|Wed Feb 3, 2010|
Sultan Minerals Anticipates Significant Lead Zinc Resource Estimate for its Jersey Emerald Property, BC
|Sultan Minerals Inc. (SUL-TSX-V) ("Sultan") is pleased to announce that preliminary data from the resource estimate for the Jersey Lead-Zinc-Silver Mine suggests a significant lead zinc resource may remain on the property. Giroux Consultants Ltd. Of Vancouver, BC has been contracted to complete the resource estimate which includes assays from 94 exploration drill holes completed by Sultan in 2008 and 4,948 historic production drill holes. Sultan's consultants report that initial studies indicate the presence of large zones of lead-zinc mineralization adjacent to the historic workings. Data is currently being plotted and confirmed with computer modeling with final results expected by the end of February.|
The Jersey Mine was British Columbia's second largest lead zinc mine with historic production of over 8 million tons of lead zinc grading 3.8% zinc and 2.0% lead. An extensive network of underground workings from the mine remains in excellent condition. Much of the exploration work completed by Sultan near these workings has uncovered new zones and horizons of lead zinc mineralization adjacent to the previous mine workings. The Jersey Emerald Property, located in southeastern British Columbia, was also home to Canada's second largest tungsten mine with historic production of 1.6 million tons of 0.76% WO3. Sultan has also completed a resource estimate for the tungsten (January 21, 2009, News Release.)
Sultan recently acquired the adjacent HB, Garnet and Aspen Lead-Zinc-Silver mines and has almost doubled the size of the Jersey Emerald property in the last year. The combined HB and Garnet mining operation was historically British Columbia's third largest lead-zinc producer. The two mines are reported to have produced a total of 6,656,101 tonnes (7,337,095 tons) of ore at an average grade of 4.1% Zn, 0.8% Pb and 4.8 g/tonne Ag. (BC Geological Survey, Detail Production Report, MINFILE). Historically, the Jersey Emerald, and HB mines including the tungsten workings, have produced over 15.3 million tonnes of ore worth in excess of $2.0 billion in gross metal values at current prices. (Lead and zinc prices are strong and have almost doubled over the past year.)
While the resource estimate will centre around the Jersey Mine, recent fieldwork including geophysical and geochemical surveys have discovered many new targets on the 18,000-hectare property including possible extensions and parallel zones surrounding the HB and Garnet Mines. The magnetometer geophysical survey suggests two targets that rival the size of the two historic HB mines and geochemical surveys show potential for extensions and parallel zones of lead zinc mineralization. Art Troup, President and CEO of Sultan says "The Jersey Emerald property is situated in the famous Kootenay Arc lead-zinc-silver camp along a lead, zinc and silver rich belt that extends all the way to the Yukon. Sultan's 18,000-hectare property includes 5 historic mines and numerous showings, geochemical targets and geophysical anomalies suggesting excellent potential to expand resources. Because of the highway access and excellent regional infrastructure including extensive underground development in the historic mines, Sultan is in an excellent position to realize the full potential of this valuable polymetallic property." To view a map of the Kootenay Zinc Belt please click here.
Compilation of data, including new geophysical and geochemical results, and historic mine plans and diamond drill results, is currently under way to generate targets for testing by diamond drilling in the spring of 2010. With over $1.75 million in unallocated working capital Sultan is well funded to commence its planned 2010 projects.
Perry Grunenberg, P.Geo., of PBG Geoscience managed the recent exploration program and is Sultan's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects".
For further information on Sultan's projects, visit www.sultanminerals.com.
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
Email: email@example.com or firstname.lastname@example.org
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.
You can view the Next News Releases item: Mon Mar 1, 2010, Sultan Minerals Reports Substantial Ni 43-101 Lead-Zinc Resource Estimate
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