SULTAN RESOURCES LTD

ACN: 623652 522

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

STEVEN GROVES MANAGING DIRECTOR

JEREMY KING CHAIRMAN

27[th] August 2020

3D MAGNETIC INVERSION MODEL ENHANCES
BIG HILL PORPHYRY AU-CU TARGET
IP SURVEY COMPLETED AT RINGAROO; MOVING TO TUCKLAN

DAVID LEES NON-EXECUTIVE DIRECTOR

CONTACT

Suite 2, Level 1, 1 Altona Street West Perth WA 6005

www.sultanresources.com.au

[email protected]

Reprocessing and inversion of high quality heli-magnetic data defines a prominent large-scale magnetic body beneath surface Au-Cu geochemical anomalies at Big Hill
Magnetic body interpreted as an underlying intrusive complex, possible source for high grade surface mineralisation at Big Hill (up to 2.50% Cu) and Gowan Green (up to 24.6g/t Au & 26.1% Cu)
Geological mapping, soil and rock chip sampling extended to cover new targets defined to the east of Big Hill, results awaited
Induced Polarization (IP) surveying completed at the high priority Ringaroo Porphyry Au-Cu target, results pending. Results from infill and extension soil sampling at Ringaroo also pending
IP set to commence testing surface gold anomalies at the Tucklan Epithermal Gold target.

Sultan Resources Limited (ASX: SLZ) ( Sultan or Company ) is pleased to provide an update on significant exploration programs currently underway at the Company’s Lachlan Fold Belt (“ LFB ”) Porphyry Au-Cu and epithermal gold projects in NSW.

Sultan has continued to evaluate and advance its priority LFB projects with a view to identifying drill targets with high potential to host porphyry-style Au-Cu and/or epithermal gold mineralisation across three highly prospective targets at Big Hill, Ringaroo and Tucklan. Recent work has included the reprocessing and 3D inversion of a heli-magnetic survey completed by a previous explorer over the Big Hill target area in 2013 (ASX Announcement 29/04/2013), the completion of IP surveying at Ringaroo and further geological mapping, soil and rock sampling at both Ringaroo and Big Hill. IP surveying will

ASX ANNOUNCEMENT - 27TH AUGUST 2020

now commence at the Tucklan project, with Big Hill scheduled for later in the year after cereal crop harvest.

The results of the new magnetic interpretation at Big Hill are particularly encouraging and show a prominent magnetic feature that is spatially related to surface geochemical anomalism providing further support for an intrusive-related source for mineralisation at the prospect.

All soil and rock samples from both Big Hill and Ringaroo have been submitted to ALS in Orange and results are expected within approximately 4 weeks.

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Ringaroo
Big Hill
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4
3
1
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Figure 1: Sultan tenements in relation to World Class operating mines of the East Lachlan Fold Belt, and the recent Boda discovery (References for resources at end of document)

Big Hill Magnetic Inversion

Southern Geoscience Consultants was commissioned by Sultan to undertake a reprocessing and 3D inversion of open file magnetic data over the Big Hill prospect area. The magnetic survey was completed by Clancy Exploration (now RareX, ASX:REE) in 2013 (ASX Announcement 29/04/2013). The high-quality helicopter-borne survey was completed by AeroSystems and data was collected along a 75m line-spacing and a mean terrain clearance of 45m. Flight lines were east-west, and all data is available on open file.

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The exercise was undertaken to enhance the information available from the original survey over the southern portion of EL8375 that contains the Big Hill magnetic complex and the Gowan Green, Big Hill and Wattle Ridge porphyry targets. The process resulted in the production of a number of surface images of greater magnetic clarity over the target area as well as the production of a 3D magnetic inversion block model that extends from Wattle Ridge in the south through Big Hill towards Gowan Green.

Results

The reprocessing exercise has greatly enhanced the detail of the Big Hill magnetic complex and highlights internal magnetic lows and potential structural features. A comparison to the previously available image is provided below in Figure 2 and shows the incredible detail now available to Sultan across the prospect to assist further targeting. Figure 3 shows the enhanced magnetic detail overlaid with previous geochemical results from Big Hill.

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Figure 2: Left: Previous RTP magnetic image over Big Hill with Copper (>94ppm Cu) Soil Contours significant rock sample locations. (ASX 20/05/2020). Right: RTP magnetic image of the same area using the reprocessed data showing the enhanced detail now evident.

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Figure 3: Big Hill reprocessed RTP Pseudo NL Aeromagnetic Image with Gold & Copper Soil Anomalies (soil results from ASX Announcement 20/05/2020).

