15th Jul 2014 11:26
LONDON (Alliance News) - Sula Iron & Gold PLC Tuesday said it has received further positive results from the second drilling programme at its Ferensola Project in Sierra Leone, supporting the presence of a well-defined iron oxide cap from previous results.
The iron ore and gold exploration and development company said results from its batch six, seven and eight samples include a 28 metre space at 58.19% iron from 8 metres depth at the BHDD140 site and an 8 metre space at 60.15% iron from 24 metres depth at its BHDD145 hole.
Sula started a resource drilling campaign at Ferensola this year after its successful reconnaissance drill programme last year. The focus in this second drill programme has been on investigating shallow, high grade iron mineralisation contained in the oxide and transitional saprolitic zones overlying the primary magnetite banded iron formation.
On Tuesday, the company said all results from its phase one and phase two targeted and infill drilling on site are now complete with assays pending.
The results add to previous strong iron assays during drilling and continues to define a large iron oxide cap within the site's Banded Iron Formation with multiple intercepts in excess of 55% iron at Ferensola.
"With both the magnetite and DSO drill programmes now completed we are looking forward to receiving the final results and commencing the mineral resource estimates on the two mineralised zones," Chief Executive Nick Warrell said in a statement.
Sula Iron & Gold shares were down 1.2% to 2.52 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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