Sultan Resources Limited provided update to the market regarding the recent exploration work completed across the company's priority exploration targets and proposed work plan for 2022 following the recent successful $2.2 million capital raise. The company has been focusing on exploration for Julimar-style Ni-Cu-Co-PGE mineralization at it's Lake Grace Nickel prospect in the wheatbelt of WA and porphyry Cu-Au-(Ag) mineralization in the world-class Lachlan Fold Belt in NSW. During December 2021 and January 2022, the company has undertaken aircore and diamond drilling campaigns at both areas.

At Lake Grace Nickel Project - WA, aircore drilling of interpreted Ni-prospective ultramafic occurrences in the Lake Grace/Kulin area completed in January. A total of 74 holes for 2,324m completed across three target areas. High quality ultramafic Ni-sulphide target confirmed at Kulin Hill: Approximately 2km strike of ultramafic lithology confirmed at first target zone.

Geological similarities between this zone and the Gonneville Intrusion have been recognized. Historic exploration at Lake Grace has shown ultramafic rocks with evidence of nickel + cobalt bearing sulfides and copper sulphides in drilling. Strongly mafic lithologies intersected across the other areas, including: Highly magnetic, pyroxene-rich zones that could form part of a mafic- ultramafic sequence.

Strongly deformed Mafic gneiss/granulite ­recognized as the principal gold mineralization hosts elsewhere in the region. The targets lie within part of interpreted mobile zone that hosts the recent Julimar Ni-Cu-PGE discovery. Three-month program including ground geophysics and drill testing proposed at Kulin Hill Big Hill Cu-Ag Target ­ Lachlan Fold Belt, NSW Diamond drilling targeting altered and mineralised structures at the Razorback prospect, Big Hill completed in late 2021.

A total of 5 holes for 519 metres completed Co-funded grant of up to $81k awarded for the program. All holes intersected a strongly altered and veined structure containing sulphide minerals that correlates with surface mapping and sampling.