9th Sep 2013 10:46
LONDON (Alliance News) - Sula Iron & Gold PLC Monday said it had got a further two positive assay results from its recently completed 2,000 metre nine-hole iron ore drilling programme at its
Ferensola Project.
The iron ore and gold exploration company in Sierra Leone said the results continue to confirm it as an iron prospect.
It said the best intersections include 29.70 metres at 52.25% iron and 40.01 metres at 29.98% iron.
Sula is now awaiting the results from three further assays. Depending on those results and getting funding, it will then conduct infill drilling to mark a JORC compliant iron ore resource in 2014, and a second phase programme will be implemented to test direct shipping ore potential.
It said that an exploration target of 500 million tonnes at 30.4% iron for magnetite and 55% iron for hematite has been suggested by independent exploration consultants SRK Exploration Services Ltd, and it will also continue to explore for gold at the site, having already identified several gold targets.
"These latest drill results continue to demonstrate consistent high-grade iron intercepts and
further confirm that our flagship Ferensola Iron Project in Sierre Leone is highly prospective for iron," Sula's non-executive Technical Director Gareth O'Donovan said in a statement.
Sula Iron & Gold's share price was up 3.5% at 2.845 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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