1st Aug 2014 09:15
LONDON (Alliance News) - Sula Iron & Gold PLC said Friday that results from the final three batches of its direct shipping ore drilling programme at its Ferensola project in Sierra Leone support the presence of a well-defined iron oxide cap.
The company said that SRK Consulting (UK) Ltd has begun work on the direct shipping ore mineral resource estimate at the mine.
Sula said it has now received all assay results from the drill programme. The main purpose of the campaign was to estimate an inferred mineral resource for the banded iron formation at the project, when used in combination with the company's 2013 drilling campaign.
It said that the Ferensola project appears to be a "typical weathered" banded iron formation, with an underlying fresh magnetite banded iron formation.
Results received from 15 holes received in batches nine, ten and eleven were positive, showing multiple intercepts in excess of 55% iron. It has begun metallurgical testing on material associated with the underlying fresh magnetite banded iron formation to confirm that a saleable concentrate can be generated through magnetic separate techniques.
Additionally, it has taken samples for test-work from low grade oxide zones to confirm that a saleable concentrate can be generated.
Shares in Sula were trading up 4.9% at 2.65 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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