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SULTAN RESOURCES ASX ANNOUNCEMENT 29 January 2021 DECEMBER QUARTERLY REPORT For the period 1st October - 31st December 2020 Sultan Resources ACN : 623 652 522 CORPORATE DETAILS ASX Code : SLZ DIRECTORS STEVE GROVES MANAGING DIRECTOR JEREMY KING CHAIRMAN DAVID LEES NON - EXECUTIVE DIRECTOR CONTACT Suite 2 , Level 1 , 1 Altona Street West Perth WA 6005 www.sultanresources.com.au Sultan Resources Limited ( " SLZ " or " the Company " ) is pleased to provide shareholders with the following update for the Company's activities for the quarter ended 31st December 2020 . LACHLAN FOLD BELT PROJECT During the quarter Sultan continued exploration across its suite of highly attractive porphyry and epithermal exploration targets in the Macquarie Arc volcanic rocks of the Lachlan Fold Belt , NSW . Ground exploration field work continued across the Big Hill and Ringaroo Porphyry Cu - Au targets ( EL8735 ) and the Tucklan epithermal prospect ( EL8734 ) . This work included the collection of rock chip samples , comprehensive soil sampling grids , Induced Polarisation surveys and the commencement of drilling at Tucklan . Tucklan Induced Polarisation Survey - During September 2020 , Fender Geophysics completed 7 north - south lines of dipole - dipole IP surveying across previously identified gold and copper soil anomalism and outcropping epithermal - style gold mineralised rock at Tucklan ( see ASX Announcement 02/06/2020 ) . The results were processed and modelled in October and showed an exceptional chargeability and resistivity response coincident with the previously identified anomalous areas and outcropping mineralisation . Inversion modelling of the IP data has defined a large north west to south east trending , 1.6km x .6km wide IP chargeability anomaly ( > 9mV / V , up to 20mV / V , Figure 1 ) which contains multiple bullseye - style higher order anomalies ( > 30mV / V ) . The chargeability model is also coincident with strong IP resistivity anomalies ( > 1000 Ohm.m ) and the models are consistent with the type of IP response often associated with structurally controlled epithermal mineralisation seen elsewhere in similar geological settings . Tucklan - Drilling During December 2020 , Sultan commenced drill - testing the IP anomalies beneath the strong gold and copper surface geochemistry at Tucklan ( see ASX Announcement 07/12/2020 ) . The Company embarked on a series of five deep Reverse Circulation drill holes , with a provision for up to a further 7 to test the source of the strongest IP anomalies if results warrant . Due to excess water at depth , drilling conditions at Tucklan proved to be challenging for the RC rig and as foreshadowed , the Company deployed diamond drilling to completer two tails into the strongest of the IP anomalies . Sultan plans to await assay results from the entire RC and two diamond tails before deciding on which of the 7 additional holes to complete .