16th Jun 2014 10:50
LONDON (Alliance News) - Sula Iron & Gold PLC Monday said its flagship Ferensola project in Sierra Leone has shown the potential for high-grade direct shipping ore, after recent tests from 15 holes found consistently high-grade iron.
Sula said its most recent tests in April showed at 8 metres there was 60.89% iron and at 6 metres 60.56% iron in the same hole.
The company has so far completed 4,693 metres of drilling. However, Sula is continuing its programme, targeting open areas of further potential direct shipping ore.
Direct shipping ore, or natural ore, contains high quantities of hematite or magnatite, greater than 60%.
Commenting on the findings Chief Executive Nick Warrell said: "We are very pleased with the initial results which demonstrate that a well-defined haematite or iron oxide cap is present at Ferensola."
Sula shares were quoted down 7.7% at 2.40 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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