Apex Resources Inc V.APX

SUL

[somchai]

TSX Venture: SUL Last 0.21 Net Chg -0.01 Volume 461000 Day High 0.24 Day Low 0.21 Date 03-23-2007 Time 07:14 15 minute delay Join our email list o Wed Jan 17, 2007 Sultan Minerals Discovers Bulk Tonnage Tungsten-Gold Mineralization At Jersey-Emerald Property Sultan Minerals Inc. (SUL -- TSX Venture) ("Sultan" or the "Company") is pleased to report results for the four most recent drill holes from the on-going drill program on its Jersey-Emerald Property in southeastern British Columbia. The drill program is designed to expand the tungsten resource reported in the Company's news release of November 8, 2006. In addition to the higher-grade mineralization reported in November, the four holes successfully intersected a sizeable zone of low-grade, bulk tonnage, tungsten mineralization with associated gold values. The intersections demonstrate potential for an important new style of mineralization at this historic tungsten-lead-zinc mine. The four drill holes tested a 300-foot (90-metre) wide section across the lower skarn horizon of the recently identified East Emerald Tungsten Zone. Drill holes E-06-5 & E-06-6 penetrated the entire tungsten-bearing horizon, while holes E-06-7 & E-06-8 collared down slope and 100 feet lower in elevation, penetrated only the lower half of the zone. Highlights include hole E-06-05, which carried continuous mineralization over an interval of 201.33 feet grading 0.08% WO3 including 0.10% WO3 over 107.5 feet and hole E-06-06 which carried 0.11% WO3 over 102.0 feet. Both holes carried narrow, higher-grade intercepts including a 1.5 foot section in hole E-06-05 that assayed 1.18% WO3. The following table details significant tungsten results from the four holes. --------------------------------------------------------------------------- Length From To Width Drill Grid Grid Azmuth/ ------------------------------ Hole # North East Dip (Feet) WO3% --------------------------------------------------------------------------- E-06-05 9242 7872 285 degrees/ 457.6 120.00 321.33 201.33 0.08 -75 degrees --------------------------------------------------------------------------- Including 126.00 233.50 107.50 0.10 --------------------------------------------------------------------------- Including 126.00 141.00 15.00 0.14 --------------------------------------------------------------------------- And 162.00 182.00 20.00 0.15 --------------------------------------------------------------------------- And 232.00 233.50 1.50 1.18 --------------------------------------------------------------------------- --------------------------------------------------------------------------- E-06-06 9242 7871 285 degrees/ 847 113.50 265.50 153.80 0.08 -58 degrees --------------------------------------------------------------------------- Including 148.20 250.20 102.00 0.11 --------------------------------------------------------------------------- Including 148.20 172.00 23.80 0.20 --------------------------------------------------------------------------- --------------------------------------------------------------------------- E-06-07 9305 7755 285 degrees/ 277 36.60 112.50 75.90 0.10 -65 degrees --------------------------------------------------------------------------- Including 36.60 49.00 12.40 0.14 --------------------------------------------------------------------------- --------------------------------------------------------------------------- E-06-08 9306 7754 285 degrees/ 327 32.20 86.20 54.00 0.15 -48 degrees --------------------------------------------------------------------------- Including 32.20 55.80 23.60 0.26 --------------------------------------------------------------------------- The holes were drilled 775 feet (235 metres) along strike to the northeast of the initial four holes reported on June 5, 2006. All four holes intersected the tungsten-bearing horizon, which in this area was found to average approximately 180 feet (60 metres) in true thickness. The mineralization dips at 45o to the east. In the previous four holes the zone averaged 30 feet (10.0 metres) in thickness. This spectacular increase in thickness introduces the possibility of important bulk tonnage mineralization amenable to inexpensive bulk mining methods. This bulk tonnage style of mineralization was not recognized during the 30 years of tungsten production when mining focused on high-grade underground deposits. Surface mapping has traced the host rocks to the East Emerald Tungsten Zone for 2,000 feet (600 metres) to the north and 2,000 feet (600 metres) to the south of hole E06-08. Recent and historic diamond drilling has intersected the zone to a depth of 300 metres down dip to the east. The potential for good lateral and depth continuity of the mineralization is demonstrated by historic drill hole V-19 that intersected the zone 925 feet (280 metres) southwest of hole