Southern Geoscience produced a 3D magnetic inversion block model from the data which has provided strong indications for the presence of a magnetic intrusive body immediately beneath the Big Hill, Wattle Ridge and Gowan Green surface geochemical anomalies. The inversion block model shows a strong spatial association with the location of surface anomalies and even displays a number of narrow apophyses that extend from the main body at depth to the surface in the locations of the strongest surface geochemical anomalism and porphyry style alteration (Figures 4 to 7).

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Figure 4: Big Hill 3D UBC Magnetic Inversion Block Model – Long Section 684,500mE with Gold in Soils (100m clipping window, looking west)

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Figure 5: Big Hill 3D UBC Magnetic Inversion Block Model – Long Section with Copper in Soils (100m clipping window, looking west)

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Figure 6: Big Hill 3D UBC Magnetic Inversion Block Model – 3D View 684,500mE with Gold in Soils (1,000m clipping window):

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Cross Section 6,368,700mN in
figure 8, below
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Figure 7 Big Hill 3D UBC Magnetic Inversion Block Model – 3D View 684,500mE with Gold in Soils (1,000m clipping window)

Cross sections through the magnetic inversion model also highlight the strong spatial relationship between the magnetic body and surface mineralisation. Figure 8, below, illustrates the magnetic zones extending to surface in positions of copper and gold anomalism and for reference, has a schematic illustration of the depth and approximate width of Newcrest Mining’s Cadia Ridgeway Au-Cu porphyry deposit for scale.

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Figure 8: Big Hill 3D UBC Magnetic Inversion Block Model – Cross Section 6,368,700mN with Gold & Copper in Soils (100m clipping window)

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ASX ANNOUNCEMENT - 27TH AUGUST 2020

Big Hill Soil Sampling Extension

A further 165 soil samples were collected to the east of the main Big Hill soil anomaly (Figure 9) and submitted to ALS Orange. Geological mapping and systematic rock chip sampling (59 samples) of exposed outcrop within the extended “Razorback” grid has been completed, submitted to ALS Orange, results are awaited. The new program has extended the surveyed area at Big Hill a further 500m to 1km to the east into stratigraphy including reactive limestones.

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Figure 9: Big Hill RTP Aeromagnetic Image with Soil Sample Sites & Gold + Copper Soil Anomalies and the sample sites from the recently sampled Razorback survey to the east of Big Hill.

Ringaroo

Dipole-Dipole IP Surveying has been completed at the Ringaroo porphyry Au-Cu prospect. The program was undertaken by Fender Geophysics (Figure 10) with all Fender personnel being tested for COVID19 prior to arriving on site. The survey traversed the previously reported (see ASX Announcement 09 July 2020) open, gold and copper soil geochemical anomaly, coincident with a magnetic high anomaly seeking to define buried chargeability responses indicative of pyrite halos to potential porphyry style mineralisation. The survey design and specifications are identical to those used by Newcrest to detect the Ridgeway deposit. The data is currently being processed and inverted by Southern Geoscience, results are awaited.

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Figure 10: Fender Geophysical crew undertaking IP survey

Contemporaneously with the IP survey, the current open Au-Cu soil geochemical anomaly was infilled and extended with a further 102 soil samples completed. All samples have been dispatched to ALS Orange and results are expected in approximately 4 weeks.

This announcement is authorised by Steve Groves, Managing Director

For further information contact:

Managing Director Investor Relations Steve Groves Peter Taylor [email protected] [email protected] 0412 036 231

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on historical exploration information compiled by Mr Steven Groves, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Groves is Managing Director and a full-time employee of Sultan Resources Limited. Mr Groves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Groves consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Sultan Resources

Sultan Resources is an Australian focused exploration company with a portfolio of quality assets in emerging discovery terranes currently targeted by successful explorers such as Newcrest Mining, Alkane Resources, Gold Road Resources, and Sandfire Resources. Sultan’s tenement portfolio includes prospective targets for porphyry Au-Cu, structurallyhosted gold, Nickel, Cobalt and base metals and include tenements located in the highly prospective Lachlan Fold Belt of Central NSW as well as projects located within the southern terrane region of the Yilgarn Craton in south and south eastern Western Australia. Sultan’s board and management strategy is for a methodical approach to exploration across the prospects in order to discover gold and base metals that may be delineated via modern exploration techniques and exploited for the benefit of the company and its shareholders.

