27th Jun 2014 08:44
LONDON (Alliance News) - Sula Iron & Gold PLC saw its shares rise Friday after the latest results from drilling at its Ferensola iron ore project in Sierra Leone showed that there is a well-defined iron oxide cap present at the site.
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.
It has now finished the second drill programme and expects the results to keep coming in over the next four months, while targeting the depth extent of the fresh magnetite banded iron formation with current drilling.
Results from the six holes, or 551.5 metres, covered by the latest batch of results it has received have been positive with multiple intercepts in excess of 55% iron, defining a potential direct shipping ore domain and additional high grade laterite and saprolitic material within the
oxide zone, it said.
"We are delighted that the results from batch five continue to demonstrate that we have a well-defined iron oxide cap present at Ferensola," Chief Executive Nick Warrell said in a statement.
Sula Iron & Gold shares were up 9.3% at 2,704 pence Friday morning, one of the biggest gains on AIM.
By Steve McGrath; [email protected]; @SteveMcGrath1
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