2nd Jul 2014 09:32
LONDON (Alliance News) - Sula Iron and Gold PLC Wednesday said it now plans to complete a ground-based magnetic survey of its Ferensola Project in Sierra Leone, following a detailed review of the geology and existing geophysics.
The Sierra Leone-focused metals exploration and development company said that results from its review showed that there is potential for the banded iron formation on site to continue in a north easterly direction and so a 20 kilometre squared region in the north east of its current drilling area will be surveyed.
Sula said the survey will start during the dry season later in the calendar year and it is estimated that Mineral Exploration Network Ltd, which carried out a 2013 survey on the site, will complete the new survey.
The company said that field crews have already begun grid surveying and line cutting in preparation for the survey later this year.
"The results of earlier geophysical programmes successfully identified the BIF horizon, which we have just finished drilling with good precision. I look forward to receiving the results of this new geophysical programme towards the end of this calendar year. We anticipate that
additional targets will be identified which we will follow up on the ground," Chief Executive Nick Warrell said in a statement.
Sula shares were up 3.1% to 2.76 pence on Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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