Vancouver — Sultan Minerals’ (SUL-V, SLMLF-O) underground drill effort at its Jersey-Emerald project, located near Salmo in southeastern B.C., has returned further wide, high-grade molybdenum-mineralized intercepts and also discovered a new lead-zinc zone in the footwall of the past-producing mine.
A trio of holes tested the vertical thickness and strike of the molybdenum zone cut in an earlier hole, no. 4, that returned 0.1% MoS2 over 167 metres. The latest results include a 48.8-metre section of 0.21% MoS2 in hole 17, with a higher-grade, 18.3-metre section of 0.41% MoS2.
Sultan is confident the drill program is building the east-west continuity of its new moly zone. More than 30 holes remain in its planned program for this year.
Its latest drilling has also encountered a new zone of lead-zinc mineralization in half a dozen holes. Several narrow intercepts of up to 9.3% lead and 11.6% zinc were intersected in the footwall of the old mine workings.
A late 2006 estimate conducted by Sultan put measured and indicated resources in the Jersey project tungsten zone at 2.3 million measured and indicated tonnes grading 0.37% WO3, using a 0.15% WO3 cutoff grade. In addition, a molybdenum resource tally in the Dodger 4200 zone showed 25,000 indicated tonnes of 0.1% molybdenum, plus 433,000 inferred tonnes at 0.1% molybdenum; both used a 0.05% molybdenum cutoff grade.
Sultan acquired the past-producing Jersey and Emerald lead, zinc, and tungsten mines in 1993. The underground mines were operated by Placer Dome, now a subsidiary of Barrick Gold (ABX-T, ABX-N), from 1947-72.
On the latest molybdenum assays, Sultan shares rallied as much as 20 before closing two pennies lower at 49 on more than 11.6 million shares traded.
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