24th Jun 2014 08:45
LONDON (Alliance News) - Sula Iron & Gold PLC Tuesday said it has completed a high-resolution topographic survey of the main iron ore target at its flagship Ferensola project in Sierra Leone.
The metals exploration and development company said the survey was conducted between June 2 and June 6 using an unmanned aerial vehicle, and should allow the calculation of accurate volumes of material for the site's mineral resource estimate.
The news comes after the company said on Monday that new results from drill testing at Ferensola have continued to show its potential for high-grade direct shipping iron ore.
It 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.
Direct shipping iron ore deposits contain high quantities of hematite or magnetite, and are generally in the 62-64% iron range.
Sula Iron shares were down 3.1% to 2.47 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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