|Fri Nov 23, 2001|
Sultan Minerals Hits Second Bonanza Grade Intersection At Gold Mountain
|240.07 g/t GOLD OVER 1.23 METRES|
Kena Property, BC
Gold Mountain Zone
Sultan Minerals Inc. (SUL-cdnx) is pleased to announce that it has now received assay results from the first 18 drill holes (01GM-01 to 18) and three hole extensions of its 2001 diamond drill program on the Gold Mountain Zone of the company's Kena Property, located north of Ymir in southeastern British Columbia.
Previously, the company reported a bonanza grade gold intersection with an uncut grade of 172.10 g/t gold over a 2 metre sample interval in hole 01GM-08. In follow-up to this intersection the Company has since extended holes 01GM-02, 01GM-03 and 01GM-09, that bottomed before reaching the high-grade gold zone. Assays are now available for these three hole extensions and all three contain significant gold intersections beyond their original depth. Hole 01GM-02 intersected 4.0 metres running 7.74 g/t gold at a hole depth of 54.0 metres. Hole 01GM-03 encountered two bonanza grade intersections, the first giving an uncut grade of 240.07 g/t gold over 1.23m at a hole depth of 48.77 metres and the second giving 29.84 g/t gold over 2.00m at a depth of 74.0 metres. Hole 01GM-09 intersected 2.00 metres running 10.74 g/t gold at a hole depth of 272.0 metres.
The following table shows average assays for holes 01GM-02, 01GM-03, 01GM-08 and 01GM-09, with the high-grade intervals both uncut, and cut to 34.29 g/t (or 1 oz/t) gold.
Holes 01GM-02 and 3 are collared 125 metres grid east of the previously reported high-grade hole 01GM-08. Hole 01GM-09 is collared 75 metres grid west of hole 01GM-08. High-grade intersections in the four holes occur over a vertical distance of 150.0 metres between a true vertical depth of 40.0 metres in holes 2 and 3 and 190.0 metres depth in hole 9. The high-grade intersections show a gold enriched zone that is spatially related to the contact between the Silver King Porphyry and the footwall Elise volcanics and can occur in either rock type. A complete table of drill hole collar information can be found in news release dated Nov. 2, 2001.
Gold assays for all holes received to date are given in the following table. Averages for the entire hole length and included higher intercepts are shown. High gold assays have been cut to 34.29 g/t gold (or 1 oz/ton).
Results from the 18 holes received to date show a zonation of gold grades along a 1.4 kilometre long section of the Silver King intrusive body. Higher-grade holes appear to be confined to the east margin of the intrusive and the adjacent Elise volcanic footwall unit where higher gold grades extend to depth.
The 2001diamond drill program was designed to test the bulk tonnage gold potential of the large, coincident, Gold Mountain Zone geochemical and geophysical anomalies. The recent very high grade intercepts indicate that the Gold Mountain Zone contains bimodal gold mineralization, with potential for both large bulk tonnage and smaller but very high grade deposits.
The Company is currently tracing the favourable Silver King intrusive -- Elise volcanic contact with an induced polarization survey in preparation for additional diamond drill testing. To date, 26 diamond drill holes have been completed and holes 01GM-27 and 28 are currently being drilled. Assays are pending for holes 01GM-19 to 01GM-26.
A.G. Troup, P.Eng.,
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.
You can view the Next 2001 News Releases item: Mon Dec 3, 2001, Sultan Minerals Receives Positive Metallurgical Results From Second Study
You can view the Previous 2001 News Releases item: Thu Nov 15, 2001, Sultan Minerals Discovers Six New Gold Soil Anomalies On Kena Property
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