23rd Jun 2014 07:46
LONDON (Alliance News) - Sula Iron & Gold PLC Monday said new results from drill testing at its flagship Ferensola project in Sierra Leone have continued to show its potential for high-grade direct shipping iron ore.
The metals exploration and development company said the most recent tests, using batch 3 and 4 samples, showed a 12 metre space at 60.35% iron in its BHDD129 hole and a large 96 metre space grading 45.9% iron in its BHDD128 hole.
The company said that by June 17, a total of 5,476.45 metres of drilling had been completed and it continues in order to target open areas of further potential direct shipping ore resources.
Sula started a resource drilling campaign at Ferensola during 2014 after a successful reconnaissance drill programme was undertaken in mid 2013.
Earlier in June, the company showed initial results from testing, which included an 8 metre space with 60.89% iron and a 6 metre space with 60.56% iron in the BHDD106 hole.
Direct shipping iron ore deposits contain high quantities of hematite or magnetite, and are generally in the 62-64% iron range.
"We are delighted that the results from batches three and four continue to demonstrate that we have a well-defined iron oxide cap present at Ferensola," Chief Executive Nick Warrell said in a statement.
Sula Iron & Gold shares were up 3.2% to 2.45 pence, having jumped to 2.69p at the open Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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