Sultan Resources (ASX:SLZ) MD steps down as company submits plan for follow-up work at Lake Grace -Agbelo News

Agbelo News 启运配资炒股网页

Market Herald logo

Subscribe

Be the first with the news that moves the market

  • Sultan Resources (SLZ) Managing Director Steven Groves steps down, as follow-up drilling is proposed at its Lake Grace project in Western Australia
  • The MD has transitioned to a non-executive role, with the company siting “competing obligations” from other corporate commitments for the change
  • Simultaneously, Sultan has lodged a program of works for a follow up program over areas of its Lake Grace project in WA’s wheatbelt region previously tested with aircore drilling
  • The company expects to receive approval for the program in six weeks and has already secured a drill rig
  • Company shares end the day seven per cent lower at 9.3 cents

Sultan Resources (SLZ) Managing Director Steven Groves has transitioned to a non-executive role, as the company sets its sights on follow-up drilling at its Lake Grace project in Western Australia.

Due to “competing obligations” from other corporate commitments, SLZ told the ASX Mr Groves has stepped away from his role, but remains as a Non-Executive Director to assist with the search and onboarding of a replacement executive director.

The news follows Mr Groves appointment as Managing Director of Resolution Minerals (RML) which will be effective from July 1.

At the same time, Company Secretary Mauro Piccini has resigned, with an employee of Mirador Corporate, Hannah Cabitit, appointed as his replacement.

According to SLZ, Ms Cabatit has “significant experience in senior accounting roles, company secretarial and compliance services for ASX listed companies”.

In terms of exploration, Sultan has lodged a program of works for a follow up program over areas of its Lake Grace project in WA’s wheatbelt region previously tested with aircore drilling.

The previous work tested three target areas, and has so far returned strongly elevated responses throughout entire lengths of core, which the company said indicates the sequence is quite thick and warrants deeper drilling.

Initial results from the first target area at the Kulin Hill prospect included up to 0.8 per cent nickel, 575 parts per million cobalt and just under two per cent chromium.

Through the follow-up program, Sultan told investors it hopes to gain a complete understanding of the layered stratigraphic sequence and penetrate the fresh rock to test the presence of sulphide minerals.

While Kulin Hill is the company’s priority target, electromagnetic techniques are planned to identify sulphide accumulation, with any conductors identified to be ranked as priority targets.

Following this, a reverse circulation drilling program comprising around three to four 400-metre deep holes has been proposed to test the priority targets.

Landowner access agreements are already in place and the company has secured access to a drilling rig, which can be scheduled for use once the program of works is approved.

Sultan expects to receive approval for the program of works in approximately six weeks.

In the meantime, the company is waiting for the remaining assays from the second and third target areas tested during the aircore drilling program.

Selected intervals from Kulin Hill have also been re-submitted for platinum group element analysis and SLZ expects these results within the next month.

At market close shares were down seven per cent to trade at 9.3 cents.

发表评论