Peelwood Copper Zinc Project Overview
The Peelwood Project consists of seven exploration licenses EL2934, EL6081, EL6082, EL6767, EL6831, EL6955 and EL7002. They are located approximately 70kms south of the City of Bathurst in eastern New South Wales.
Our main asset at Peelwood is the Peelwood North deposit (formely known as John Fardy). The Sultan Board approved the decision to Mine the Peelwood North deposit on 20th August, 2009. Sultan will develop a open cut mine with an expected mine life of 5 years. A combined JORC-compliant resource for Peelwood North and Peelwood South was detailed in the ASX announcement titled 'Feasibility Study - Market Update' on the 12th November, 2008.
In addition, the Peelwood Copper-Zinc project has several historical mines and prospects with zinc-rich volcanic-hosed sulphide-style mineralization. Each of these old mines or prospects has the potential for similar style of mineralization to that at Peelwood North and Peelwood South deposits.
**LATEST ANNOUNCEMENT - 27/01/10**
Mine Approval Update: Peelwood North Mine
The Directors of Sultan Corporation Limited wish to update Shareholders on the pending Mine Approval for the Peelwood North Mine. It is now estimated that the Mine Approval process will be completed during Quarter 2, 2010.
The short delay in the finalising the submission has occurred as a result of additional requests from NSW Government departments. These requests have resulted in larger than anticipated scope of work being required to complete each component of the Environmental Impact Statement.
Sultan is currently addressing each of these requests.
It is the opinion of the Directors, that no issues have been identified to date in the Environmental assessment process that could potentially stop the mine from being developed.
Please see the ASX announcement (12/11/08) titled 'Mine Approval Update' for further details.
