30th Nov 2015 08:19
LONDON (Alliance News) - Sula Iron and Gold PLC Monday said it has completed the extended drill programme at the Ferensola gold project in Sierra Leone on budget and ahead of schedule, with the first batch of results expected in the next few weeks.
The programme comprised 10 diamond drill holes, all carried out by Energold Drilling Corp using two rigs. The drilling focused on areas of previously known mineralisation from within the company's exploration target area, with step out holes being completed to test the dip and strike continuity of the mineralisation.
The company's original exploration target area had a tonnage range between 5.0 to 7.0 million tonnes of ore graded at between 4.0 to 8.0 grammes of gold per tonne, yielding between 800,000 and 1.5 million ounces of gold. However, the target area has been restricted to a 2.0 kilometre strike length segment, but the company said there is potential for additional mineralisation to be added to the current target area.
Irish-based ALS Geochemistry will now analyse the samples from the drill programme, and Sula is expecting the results from the first four drill holes to be ready "in the coming weeks". The remaining samples will be delivered from the project to ALS in early December, the company said.
In addition to the samples generated from the drilling campaign, new goldstone samples from mapped zones within the licence area will also be submitted for assay.
"The colloquially termed "goldstone" is believed to represent weathered sulphide mineralisation and is one of the target material types of local artisanal miners in the area. The samples being submitted for assay were collected from a zone located approximately 2.0 kilometres south of the current exploration target area," said the company.
Sula shares were down 3.6% to 0.400 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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