Vancouver – Sultan Minerals‘ (SUL-V, SLMLF-O) underground drill effort at its Jersey-Emerald project located near Salmo in southeastern B.C. has turned in 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 earlier hole JM07-04 that returned 0.1% MoS2 over 167 metres. The latest results include hole JM07-17 returning 48.8 metres of 0.21% MoS2 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 discovered a new zone of lead-zinc mineralization encountered in a half-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 resource estimate conducted by Sultan in late-2006 tabled 2.3 million measured and indicated tonnes grading 0.37% WO3 in the Jersey project tungsten zone using a 0.15% WO3 cut-off grade. Additionally, a molybdenum resource tally in the Dodger 4200 zone showed 25,000 indicated tonnes of 0.1% molybdenum plus an additional 433,000 inferred tonnes at 0.1% molybdenum; both using a 0.05% molybdenum cut-off 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, shares of Sultan rallied as much as 20 in July 18th trading before settling to close off two pennies at the 49-level on strong volume of more than 11.6 million shares.
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