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References

Newcrest., 2019, Newcrest Investor and Analyst Presentation, ASX Announcement, 18 November 2019
CMOC 2019., China Molybdenum Company Limited, http://www.cmocinternational.com/australia/
Evolution., 2018, https://evolutionmining.com.au/reservesresources/
Regis Resources Ltd, https://www.regisresources.com.au/General/reserves-and-resources.html

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Appendix 1: JORC Code, 2012 Edition Table 1 – Colossus Metals

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation Sampling • Nature & quality of sampling (e.g. cut channels, random chips, or specific techniques specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity & the appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Report.
In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Commentary

Rock sampling program

Rock chip samples were taken in the during field inspection of the Tucklan gold target
Rock samples were collected from surface outcrop and float
Outcrop samples are resistant portions of the local geology and are considered to be in situ. Float samples are interpreted to have been sourced from local area.
Samples weighing up to several kilograms were collected

Soil sampling program

All soil sample points were located using a hand-held GPS with +/-5m accuracy utilising MGA zone 55 (GDA94) coordinate system. Surface organic matter was removed from the sample site using a hand pick and shovel and a 25cm x 25cm x 25cm deep hole was dug using a mattock, with a sample of primarily B soil horizon collected. The soil sample was screened using a 3mm mesh aluminium sieve and a 200-250 gram sub sample of -3mm fraction was retained in a labelled soil geochemical bag for analysis. Soil sample IDs and locations are stored digitally in a register which also notes sample content and conditions. External certified reference material / standards, blanks and duplicates are submitted every 50th, 51st and 52nd sample respectively for QAQC purposes.

ASX ANNOUNCEMENT - 27TH AUGUST 2020

Criteria	JORC Code explanation	Commentary
Drilling	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,	• N/A
techniques	auger, Bangka, sonic, etc.) & details (e.g. core diameter, triple or standard
	tube, depth of diamond tails, face-sampling bit or other type, whether core is
	oriented & if so, by what method, etc.).
Drill sample	• Method of recording & assessing core & chip sample recoveries & results	• N/A
recovery	assessed.
	• Measures taken to maximise sample recovery & ensure representative
	nature of the samples.
	• Whether a relationship exists between sample recovery & grade & whether
	sample bias may have occurred due to preferential loss/gain of fine/coarse
	material.
Logging	• Whether core & chip samples have been geologically & geotechnically	Rock sampling program
	logged to a level of detail to support appropriate Mineral Resource estimation, mining studies & metallurgical studies.	• A short geological description was taken at each sample point
	• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	• The description is qualitative and includes lithology, alteration and mineralisation
	• The total length & percentage of the relevant intersections logged.
Sub-sampling	• If core, whether cut or sawn & whether quarter, half or all core taken.	Rock and soil sampling program
techniques & sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc.& whether sampled wet or dry.	• The sample preparation for both rock and soils follows industry best practise involving oven drying, crushing and pulverisation
	• For all sample types, the nature, quality & appropriateness of the sample
	preparation technique.
	• Quality control procedures adopted for all sub-sampling stages to maximise
	representivity of samples.
	• Measures taken to ensure that the sampling is representative of the in situ
	material collected, including for instance results for field duplicate/second-
	half sampling.
	• Whether sample sizes are appropriate to the grain size of the material being
	sampled.

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Criteria	JORC Code explanation	Commentary	Commentary
Quality of	• The nature, quality & appropriateness of the assaying & laboratory	•	Rock samples are analysed for 48 elements including Ag, Al, As, Ba, Be, Bi, Ca,
assay data &	procedures used & whether the technique is considered partial or total.		Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Be, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P,
laboratory	• For geophysical tools, spectrometers, handheld XRF instruments, etc., the		Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y Zn and Zr using
tests	parameters used in determining the analysis including instrument make &		method ME-MS61 (four acid ICP-MS). Gold will be analysed separately using
	model, reading times, calibrations factors applied & their derivation, etc.		ALS method Au-AA22, with a lower detection limit of 0.001 ppm.
	• Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) & whether acceptable levels of	•	Soil Samples were analysed for 53 elements including Au, Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, Hg, In, K, La, Li, Mg, Mn, Mo,
	accuracy (i.e. lack of bias) & precision have been established.		Na, Nb, Ni, P, Pb, Pd, Pt, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W,
			Y, Zn & Zr using method AuME-ST44.
		•	External certified reference material / standards, blanks and duplicates are
			submitted every 50th, 51st and 52nd sample respectively for QAQC
			purposes.
Verification	• The verification of significant intersections by either independent or	•	All data are verified by at least two experienced Colossus Metals geologists.
of sampling & assaying	alternative company personnel. • The use of twinned holes.	•	Data are stored in a digital database and interrogated using the ioGasTM geochemical software suite.
	• Documentation of primary data, data entry procedures, data verification,
	data storage (physical & electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy & quality of surveys used to locate drill holes (collar & down-hole	•	A handheld GPS was used to locate each sample point. Accuracy of +/- 5m is
data points	surveys), trenches, mine workings & other locations used in Mineral		considered reasonable
	Resource estimation.
		•	MGA94, Zone 55
	• Specification of the grid system used.	•	Elevation were in AHD (MGA94, Zone 55)
	• Quality & adequacy of topographic control.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Soil samples from the current program are collected across a grid spaced
& distribution	• Whether the data spacing & distribution is sufficient to establish the degree of geological & grade continuity appropriate for the Mineral Resource &		at • Ringaroo 200m x 200m sample spacing
	Ore Reserve estimation procedure(s)&classifications applied.		• Big Hill / Razorback 100m x 200m
	• Whether sample compositing has been applied.

