|Tue Mar 8, 2011|
Sultan Minerals to Assess Rich Silver Mineralization on its Jersey-Emerald Tungsten-Zinc Property, BC
|March 8, 2011, Vancouver, BC - Sultan Minerals Inc. (SUL-TSX-V) has been advised by its Consulting Geologist, Perry Grunenberg, that due to favourable silver prices, in addition to its tungsten, zinc and gold projects, Sultan should investigate the historic, high-grade, Aspen Silver Mine on its Jersey-Emerald Property in south-eastern BC. Mr. Grunenberg recommends a budget of $150,000 that would explore the Aspen Silver Mine with geological, geochemical and geophysical surveys and surface trenching in order to better define the silver targets for diamond drill testing.|
The Aspen Silver Mine was discovered in 1896 and later explored with 4,539 metres of surface and underground diamond drilling in 103 holes and with three adits and two mine shafts comprising 1,443 metres of underground workings.
Three distinct mineralized horizons comprise the Aspen deposit as follows: 1) the Upper Zinc horizon, 2) the Middle Silver horizon and 3) the Lower Lead-Zinc-Silver horizon. The principal unit is the Middle Silver horizon which varies from 1 to 8 metres in thickness and has been traced for 1,100 metres on surface. Historic pre-NI43-101 underground drilling along a 200 metre section of the Middle Silver horizon gave an average grade of 234.8g/t silver (6.85 oz/t).
Three bulk samples of high grade silver ore were shipped in 1918, 1920 and 1934. In total 28.0 tonnes of ore were shipped. The average grade of the three bulk samples was 1,298.5 g/tonne (37.9 oz/t) Silver, 1.11 g/t Gold, 1.54% Lead and 1.30% Zinc (BC Geological Survey, Production Report 082FNW121).
The assays quoted in this release are historical in nature and have been taken from Government records compiled before the implementation of NI 43-101 Standards for Disclosure of Mineral Projects.
The Jersey-Emerald property includes 5 historic mines; Emerald Tungsten, Jersey Zinc, HB Zinc, Aspen Silver and Summit Gold
The historic Emerald Tungsten Mine was Canada's second largest tungsten mine. The mine has a remaining measured and indicated NI 43-101 tungsten resource of 19.46 million pounds of WO3 at a grade of 0.358% and an additional inferred resource of 15.93 million pounds of WO3 at a grade of 0.341%, both at a cut off grade of 0.15% WO3. The resource can be expanded with additional diamond drilling.
There is presently a global tungsten shortage and the spot price for tungsten is at a record high of $387/mtu ($17.59/lb). The tungsten price was $25/mtu ($1.14/lb) when the Emerald Mine suspended production in 1973.
The Jersey Mine was British Columbia's second largest lead-zinc mine and has a remaining, NI 43-101, indicated resource of 1,900,000 tons averaging 6.06% combined lead-zinc and an additional inferred resource of 4,980,000 tons averaging 5.32% combined lead-zinc at a cut-off grade of 3.5%.
The Aspen Silver Mine is located 6.5 km east of the town of Salmo, BC and is road accessible via a 5.0 km long four-wheel drive road up Aspen Creek.
The Aspen deposit is 25 km south of Sultan's Kena Gold-Copper Property which is host to six historic gold mines. The Kena property has a NI43-101 drill inferred, open pittable, gold resource containing 770,000 ounces of gold at 1.0 g/t (using a 0.5 g/t cutoff). The resource extends from surface to a depth of over 430 metres and can be expanded with additional exploration. Diamond drilling is planned for 2011.
Mr. Grunenberg, P.Geo., of PBG Geoscience of Kamloops, B.C., is Sultan's project supervisor and "Qualified Person" for the purpose of NI 43-101, "Standards of Disclosure for Mineral Projects".
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:
Marc Lee, Investor & Corporate Communications
Tel: (604) 628-0519 • Fax: (604) 628-0446
Email: firstname.lastname@example.org or email@example.com
This release was prepared by Sultan's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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 Sultan expects are forward-looking statements. Although Sultan 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 Sultan, investors should review Sultan's filings that are available at www.sedar.com or Sultan's website at www.sultanminerals.com.
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