Sultan Resources (ASX:SLZ) is beginning a reverse circulation (RC) drilling program today (6 March 2024) at the Calesi magmatic nickel prospect in Western Australia, with Hagstrom Drilling onsite with a drill rig.
The company plans to drill an initial 2 holes to test the anomaly, funded by privately held Rio Tinto Exploration (RTX), pursuant to a farm-in agreement to the project.
Drilling is anticipated to take 5 days and both holes will be cased for downhole electromagnetic (DHEM) surveys.
Sultan previously announced it had entered into an option to farm-in and joint venture with RTX, in respect of exploration licence E70/5082, which allows RTX to conduct preliminary exploration during an initial period and then earn a 80% interest by $2 million of exploration spend within 5 years.
Sultan Resources is an Australian-focused mineral explorer with a portfolio of assets in emerging discovery terranes.
As of 31 December 2023, the company had $540,000 cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Sultan Resources
