By agreeing to purchase two extremely promising lithium properties situated inside well-known lithium-bearing regions in Ontario, Canada, Sultan Resources has achieved an international expansion to its Australia-focused portfolio.
The two new assets are close to or about proven spodumene-bearing pegmatites, and the company intends to hire knowledgeable Canadian geological experts for a protracted exploration effort that will begin in the summer of that country.
Sultan to Step into the Lithium Market
The first of the properties is Kember Lake, which is only 8 km from the 18.8 MT @ 1.52% Li2O indicated Spark Deposit. Kember Lake has never been explored, according to records, but pegmatite granites were noted during historical mapping by the Geological Survey of Ontario, and the Company intends to look into them.
The Ruddy Lithium Project, on the northern end of the Allison Lake Batholith, is the second project of interest. It is situated in a promising location surrounded by exploratory efforts by Green Technology Metals.
- Sultan Resources agreed to purchase two extremely promising lithium properties.
- Kember Lake, and the Ruddy Lithium Project, are the two projects.
- Sultan has stated it will raise $1.5 million in the capital.
The Ruddy Project may be a “goldilocks zone” for lithium development because of this intrusive’s capacity to create pegmatites that host LCTs.
In addition, Sultan has stated it will raise $1.5 million in the capital. Some of the money raised will go towards financing the purchase of the Canadian projects, while the rest will be used to fund exploration activities targeted at defining drilling targets on the properties.
Along with being in the right place at the right time, Canada is also a top region for the company to locate because the country’s government signed a significant 3.8 billion dollar strategy in December to hasten the development of strategic projects in the mining, processing, manufacturing, and waste reduction of critical minerals, including lithium.
According to the company, these additional properties will advance its goal of exploring hard rock metals and complement its present holdings in Australia.
“As a result of their strategic location, the Projects are in an ideal location for exploring lithium”, said Chairman Jeremy King.
