Sultan Resources secures 171.2km² exploration licence application
- Sultan Resources applied for a 171.2km2 copper-gold exploration licence in Namibia.
- The acquisition preserved the current share structure without issuing consideration shares or equity.
- The company is targeting underexplored regional copper-gold prospective structures.
Sultan Resources (ASX:SLZ) applied for an exploration licence covering 171.2km2 within the Central Damara Orogen in Namibia.
The application for the Kaalkop Project (EPL11820) secures new prospective copper-gold ground located approximately 5km south of Kalkfeld.
Historical exploration targeted copper, lead, and zinc mineralisation in the area, but the project site has no reported historical exploration specifically targeting gold.
Sultan stated that the licence application avoids acquisition-related dilution by requiring no issue of consideration shares or other equity securities.
The exploration ground covers late-stage granitic intrusions and the regional Abbabis Lineament.
Following the announcement, the Sultan Resources share price was unchanged at $0.008.
The Kaalkop Project sits within an established gold province east of WIA Gold (ASX:WIA)'s Kokoseb Gold Project, which hosts a mineral resource of 113Mt at 1.0 g/t gold for 3.78Moz.
Nearby regional exploration activity includes Kaoko Metals (ASX:KAO), which recently reported rock-chip results of up to 4.9% copper at its Karibib Copper-Gold-Tungsten Project.
