SULTAN RESOURCES LTD — Regulatory Filings 2023

Aug 15, 2023

Sultan Resources Ltd

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

JEREMY KING CHAIRMAN

STEVEN GROVES NON-EXECUTIVE DIRECTOR

ASX ANNOUNCEMENT 16[th] August 2023

DAVID LEES NON-EXECUTIVE DIRECTOR

www.sultanresources.com.au info@sultanresources.com.au

HELICOPTER EM SURVEY TO ASSESS GEOPHYSICAL ANOMALY COMMENCES ON E70/5082

• Sultan have contracted New Resolution Geophysics (NRG) to undertake a helicopter-borne Electromagnetic (EM) survey system to better assess a conductivity anomaly identified from existing broad-spaced EM data on E70/5082, SW of Kulin in WA.

• The heli-borne EM survey is being funded by Rio Tinto Exploration (RTX) pursuant to the recent option and farm-in arrangement between Sultan and RTX whereby RTX has rights to earn up to 80% of E70/5082 through $2M of exploration expenditure.

• The new heli-borne EM survey will utilise NRG’s advanced “Xcite” system and be conducted at 100m line spacing, for a total of approximately 80 line km, commencing today.

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Sultan Resources Ltd (ASX:SLZ or the Company) is pleased to advise that an initial phase of exploration has commenced on E70/5082, where a recent option and farm-in agreement allows Rio Tinto Exploration Pty Limited (RTX) to undertake preliminary exploration during an initial option period and then elect to earn an 80% interest in E70/5082 by way of $2m of exploration spend within 5 years (refer SLZ announcement 21[st] June 2023). E70/5082 forms part of the Company’s broader Lake Grace exploration project.

The Company has contracted NRG to fly a detailed (100m line-spaced) helicopter-borne time-domain electromagnetic (HTDEM) survey totalling around 80 line km over an area approximately 4km SW of the wheatbelt town of Kulin (refer Figure 3), with acquisition of data commencing and expected to be completed today.

The target was initially identified by RTX geoscientists after review of existing wide-spaced (20km) airborne EM data.

ASX ANNOUNCEMENT – 16[TH] AUGUST 2023

From modelling of the existing data (refer JORC Table 1 at the end of this release), RTX identified a strong untested late time conductivity anomaly (refer Figure 1 below) in the northern part of E70/5082, coincident with a circular magnetic and radiometric anomaly (refer Figure 2 below), suggesting potential for magmatic nickel sulfide mineralisation.

The new heli-borne EM survey is aimed at confirming the nature and extent of the conductivity anomaly before considering the merits and nature of any on-ground exploration to further assess and test the anomaly.

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Figure 1: AEM conductivity response and magnetic (TMI) profile for AEM flight line over E70/5082

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Figure 2: Existing AEM flight line (light blue), late time conductor (pink cross) on magnetic (RTP 1VD) image (left) and on thorium (radiometric survey) image (right)

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ASX ANNOUNCEMENT – 16[TH] AUGUST 2023

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Figure 3: Planned HTDEM flight lines at 100m spacing in relation to E70/5082

The Company looks forward to releasing results of the survey after quality control, review and interpretation of the data has been completed by SLZ and RTX.

This announcement is authorised by the Board of Sultan Resources Ltd

For further information contact:

info@sultanresources.com.au

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ASX ANNOUNCEMENT – 16[TH] AUGUST 2023

Competent Persons Statement

The information in this ASX Announcement that relates to Exploration Results is based on information reviewed and compiled by Mr Craig Hall, a Competent Person who is a Member of the Australian Institute of Geoscientists, and a full-time employee of Sultan Resources. Mr Hall 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 Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Hall consents to the inclusion in this Announcement of the matters based on his information in the form and context in which it appears. The Competent Person is not aware of any new information or data that materially affects the information contained in the above sources or the data contained in this announcement.

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the abovementioned announcement.

About Sultan Resources

Sultan Resources is an Australian exploration company with a portfolio of quality assets in emerging discovery terranes. Sultan’s tenement portfolio includes recently acquired lithium-prospective claims in NW Ontario in Canada; a tenement package in the southern terrane region of the Yilgarn Craton in the eastern wheatbelt of Western Australia with priority nickel-cobalt and gold targets, where Rio Tinto have recently formalised a farm-in JV on a central tenement; and tenements located in the highly prospective east Lachlan Fold Belt of Central NSW considered prospective for copper and gold. Sultan’s board and management is committed to the responsible discovery of metals via modern exploration techniques, and to add value to these projects for the benefit of the company and its shareholders.

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ASX ANNOUNCEMENT – 16[TH] AUGUST 2023

JORC CODE, 2012 EDITION – TABLE 1

Section 1 Sampling Techniques and Data

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

Criteria	Commentary
Sampling techniques	• The data represents the first phase of the AusAEM2020 (WA) survey flown with a with a rotary aircraft contracted to Geoscience Australia, using the SkyTEM® airborne electromagnetic system. The survey was flown at a 20-kilometre nominal line spacing over the most south- western part and down to the southern coast of Western Australia. • The accompanying data package, titled “AusAEM-WA, Southwest- Albany Airborne Electromagnetic Survey Blocks:: SkyTEM® airborne electromagnetic data and GALEI inversion conductivity estimates”, was released on 4 November 2021 by Geoscience Australia (GA) and the Geological Survey of Western Australia (GSWA).
Drilling techniques	• Not Applicable, reporting geophysical result only
Drill sample recovery	• Not Applicable, reporting geophysical result only
Logging	• Not Applicable, reporting geophysical result only
Sub-sampling techniques and sample preparation	• Not Applicable, reporting geophysical result only
Quality of assay data and laboratory tests	• Not Applicable, reporting geophysical result only
Verification of sampling and assaying	• Not Applicable, reporting geophysical result only
Location of data points	• Coordinates are generated from GPS inputs, with associated uncertainty.Project locations fall in UTM Zone 50.
Data spacing and distribution	• The publicly available regional AusAEM data was based on a nominal ~20km line spaced survey. • Not Applicable, reporting geophysical result only
Orientation of data in relation to geological structure	• Not Applicable, reporting geophysical result only
Sample security	• Not Applicable, reporting geophysical result only
Audits or reviews	• Not Applicable, reporting geophysical result only

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ASX ANNOUNCEMENT – 16[TH] AUGUST 2023

Section 2 Reporting of Exploration Results

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

Criteria	Commentary
Mineral tenement and land tenure status	• E70/5082 is granted and in good standing. The Company has recently submitted an Extension of Term submission for this and surrounding tenements in its Kulin-Lake Grace Combined Project. • The Company announced terms of an option and farm-in arrangement with Rio (RTX) via ASX:SLZ ann. dated 21st June 2023. • The tenement principally overlies freehold farming properties. Access agreements are expected to be required to be negotiated with the farm owners before any on-ground exploration activities are undertaken.
Exploration done by other parties	• Not Applicable, AusAEM survey discussed.
Geology	The Company is targeting: • Ni-Cu-Co sulfide mineralisation and Gold mineralisation in greenstone terranes of Archaean age
Drill hole Information	• Not Applicable, reporting geophysical result only
Data aggregation methods	• Not Applicable, reporting geophysical result only
Relationship between mineralisation widths and intercept lengths	• Not Applicable, reporting geophysical result only
Diagrams	• Refer to figures and images included in this report
Balanced reporting	• Further detail can be gained from reports referenced or from individual companywebsites.
Other substantive exploration data	• More detailed geological review will follow in subsequent reporting
Further work	• Discussed in this report • Refer figures in the report

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