicated
Drilling into the Kena Gold Zone returned gold values that are similar to those previously returned from drilling within that part of the Kena Property, and are consistent with block model grades used in the current resource estimate. Drilling depths ranged from 150 to 185 metres.
Gold Mountain Zone
Significant results from the first 2 drill holes completed on the Gold Mountain Zone are tabled below (see Sultan News Release dated September 10, 2012):
Significant Results from Initial Holes at Gold Mountain Zone
------------------------------------------------
|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 |
|----------------------------------------------|
|includes:|89.05 |104.12|15.07 |2.40 |
|----------------------------------------------|
|includes:|91.93 |94.16 |2.23 |4.01 |
|----------------------------------------------|
|includes:|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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*True width of intercept not known, and may be less than the interval indicated
Altair has completed step-out drilling from the central zone at Gold Mountain, with 9 more drill holes completed along the projection of the zone to the southeast. These holes were interspersed over a distance of approximately 1,000 metres from holes 12GM-01 and 12GM-02, with an average 110 metre interval between holes. The results from these widely spaced drill holes are summarized below:
Highlights From Step Out Holes - Gold Mountain Zone
------------------------------------------------
|Hole ID |From (m)|To (m)|Length* (m)|Au (g/t)|
|----------------------------------------------|
|12GM-03 |111.25 |156.97|45.72 |0.45 |
|----------------------------------------------|
|12GM-04 |3.05 |56.69 |53.64 |0.59 |
|----------------------------------------------|
|includes:|3.05 |23.16 |20.11 |1.03 |
|----------------------------------------------|
|12GM-07 |73.81 |96.52 |22.71 |1.12 |
|----------------------------------------------|
|12GM-10 |135.94 |168.00|32.06 |0.56 |
|----------------------------------------------|
|and: ? |198.37 |202.36|3.99 |1.05 |
------------------------------------------------
*True width of intercept not known, and may be less than the interval indicated
The results are encouraging in that elevated gold values were returned from areas not previously tested by drilling. Holes 12GM-05, 12GM-06, 12GM-08, 12GM-09 and 12GM-11 did not intersect significant mineralization. Altair plans to further test the Gold Mountain Zone in Phase 2 drilling.
The revised NI 43-101 (May 2012) compliant Measured & Indicated Mineral Resource for the Kena Property is 549,000 ounces of gold and the Inferred Mineral Resource is 513,000 ounces of gold, all based upon a 0.30g/t Au cutoff:
---------------------------------------------------------
|GOLD MOUNTAIN ZONE |
|-------------------------------------------------------|
|? |Tonnes |Grade (g/t) |Ounces Au |
|-------------------------------------------------------|
|MEASURED |? 1,840,000|? ? ? ? ? ?0.87|? ? ? ? ? ?51,000|
|-------------------------------------------------------|
|INDICATED|? 9,010,000|? ? ? ? ? ?0.68|? ? ? ? ?198,000 |
|-------------------------------------------------------|
|TOTAL M&I|10,850,000 |? ? ? ? ? ?0.71|? ? ? ? ?249,000 |
|-------------------------------------------------------|
|INFERRED |22,110,000 |? ? ? ? ? ?0.60|? ? ? ? ?428,000 |
---------------------------------------------------------
---------------------------------------------------------
|KENA GOLD ZONE |
|-------------------------------------------------------|
|? |Tonnes |Grade (g/t) |Ounces Au |
|-------------------------------------------------------|
|MEASURED |? 2,910,000|? ? ? ? ? ?0.77|? ? ? ? ? ?72,000|
|-------------------------------------------------------|
|INDICATED|11,773,973 |? ? ? ? ? ?0.60|? ? ? ? ?228,000 |
|-------------------------------------------------------|
|TOTAL M&I|14,683,973 |? ? ? ? ? ?0.64|? ? ? ? ?300,000 |
|-------------------------------------------------------|
|INFERRED |? 3,800,000|? ? ? ? ? ?0.70|? ? ? ? ? ?85,000|
---------------------------------------------------------
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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