E-06-05. Hole V-19 was drilled down dip of the zone but assayed 0.18% WO3 over a core length of 200.0 feet between a down-hole depth of 634 feet and 834 feet. The higher tungsten grades seen in hole V-19 suggest that grades may increase at depth as the host formation approaches the underlying, mineralizing granite. Surface mapping shows that the host formation thickens to the north, suggesting sizeable tonnage potential. The four drill holes also intersected several gold bearing quartz veins and quartz stock works that accompany the tungsten mineralization. The gold-bearing veins appear to strike and dip parallel to the trend of the East Emerald Tungsten Zone. They were unexpected, but are prominently visible in the core. The following table details gold assays of significance from the four holes. -------------------------------------------------------------------------- Length From To Width Sil- Drill Grid Grid Azmuth/ --------------------------- Gold ver Hole # North East Dip (Feet) g/T g/T -------------------------------------------------------------------------- E-06-05 9242 7872 285 457.6 141.00 156.00 15.00 0.99 3.68 degrees/ -75 degrees -------------------------------------------------------------------------- Including 144.00 147.00 3.00 1.40 0.50 -------------------------------------------------------------------------- -------------------------------------------------------------------------- E-06-06 9242 7871 285 847 116.60 128.00 11.40 1.40 6.42 degrees/ -58 degrees -------------------------------------------------------------------------- Including 125.40 128.00 2.60 4.89 21.00 -------------------------------------------------------------------------- and 244.70 246.50 1.80 3.42 11.00 -------------------------------------------------------------------------- and 651.00 655.50 4.50 1.26 9.42 -------------------------------------------------------------------------- Including 653.80 655.50 1.70 3.00 20.00 -------------------------------------------------------------------------- -------------------------------------------------------------------------- E-06-07 9305 7755 285 277 64.70 67.50 2.80 1.00 7.57 degrees/ -65 degrees -------------------------------------------------------------------------- Including 64.70 65.40 0.70 3.83 30.00 -------------------------------------------------------------------------- Note 1: All dimensions and core lengths are recorded in feet in order that results are compatible with the historic mine grid and the existing 5,600 drill hole database. The East Emerald Zone lies between the Invincible and Dodger tungsten deposits, which were operated by Placer-Dome prior to closure of the mine due to low tungsten prices in 1973. The zone can be readily accessed from the existing workings. The resource evaluation reported November 8th shows that at a cut-off grade of 0.15% WO3, the Invincible and Dodger zones contain a measured plus indicated tungsten resource of 2,510,000 tons averaging 0.37% WO3 with an additional inferred resource of 1,210,000 tons averaging 0.40% WO3. The study shows there is potential to significantly expand this resource with exploration in both the historically mined areas and the surrounding terrain. Sultan is currently preparing for a preliminary scoping study that will develop a mining plan and determine the economic parameters to develop the tungsten resource. Drilling was stopped over the holiday break but will resume from underground in the first week of February 2007. Mr. Ed Lawrence, P.Eng., former Manager of the Jersey and Emerald Mines, is managing the exploration drill program. Perry Grunenberg, P.Geo., of P&L Geological Services of Lac Le Jeune, BC, is Sultan's project supervisor and "Qualified Person" for the purpose of National Instrument 43-101, "Standards of Disclosure for Mineral Projects." Core samples are split with a core splitter and half of the core is stored in a secure site in Salmo, BC. The second half of the core is placed in sealed plastic bags, and shipped to Acme Analytical Laboratories in Vancouver, BC for assay. The project's quality control program includes the systematic use of duplicate samples and the use of a secondary laboratory for check assaying. For further information on the Company's projects, visit www.sultanminerals.com. Arthur G. Troup, P.Eng., Geological President and CEO For further information please contact: Investor Relations Tel: [phone] Fax: [phone] Toll Free: 1-888-267-1400 Marc Lee -- Email: [e-mail] or [e-mail] No regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.sultanminerals.com. Click to Enlarge o You can view the Next News Releases - 2007 item: Wed Jan 31, 2007, Sultan Minerals Engages Wardrop Engineering Inc. To Undertake A Scoping Study At Jersey-Emerald You can view the Previous News Releases - 2007 item: Fri Jan 12, 2007, eResearch Update Report - Featuring Sultan Minerals Inc.