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$6,500,000 Drill Program Recommended for Sultan Minerals Copper-Gold Property, British Columbia, Canada
Jul. 5, 2011 (Baystreet.ca) -- July 5, 2011, Vancouver, BC - Sultan Minerals Inc. (SUL-TSX-V...
About this update from Apex Resources Inc.
[{"type":"text","content":"\n$6,500,000 Drill Program Recommended for Sultan Minerals Copper-Gold Property, British Columbia, Canada\n\n Jul. 5, 2011 (Baystreet.ca) -- July 5, 2011, Vancouver, BC - Sultan Minerals Inc. (SUL-TSX-V) (\"Sultan\") is pleased to report that it has received an updated National Instrument 43-101 report for its Kena Copper Gold Property located in southeastern British Columbia. The report, prepared by Sultan’s consulting geologists (Dandy and Grunenberg), recommends a two phase $6,500,000 drill program for the property. The 65 page report may be summarized as follows:It is the opinion of the authors that the Kena Property has the potential to host economic gold and copper-gold deposits at today’s metal prices.In 2004, Sultan published a preliminary NI 43-101 compliant resource estimate (Giroux and Dandy, 2004). The Kena Gold and Gold Mountain Zones contain a combined measured and indicated resource of 381,000 ounces of gold at an average grade of 1.00 g/t gold, using a 0.5 g/t cut-off grade. There is an additional inferred resource of 389,000 ounces of gold at the same grade and cut-off. The mineralized area covered by this resource estimate remains open along strike and to depth.Drilling programs through to 2010 have continued to support the existence of this gold resource. Significant gold and copper-gold mineralized zones have been defined and investigated by these exploration programs. These zones (from north to south) include the Gold Mountain Zone, the Kena Gold Zone, and the Kena Copper King Zone. There also remain a number of relatively untested target areas, including historic small mines and showings, located within the property.Recent property scale compilations indicate that there is a corridor of mineralization (copper and gold) that links all of the historic and newly defined “zones” on the Kena Property.The authors recommend that future exploration programs be designed to test for large scale-high tonnage deposits along the corridor as well as continue to search for higher grade gold shoots within the broad zones of mineralization.Due to the success of the exploration programs to date and the recent dramatic increase in gold and copper values, an expanded program is recommended for 2011.The 2011 exploration work would include two phases of diamond drilling. This drilling would target gol...