Sultan Minerals Discovers 80.4 Grams/Tonne Gold on its Daylight Property


Follow this company

Companies Mentioned

TSX.V:SUL
07/23/2014 [ACCESSWIRE]

Vancouver, BC / ACCESSWIRE / July 23, 2014 / Sultan Minerals Inc. (TSX-V: SUL; "Sultan") is pleased to announce that four new quartz veins and silicified zones carrying gold mineralization have been discovered during the ongoing 2014 surface prospecting program on its Daylight Gold Property, in southeastern British Columbia. Assays from two of the newly discovered veins include 80.4 g/t gold with 117.0 g/t silver and 23.4 g/t gold with 7.8 g/t silver.

The new vein discoveries were found at two separate areas located approximately one km north and one km east respectively of the gold-bearing Starlight vein reported in December (see News Releases dated Dec 16, 2013 and Jan 8, 2014). Significant results obtained from the ongoing prospecting program are tabled below.

 -----------------------------------------------------------------------------
 |Sample No |Sample Description                           |Width|Au   |Ag    |
 |          |                                             |(m)  |(g/t)|(g/t) |
 |---------------------------------------------------------------------------|
 |D14-02    |Chip sample from silicified zone&qtz veinlets|0.45 |23.40|7.80  |
 |---------------------------------------------------------------------------|
 |D14-04    |Chip sample across wall of historic pit      |2.50 |1.68 |1.90  |
 |---------------------------------------------------------------------------|
 |D14-05    |Chip sample across 45 cm wide qtz vein       |0.45 |5.16 |2.40  |
 |---------------------------------------------------------------------------|
 |D14-12    |Random chips from 20 cm wide qtz vein        |0.20 |80.40|117.00|
 |---------------------------------------------------------------------------|
 |SD13-3-10*|Average of 7 chip                            |1.60 |10.30|68.15 |
 |          |samples across                               |     |     |      |
 |          |Starlight Vein                               |     |     |      |
 |---------------------------------------------------------------------------|
 |SD13-11*  |Chip sample across Victoria Vein             |0.85 |28.1 |18.5  |
 |---------------------------------------------------------------------------|
 |SD13-14*  |Grab from waste dump at Daylight Vein shaft  |NA   |5.30 |1.50  |
 |---------------------------------------------------------------------------|
 |SD13-16*  |Grab from waste dump 30m from Daylight shaft |NA   |21.4 |11.4  |
 -----------------------------------------------------------------------------

Note: *denotes previously reported sample. The reader is cautioned that these assays represent prospecting samples and may not be representative of the grade or width of the mineralization. There is presently insufficient data with respect to the size and extent of the mineralization to determine its significance.

The highest gold values obtained during this current 2014 program are from a 20 cm wide quartz vein that assayed 80.4 g/t gold and 117.0 g/t silver. This vein is surrounded by several nearby veins that carry significant gold grades up to 5.16 g/t gold with vein widths of up to 2.50 metres. The gold veins occur within an irregular gold-in- soil geochemical anomaly that measures 1,000 metres long by up to 300 metres in wide. This soil anomaly referred to as the Silver King Gold Corridor is located 800 metres west of the KGM gold deposit on the adjacent Kena Gold Property. Recent drilling on the KGM deposit shows a Measured + Indicated Resource of 490,000 contained ounces of gold and an additional Inferred Mineral Resource of 1,399,000 contained ounces of gold both at a 0.30 g/t gold cut-off.

The second highest gold assay was returned from a silicified zone containing 23.4 g/t gold and 7.8 g/t silver, discovered 750 metres to the north-west within a second gold soil anomaly named the Great Eastern Porphyry Gold Zone. This target is a strong untested gold soil anomaly that is 1.1 km long and up to 500 metres wide located immediately west of the historic Great Eastern Gold Mine. At this location rock chip samples were taken across a 45 centimetre wide exposure of silicified Silver King intrusive. This zone remains open in all directions. Approximately 30 metres to the west a sample of the host intrusive rock was found to carry 0.16 g/t gold.

All four of these new gold discoveries occur within the main Silver King Porphyry intrusive body that is located along the eastern margin of the Daylight property. The results suggest there may be potential for significant, high grade, intrusive hosted gold mineralization on the property.

Sultan is extremely encouraged by these results which significantly enhance the potential of the Daylight Property. In light of these extremely encouraging results and the success of the 2013 sampling program Sultan plans to continue to investigate the potential of the Daylight property for high grade vein type mineralization as well as bulk-tonnage gold mineralization.

Prospecting is continuing and additional assays are pending.

Sultan's "Qualified Person" for the Daylight Property is Perry Grunenberg, P.Geo., for the purpose of National Instrument 43-101.

For further information on the Company's projects, visit www.sultanminerals.com.

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

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.


Click Image To View Full Size

SOURCE: Sultan Minerals Inc  

COMMENTS

Leave a comment...
 * 

Your Name
 *