Sultan Resources has intensified exploration across its Lachlan Fold Belt tenements in NSW, focusing on promising gold-copper porphyry targets while securing $1.1 million to fund upcoming work.
- Focused exploration on Ringaroo, Gowan Green, and Razorback-Wattle Ridge Au-Cu targets
- Completion of $1.1 million placement to support drilling preparations
- Withdrawal from select Western Australian tenements to streamline portfolio
- Ongoing geochemical and geophysical surveys to refine drill targets
- Shareholder rejection stalls Aldoro Resources acquisition
Exploration Momentum in the Lachlan Fold Belt
Sultan Resources Limited (ASX, SLZ) has provided a comprehensive update for the December 2025 quarter, highlighting significant progress in its New South Wales projects within the highly prospective Lachlan Fold Belt (LFB). The company’s focus remains on advancing its gold and copper porphyry targets, particularly at Ringaroo, Gowan Green, and Razorback-Wattle Ridge, where recent soil sampling and geophysical data continue to reveal encouraging mineralisation signatures.
Ringaroo stands out with a substantial gold-in-soil anomaly exceeding 3.1 parts per billion over a 1km by 0.4km area, closely associated with a magnetic high indicative of magnetite-bearing volcanic and intrusive complexes. This anomaly remains open in multiple directions, suggesting potential for expansion. Adjacent to Sultan’s tenements, Impact Minerals’ Apsley porphyry prospect has reported high-grade copper rock chips, reinforcing the regional prospectivity.
Refining Targets Through Integrated Surveys
At Gowan Green, multiple gold-in-soil anomalies coincide with copper and pathfinder elements, supported by historic samples showing impressive grades; up to 24.6 g/t gold and 26.1% copper; from oxidised mullock near old workings. The presence of calc-alkaline basalts and skarn alteration further supports a robust hydrothermal system typical of porphyry mineralisation. Sultan plans to extend soil geochemical surveys and integrate these with reinterpreted induced polarisation (IP) and magnetic data to sharpen drill targets.
Razorback-Wattle Ridge presents a compelling porphyry target with mapped propylitic alteration, pyrite and chalcopyrite mineralisation, and a significant IP chargeability anomaly yet to be drill tested. Although previous drilling focused on surface skarn breccia yielded modest results, the presence of sericite alteration and elevated metal values at depth suggests proximity to a mineralised porphyry system. Sultan aims to expand soil sampling and conduct detailed surface mapping to better define drilling locations.
Strategic Portfolio Adjustments and Capital Raising
In Western Australia, Sultan has withdrawn from its Kondinin-Lake Grace and Thaduna tenements, reflecting a strategic realignment to concentrate resources on its NSW projects. The company also faced a setback when shareholders did not approve the acquisition of three projects from Aldoro Resources, halting that transaction.
To underpin its exploration ambitions, Sultan successfully completed a placement raising $1.1 million before costs, issuing over 122 million shares and attaching options to incentivise investors. This capital injection is earmarked for advancing early-stage exploration activities, including fieldwork, geophysics, and preparatory work for drilling campaigns.
Financial Position and Outlook
As at 31 December 2025, Sultan reported a cash balance of approximately $1.39 million, providing a runway of over two quarters at current expenditure levels. Exploration and evaluation costs for the quarter were modest, reflecting a focus on data review and planning ahead of more capital-intensive drilling phases.
The company remains vigilant in seeking complementary acquisition or joint venture opportunities that align with its critical minerals and precious metals focus, aiming to enhance shareholder value while managing risk prudently.
Bottom Line?
Sultan Resources is poised to translate its detailed groundwork in the Lachlan Fold Belt into drill-ready targets, with upcoming results likely to shape its exploration trajectory and market sentiment.
Questions in the middle?
- When will Sultan commence drilling at its priority Lachlan Fold Belt targets?
- How will the company manage funding beyond the current cash position to sustain exploration?
- What new opportunities might Sultan pursue following the Aldoro acquisition setback?