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Criteria	JORC Code explanation	Commentary	Commentary
		•	These spacings are considered reasonable to provide sufficient
			geochemical coverage over the target types sought.
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of possible	•	N/A
data in	structures & the extent to which this is known, considering the deposit type.
relation to geological	• If the relationship between the drilling orientation & the orientation of key mineralised structures is considered to have introduced a sampling bias, this
structure	should be assessed & reported if material.
Sample	• The measures taken to ensure sample security.	All	geochemical samples were selected by geologists in the field delivered
security		directly to the lab by Colossus,
Audits or	• The results of any audits or reviews of sampling techniques & data.	•	Not applicable
reviews

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary	Commentary
Mineral	• Type, reference name/number, location & ownership including agreements	•	The licences referred to in this document are part of a recent acquisition
tenement &	or material issues with third parties such as joint ventures, partnerships,		by Sultan Resources for 100% of the assets of Colossus Metals. The licences
land tenure	overriding royalties, native title interests, historical sites, wilderness or		include EL8734, EL8704 and EL8735, which together cover a total area of
status	national park & environmental settings.		approximately 326 km2 within the Lachlan Fold Belt of central NSW.
	• The security of the tenure held at the time of reporting along with any known	•	EL8734 and 8735 are due for renewal in April 2020 and Sultan has been
	impediments to obtaining a licence to operate in the area.		advised by Colossus that all expenditure commitments have been met for
			the respective 2 year term.
Exploration	• Acknowledgment & appraisal of exploration by other parties.	•	Previous exploration over EL8735 has been limited. Work reported was
done by other			generally generative in nature and at a reconnaissance level.
parties
Geology	• Deposit type, geological setting & style of mineralisation.		The Project lies 45km northeast of the Boda Cu-Au porphyry discovery within
			the Late Ordovician – Early Silurian Tucklan Formation, Rockley - Gulgong
			Volcanic Belt,Macquarie Arc. The Tucklan Formation is considered to be

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Criteria	JORC Code explanation	Commentary
		synchronous with Phase 4 volcanism in the Macquarie Arc which is associated
		in time and space with the largest porphyry Au-Cu deposits. It is associated
		with historical gold workings that include numerous prospecting pits, plus a
		shallow shaft and adit. These form part of the overlooked & extensive Tucklan
		gold field.
		The Lachlan Orogen is approximately 700 km wide and 1000 km long and has
		disputed complex evolutionary history. The Macquarie Arc is part of the
		eastern sub-province of the Lachlan Orogen and is the host to numerous
		porphyry Au–Cu deposits. It consists mainly of subduction-related Ordovician
		intermediate and mafic volcanic, volcaniclastic and associated intrusive rocks
		and was accreted to Gondwana in the Early Silurian, and underwent rifting
		and burial in the Middle to Late Silurian.
		It consists of four structural belts, namely, the western (Junee-Narromine),
		the central (Molong), the eastern (Rockley-Gulgong) Belt, and southern
		(Kiandra) volcanic belts. These belts have most likely been formed by rifting
		and dismemberment of a single arc, which developed along the boundary
		between the Australian and proto-Pacific plates during the Ordovician and
		was subsequently dismembered during the Silurian.
		An entirely intra-oceanic setting is postulated for the Macquarie Arc
		(Crawford et al., 2007), with four phases of arc-type magmatism, the earliest
		in the Early Ordovician, and culminating in the Late Ordovician to Early
		Silurian. The four phases of volcanism in the Macquarie Arc relate to distinct
		groups of porphyritic intrusions that vary from monzodiorite-diorite through
		monzonite-granodiorite compositions and correspond with porphyry copper-
		gold and epithermal gold-silver mineralisation
		Lithology
		Based on the work discussed in this document, the rocks at Tucklan are
		classified to be of trachy-andesite to alkali basaltic volcano-sedimentary
		origin.

