Sultan Minerals Inc. (SUL-TSX-Venture)
("Sultan") is pleased to announce it has received assay results for
two diamond drill holes completed in December on the Gold Mountain Zone of
its Kena Property located in southeastern British
Columbia.
In September 2010, Sultan drilled 5 holes into a high grade gold structure
located west of the Gold Mountain Zone. The results confirmed the continuity
of mineralization within this structural corridor, which is marked by a mafic
dyke (see News Release dated October 18, 2010). In December, two step-out
diamond drill holes, 10HG-06 and 07, were put in to test the northern
extension of a high grade structure extending north from the central core of
the Gold Mountain Zone. These holes tested for high grade gold mineralization
associated with a recently identified structural trend, marked by mafic
dykes.
Hole 10HG-06 intersected the contact with the
underlying volcanic earlier than anticipated and therefore did not hit the
marker dyke or the projected high grade gold bearing structure. The hole did
succeed in intersecting a 33.52 metre zone of low
grade gold mineralization and bottomed in mineralization. Hole 10HG-07
successfully intersected 7.94 g/t gold over 1.55 metres
in a strongly silicified structure. Computer modeling shows that the anticipated
high grade structure runs through this drill section but cross-faulting in
that area has shifted the mineralization approximately 30 metres
to the west. Results from these two holes can be summarized as follows:
- Hole
10HG-06 -- 0.84 g/t gold over the bottom 33.52 metres (from 127.41 to 160.93 metres
depth) including 2.0 metres of 3.80 g/t gold.
- Hole
10HG-07 -- 2.02 g/t gold over 6.05 metres
(from 54.00 to 60.05 metres depth), and 0.90
g/t gold over 21.65 metres (from 103.70 to
125.35 metres depth) including 1.55 metres of 7.94 g/t gold.
Prior
diamond drilling in the central core of the Gold Mountain Zone shows broad
zones of porphyry gold mineralization. Within this bulk tonnage style gold
mineralization lie several high grade gold shoots within mineralized
structures that are often marked by mafic or lamprophyre dykes. The following
tables summarize the previously reported bulk tonnage gold intersection and
the associated high grade mineralization. (see www.sultanminerals.com for prior
news releases on the Kena Property).
GOLD
MOUNTAIN ZONE - BULK TONNAGE GOLD RESULTS
Entire hole lengths containing bulk tonnage gold values
HOLE #
|
HOLE DEPTH
(metres)
|
GOLD GRADE
(g/t)
|
01GM-01
|
137.00
|
0.95
|
01GM-02
|
134.26
|
0.92
|
01GM-03
|
124.05
|
1.87
|
01GM-05
|
170.08
|
0.95
|
01GM-08
|
214.27
|
0.92
|
01GM-28
|
184.05
|
0.92
|
02GM-31
|
76.05
|
1.04
|
02GM-33
|
101.50
|
1.52
|
02GM-39
|
137.35
|
1.23
|
02GM-40
|
106.73
|
1.41
|
02GM-42
|
251.00
|
0.84
|
R02GM-03
|
80.77
|
1.22
|
GOLD
MOUNTAIN ZONE - HIGH GRADE GOLD RESULTS
HOLE #
|
FROM
(metres)
|
TO
(metres)
|
WIDTH
(metres)
|
GOLD
(g/t)
|
01GM-03
|
48.77
|
50.00
|
1.23
|
240.07
|
01GM-03
|
74.00
|
76.00
|
2.00
|
29.84
|
01GM-04
|
84.00
|
86.00
|
2.00
|
16.34
|
01GM-06
|
130.00
|
132.00
|
2.00
|
18.86
|
01GM-08
|
204.00
|
206.00
|
2.00
|
172.10
|
01GM-10
|
257.00
|
258.00
|
1.00
|
32.36
|
01GM-20
|
64.00
|
66.00
|
2.00
|
15.56
|
01GM-28
|
48.00
|
51.35
|
3.35
|
16.35
|
02GM-33
|
9.00
|
13.00
|
4.00
|
19.66
|
02GM-35
|
117.00
|
119.00
|
2.00
|
15.03
|
02GM-39
|
30.00
|
32.00
|
2.00
|
16.69
|
02GM-42
|
83.00
|
85.00
|
2.00
|
18.21
|
02GM-62
|
80.97
|
83.00
|
2.03
|
34.44
|
03GM-65
|
16.00
|
17.00
|
1.00
|
14.66
|
03GM-71
|
43.00
|
44.00
|
1.00
|
40.66
|
A substantial 2011 diamond drilling program is recommended for the Gold
Mountain Zone to define the dimensions of the very significant gold
mineralization outlined in the above tables.
Sultan is also planning 2011 work programs for two additional project areas:
the Kena -- Copper King Zone and the Jersey-Emerald
Tungsten-Zinc Property.
Copper King Zone
On the Kena property's Copper King Zone, a pattern
drilling program has been recommended to test strong coincident copper-gold
soil geochemistry and induced polarization chargeability anomalies. Limited
drilling on this very large target has returned values of 0.24% copper
equivalent over 255.10 metres with higher grade
zones assaying up to 0.62% copper equivalent over 20.00 metres(see
News Release dated November 10, 2010).
Jersey-Emerald Property -- Tungsten-Zinc Deposit
In 2009 and 2010, Sultan completed two NI43-101 resource estimate (Giroux and
Grunenberg, 2009, 2010) showing significant
tonnages of tungsten and zinc mineralization on the Jersey-Emerald Property
(see News Releases dated Jan 21, 2009 and Mar 1, 2010). The resource estimate
for tungsten, measured and indicated 2,719,000 tonnes
grading 0.358% WO3, and inferred 2,320,000 tonnes
grading 0.341% WO3, at a 0.150% WO3 cut-off; and, for lead zinc, 1,900,000 tonnes indicated at 1.96% lead plus 4.10% zinc and
4,980,000 tonnes inferred at 1.95% lead plus 3.37%
zinc, within a low grade zone containing 5,320,000 tonnes
indicated at 1.04% lead plus 2.60% zinc and 16,930,000 tonnes
inferred at 1.00% lead plus 2.18% zinc.
An initial pre-scoping study was completed by Wardrop
Engineering in 2007, and continuing internal studies by the company indicate
potential for an economic tungsten deposit. In 2011, the company plans on
completing a full scoping study in preparation for a pre-feasibility study.
Sultan is currently seeking joint venture partners for the Kena and Jersey-Emerald Properties. Additional
information on work completed to date on the Properties can be found on the
company website www.sultanminerals.com
Linda Dandy, P.Geo., is the project supervisor and
"Qualified Person" for the purpose of National Instrument 43-101,
who has reviewed and verified the contents of this news release.
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.