Sultan Resources Limited (ASX: SLZ) has entered into a binding term sheet with Colossus Metals Pty Ltd to acquire 100% of the issued shares in Colossus and its suite of gold and copper exploration tenements located in Central New South Wales.
Sultan’s Chairman, Jeremy King said the company considers the projects to be highly attractive exploration assets which will complement and expand its existing project portfolio.
“The acquisition of Colossus provides Sultan with immediate exploration access to the Ordovician aged Northern Molong Belt of NSW, one of the most exciting exploration provinces globally with majors very active,” Mr King said.
“Colossus control the only remaining privately held land position over the belt that hosts the unfolding Boda discovery and the proven Tier-1 deposits of Cadia Valley.”
The Projects comprise granted exploration licences EL8734, EL8704 and EL8735, which together cover a total area of approximately 330 sq. km and are considered highly prospective for both:
- gold-rich, alkali, gold-copper porphyry (Cadia-style) mineralisation and;
- paleo-placer gold mineralisation
Exploration licence EL8735 “Star Plateau” is a 108 sq. km ground holding encapsulating segments of the highly prospective Late Ordovician – Early Silurian Northern Molong Volcanic Belt which is considered prospective for porphyry Au-Cu-Mo, epithermal gold, gold-rich VMS and orogenic gold deposits.
Of particular interest within the Star Plateau Project is the Big Hill Magnetic Complex which is a large scale (5.0km x 2.5km), ovoid shaped, high amplitude magnetic high complex interpreted to represent a buried Late Ordovician – Early Silurian intrusive complex.
EL8704 covers extensive tertiary deep-lead gold occurrences along the Macquarie River valley. The project tenement extends 50km north from Ophir, the site of first gold discovery in Australia.
Exploration licence EL8734 “Tucklan” is located approximately 50km northeast of Alkane Resources’ Boda discovery and is hosted in the late Ordovician Tucklan Formation & Silurian Dungeree Volcanics of the Macquarie Arc Rockley-Gulgong Belt.