|Mon Sep 28, 2009|
Sultan Minerals Intersects 0.76% Tungsten (WO3) on its Jersey Emerald Property, B.C.
Sultan Minerals Inc. (SUL-TSX-Venture) ("Sultan") is pleased to announce results from 6 diamond drill holes completed on its Jersey-Emerald Property, Salmo, British Columbia. This drilling intersected some of the highest grade tungsten mineralization intercepted to date, including 2.5 feet of 1.17% WO3 within a 13 foot zone averaging 0.76% WO3.
The 6 holes were completed on the recently acquired Victory Tungsten Deposit located approximately 3.5 kilometres north of the historic tungsten mines on the Jersey property. The high grade tungsten intercepts verify the presence of a resource reported by previous operators during exploration in the 1960's and 1970's. A zone of high grade tungsten mineralization, including 84,000 tons of 0.54% WO3, (not NI 43-101 compliant) was reported for the historic drilling.
These results confirm the presence of a high grade tungsten resource on the Victory site. The results also show there is good potential for tungsten resources away from the historically mined Emerald, Dodger, Feeney and Invincible tungsten mines on the Jersey Property. Combined with the drill results from the Lost Creek valley, 1.5 kilometres to the south of the Emerald Mine, (see news release of August 20th, 2009) these results demonstrate potential for tungsten exploration along a 7.0-kilometre corridor of prospective geology. Three drill holes completed in the current program, VIC09-01 through VIC09-03, returned exceptional tungsten values such as 0.42% over 13.1 ft including 0.69% over 4.8 feet and 0.76% over 13.0 ft including 1.17 % over 2.5 feet. Three holes VIC09-04 through VIC09-06 missed the tungsten zone and returned no values. Significant assays for holes VIC09-01 through VIC09-03 are tabled below.
Because of encouraging exploration results, Sultan has recently expanded its holdings in the Jersey Emerald area to more than 18,000 hectares (Please see Map). With mineral holdings totalling more than 180 square kilometres Sultan is currently the largest mineral tenure holder in the Kootenay Arc region of BC.
The Jersey-Emerald Tungsten mine was the largest tungsten producer in British Columbia and second largest in Canada. The mine went into production in 1943 and produced from five deposits until it closed in 1973 due to poor tungsten prices. In January 2009 Sultan completed an updated resource estimate showing a remaining measured plus indicated resource of 2,719,000 tons averaging 0.358% WO3, and an additional inferred resource of 2,320,000 tons averaging 0.341% WO3 at a 0.15% WO3 cut off.
The mineralization intersected by the current drill program remains open along strike suggesting significant potential for expansion. Sultan is currently undertaking geophysical surveys over the Victory Tungsten deposit and south of the Lost Creek mineralized zone. These surveys will assist in tracing out the prospective tungsten zones along the favourable, 7.0-kilometre corridor.
In addition to its tungsten mineralization, the Jersey-Emerald was British Columbia's second largest lead-zinc mine. A study of the potential for remnant lead-zinc-silver mineralization within and adjacent to the historic Jersey mine is presently being carried out by Giroux Consultants Ltd. The study includes more than 3,000 historic drill holes as well as widespread drill testing completed by Sultan in 2007 and 2008 and results of the study are expected shortly. The lead-zinc resource is expected to supplement the NI 43-101 tungsten resource released January 21, 2009, and will assist in scoping the potential for a combined metals (Pb-Zn-Ag-WO3) multi-element mine on the property.
Perry Grunenberg, P.Geo., of PBG Geoscience from Kamloops, BC, is managing the geophysical survey and exploration drill program and is Sultan's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects". Mr. Ed Lawrence, P.Eng., former Manager of the Jersey and Emerald Tungsten Mines is supervising the geological review of the Jersey Zinc Mine.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 687-4622 Fax: (604) 687-4212 Toll Free: 1-888-267-1400
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.
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NI 43-101, Qualified Person: Perry Grunenberg, P.Geo.
You can view the Next News Releases item: Thu Oct 1, 2009, Sultan Minerals Acquires Garnet Lead-Zinc Mine
You can view the Previous News Releases item: Wed Sep 23, 2009, Sultan Minerals Resumes Exploration on the Kena Gold-Copper Project, BC
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