The Lake Grace Project is comprised of two project areas: Lake Grace Gold Project and Lake Grace Nickel/Cobalt Project. There are five tenement applications covering 690km2, which are approximately 250km southeast of Perth, WA, expected to be granted in the second half of CY2018.
Lake Grace Gold Project comprises four tenement applications prospective for gold, surrounded by tenements held by Cygnus Gold (ASX: CY5), and Gold Road Resources (ASX: GOR). Established gold resources in the area include Explaurum’s (ASX: EXU) 700koz Tampia Gold Deposit, which is 80km north-northwest, and Ausgold’s (ASX: AUC) 785koz Katanning Gold Deposit, 70km southwest of Sultan’s Lake Grace gold tenements, which have similar geological settings.
Lake Grace Nickel/Cobalt Project is prospective for nickel, cobalt and gold. The tenement contains a sparsely-drilled ultramafic sequence as well as extensions of the prospective gold-hosting stratigraphy of the Lake Grace Gold Project, immediately south.
Once the Lake Grace tenement applications are granted, Sultan plans to commence geophysical evaluation of gold-mineralised areas as indicated by historic drilling and follow up priority targets with deeper RC and/or diamond drilling at the Lake Grace Gold Project.
At the Lake Grace Nickel/Cobalt Project, Sultan will commence geophysical evaluation of areas prospective for nickel and cobalt based on results from historic drilling.