| Tue Aug 7, 2001 Sultan Minerals Plans Expanded Drill Program After Seventh Hole Intersects Gold | |
| Kena Property -- Gold Mountain Zone Sultan Minerals Inc. (SUL-cdnx) is pleased to announce that preparations are underway for a large diamond drill program on the Gold Mountain Zone of its Kena Property, located near Nelson in southeastern British Columbia. Fieldwork, consisting of spotting 25 diamond drill hole locations, surveying and drill site preparation is currently underway on the property. The gold bearing body intersected by the 2000 and 2001 trenching and drilling programs is located within a homogenously altered intrusive rock called the Silver King Porphyry. The zone currently remains open in three directions and to depth. This drill program will test the lateral and depth extent of Gold Mountain Zone mineralization within a strong IP geophysical anomaly that coincides with an extensive gold soil anomaly. The 7 diamond drill holes completed to date have tested a 200 x 300 metre zone within the broad anomalous area. The initial hole, drilled beneath the discovery trench, intersected 106 metres from 8 to 114 metres averaging 1.16 g/t gold and included a 12-metre section that assayed 4.02 g/t. Holes 2 and 3 were also mineralized over their entire lengths and bottomed in good gold grades (see table). Hole 5, collared 50 metres grid west of hole 1 cut 134 metres from 8 to 142 metres averaging 1.10 g/t gold including 14 metres that assayed 3.98 g/t. Hole 7, the most significant step-out from the "discovery" area was collared 300 metres south of hole 1, near the south end of the IP anomaly. The hole was collared at 2+20 east along line 8+00 north and drilled at --45o dip along an azimuth of 060o. As with all previous holes, hole 7 intersected significant alteration and mineralization and averaged 0.55 g/t gold over 68 metres from 12.0 to 80.0 metres. Within this zone the hole averaged 1.04 g/t gold over a 22-metre interval from 42 to 64 metres and within this interval a 2-metre section from 42 to 44 metres averaged 4.20 g/t. Drill hole 7 intersected Silver King Porphyry intrusive to a hole depth of 58 metres, then passed into the less mineralized volcanic rocks. The intrusive-volcanic contact was intersected at a shallower depth in the drill hole than anticipated, therefore, in the next phase of drilling an additional hole will be collared farther into the intrusive body in order to test a greater width of the Silver King Porphyry along line 8+00 north. Significant gold assays for diamond drill holes 1 to 7 (01GM-01 to 01GM-07) are given in the following table: HOLE NO. FROM (metres) TO (metres) WIDTH (metres) GOLD (g/t) ------------------------------------------------------------------ 01GM-01* 8.00 114.00 106.00 1.16 Including 20.00 32.00 12.00 4.02 Including 90.00 104.00 14.00 2.47 01GM-02* 6.00 45.72 39.72 1.22 Including 20.00 26.00 6.00 2.45 And 38.00 45.72 7.72 1.81 Including 44.00 45.72 1.72 3.58 01GM-03* 8.00 48.77 40.77 1.66 Including 24.00 48.77 24.77 2.44 Including 46.00 48.77 2.77 4.66 01GM-04* 4.00 213.00 209.00 0.71 Including 28.00 86.00 58.00 1.21 Including 84.00 86.00 2.00 16.34 01GM-05* 8.00 142.00 134.00 1.10 Including 60.00 142.00 82.00 1.49 Including 114.00 142.00 28.00 2.57 Including 128.00 142.00 14.00 3.98 Including 136.00 138.00 2.00 12.07 01GM-06* 8.00 132.00 124.00 0.62 Including** 18.00 34.00 16.00 1.01 Including 20.00 22.00 2.00 3.59 and 100.00 132.00 32.00 1.20 Including 100.00 102.00 2.00 5.11 Including 130.00 132.00 2.00 9.08 01GM-07 12.00 80.00 68.00 0.55 Including 42.00 64.00 22.00 1.01 Including 42.00 44.00 2.00 4.20 ------------------------------------------------------------------ *- Holes 01GM-01 to 06 were previously reported in News Releases dated June 26, July 18 and July 27, 2001. **Note: the 16-metre interval from 18.00 to 34.00 metres was incorrectly reported as 26 metres in the July 27, 2001 news release. This phase of diamond drilling will test the depth extent of gold mineralization over an area from L4+00N to L19+00N for a length of 1.5 kilometres and from 1+00W to 4+00E, a width of 500 metres. In conjunction with the diamond drilling, infill induced polarization and detailed alteration mapping will be completed. This program is budgeted at $500.000, with the start up date for diamond drilling contingent upon completion of financing. This program will continue to pursue the Company's objective of developing a major tonnage gold deposit on its extensive 17-kilometre long Kena Property. Definition and lay out of the proposed diamond drill targets is anticipated to be completed by mid August. A.G. Troup, P.Eng President For further information please contact: Investor Relations at the Lang Mining Group Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400 Email: Investor@langmining.com No regulatory authority has approved or disapproved the information contained in this news release. | |
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