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SULTAN RESOURCES ASX ANNOUNCEMENT 29 July 2021 JUNE QUARTERLY REPORT For the period 1st April - 30th June 2021 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 30th June 2021 . 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 . The program is the continuation of the 2020 campaign , with drill testing and geophysical surveys ongoing across the Company's highly prospective suite of Macquarie Arc porphyry and epithermal gold targets . Big Hill - IP Results and interpretation of the Dipole - Dipole IP survey completed at Big Hill in the March quarter 2021 were received during the quarter see ASX Announcement 29/04/2021 ) . Located approximately 50km south of Boda and 50km north of Cadia in central western NSW , the IP Survey consisted of five ~ 4km long , north - south orientated dipole - dipole lines and showed distinct chargeability and coincident resistivity responses beneath the Big Hill , Razorback and Gowan Green targets . The Big Hill chargeability response was particularly notable , with a distinct vertical chargeability anomaly approximately 1km long by 650m wide extending from the bottom of the model at a 500m depth ( at 10Mv / v ) to beneath the surface in the position of strongest Au , Cu and pathfinder element anomalism ( Figures 1 & 2 ) . The Big Hill IP response occurs within a distinct magnetic low embayment within the 5km long by 2.5km wide Big Hill Magnetic Complex and is surrounded by a halo of strong magnetic response . The IP results are interpreted to represent a magnetite destructive , sulphide rich alkalic lithocap style ( albite - quartz - sericite - pyrite ) hydrothermal alteration zone of the type that commonly surround resistive cores of potassic alteration and Au - Cu mineralisation in typical alkalic porphyry Cu - Au systems and have greatly enhanced the prospectively of the Big Hill and Razorback targets . Big Hill - Drilling During the quarter , Sultan followed up the promising IP results by drilling 3 initial diamond drill holes at the Big Hill Porphyry Au- Cu prospect ( see ASX Announcement 18/05/2021 ) . These holes were the first 3 holes of a proposed 10 - hole program designed to assess the potential for the project to host porphyry - style Cu - Au mineralisation . The holes targeted the prominent IP chargeability anomaly ( see ASX Announcement 29/04/2021 ) that lies within a magnetic low and is coincident with significant soil geochemical anomalism and aim to provide important 3 - dimensional geological information to guide the subsequent 7 holes towards achieving a significant mineralised intersection .