Monday, June 21, 2010
Sultan Minerals Commences Exploration to Expand The Gold Resource at its Kena Gold Property, BC
Sultan Minerals Inc. (SUL-TSX-Venture) ("Sultan") is pleased to announce commencement of the 2010 Exploration Program on its Kena Gold Property, located in southeastern British Columbia. This exploration program will test two target areas, the Kena Gold and Kena Copper Zones with IP geophysical surveys and diamond drilling.
The northern portion of the Kena Property contains "gold-only" porphyry style mineralization. A 2004 National Instrument 43-101 resource estimate reported a measured and indicated resource of 381,000 ounces of gold and an additional inferred resource of 389,000 ounces of gold. This resource is based on 115 drill holes and has an average grade of 1.0 g/t gold using a cut off grade of 0.50 g/t (see News Release of June 7, 2004). This resource is exposed on surface and remains open along strike and at depth.
The large Kena Property also contains significant copper-gold porphyry potential in its largely untested Kena Copper Zone which extends for 3.5 kilometres south of the gold porphyry zone, (see News Release dated November 3, 2008). The gold and copper-gold mineralization appears to be aligned along a strong, deep seated, 10 kilometre long structure identified by prior airborne geophysics. The gradation from gold to copper-gold mineralization may represent mineral zonation along the structure.
Geologic trends and strong geophysical and geochemical features indicate that the Kena Property's Gold Mountain, Kena Gold, Kena Copper and South Gold Zones all relate to the same feature and expansion drilling along the seven kilometre strike of the mineralized zones may substantially increase the current resource estimate.
Diamond drilling will investigate the size, depth and orientation of the higher-grade gold shoots in the Kena Gold Zone. Geophysics, followed by diamond drilling will also test the copper-gold potential in the Kena Copper/South Gold Zone area located between 1.0 to 3.5 kilometres south of the Kena Gold Zone. These target areas were identified in 2009 by geological mapping work conducted by Dr. Jim Oliver and were partially explored by an Induced Polarization (IP) geophysical survey completed in November 2009 (see news releases dated September 9 and November 19, 2009).
All permit approvals have been received for the initial program, which is budgeted at $500,000 and will include soil sampling, IP and magnetometer surveying, and diamond drilling. Drilling will test the best targets defined by the geochemical and geophysical surveys with priority being given to the strongest coincident copper-gold and IP geophysical anomalies.
The geochemical and geophysical surveys are anticipated to be completed by late June and diamond drilling to commence in early July.