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Criteria	JORC Code explanation	Commentary
Drill hole	• A summary of all information material to the understanding of the	A map showing the distribution of anomalous Au and Cu has been included for
Information	exploration results including a tabulation of the following information for all	reference. It is impractical to present data for all 53 elements recorded in the
	Material drill holes:	assay analysis
	`o` Easting & northing of the drill hole collar
	`o` elevation or RL (Reduced Level – elevation above sea level in metres) of
	the drill hole collar
	`o` dip & azimuth of the hole
	`o` down hole length & interception depth
	`o` hole length.
	• If the exclusion of this information is justified on the basis that the
	information is not Material & this exclusion does not detract from the
	understanding of the report, the Competent Person should clearly explain
	why this is the case.
Data	• In reporting Exploration Results, weighting averaging techniques, maximum	• N/A
aggregation	and/or minimum grade truncations (e.g. cutting of high grades)&cut-off
methods	grades are usually Material & should be stated.
	• Where aggregate intercepts incorporate short lengths of high grade results
	& longer lengths of low grade results, the procedure used for such
	aggregation should be stated & some typical examples of such aggregations
	should be shown in detail.
	• The assumptions used for any reporting of metal equivalent values should be
	clearly stated.
Relationship	• These relationships are particularly important in the reporting of	• N/A
between	Exploration Results.
mineralisatio n widths &	• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
intercept lengths	• If it is not known & only the down hole lengths are reported, there should be a clear statement to this effect (e.g.‘down hole length, true width not
	known’).

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Criteria	JORC Code explanation	Commentary	Commentary
Diagrams	• Appropriate maps & sections (with scales)&tabulations of intercepts should	•	See maps and figures accompanying this ASX release.
	be included for any significant discovery being reported These should
	include, but not be limited to a plan view of drill hole collar locations &
	appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not practicable,	•	Reference has been made to anomalous levels of geochemical pathfinder
reporting	representative reporting of both low & high grades and/or widths should be		elements in the document. This interpretation has been determined by
	practiced to avoid misleading reporting of Exploration Results.		experienced Colossus Metals’ geologists using the ioGasTMgeochemical
			software. It is impractical to present every result for all 53 elements across the
			sample population in this document. A map showing the distribution of
			anomalous Cu has been included for reference.
Other	• Other exploration data, if meaningful & material, should be reported	•	Geophysical data including publicly available magnetic survey data has been
substantive	including (but not limited to): geological observations; geophysical survey		used to further interpret the Big Hill Target. Southern Geoscience
exploration	results; geochemical survey results; bulk samples – size&method of		Consultants performed a reprocessing and 3D inversion of open file magnetic
data	treatment; metallurgical test results; bulk density, groundwater,		data over the Big Hill prospect area. The magnetic survey was completed by
	geotechnical & rock characteristics; potential deleterious or contaminating		Clancy Exploration (now RareX, ASX:REE) in 2013 (ASX Announcement
	substances.		29/04/2013). The high-quality helicopter-borne survey was completed by
			AeroSystems and data was collected along a 75m line-spacing and a mean
			terrain clearance of 45m. Flight lines were east-west, and all data is available
			on open file.
		•	Geosoft Oasis Montaj VOXI Earth Modelling algorithm was used to perform
			standard susceptibility modelling over the Big Hill area.
		•	The dynamic range of data is: -0.094 to 0.286 SI unit
		•	Max and Min depths (Z) of the 30x30x15m cell size model are 548RL and -
			1836RL respectively
Further work	• The nature & scale of planned further work (e.g. tests for lateral extensions	•	The focus on future work will be to ultimately generate targets for drilling.
	or depth extensions or large-scale step-out drilling).		Work to enable this will include further soil sampling programs coupled with
	• Diagrams clearly highlighting the areas of possible extensions, including the		IP geophysics to locate bodies of disseminated sulphides beneath the surface.
	main geological interpretations & future drilling areas, provided this		If sufficient encouragement is gained from this work, then deeper RC or
	information is not commercially sensitive.		diamond drilling is anticipated.

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AI assistant

SULTAN RESOURCES LTD Regulatory Filings 2020

65816_rns_2020-08-26_df70d6e8-3dfa-4de0-892b-7e8f77194e83.pdf