16th Jan 2015 08:42
LONDON (Alliance News) - Sula Iron & Gold said Friday that results from reconnaissance fieldwork at its Ferensola project in Sierra Leone shows strong evidence of coltan mineralization at the prospect.
Samples were obtained from alluvial gravels at 46 locations, the company said. It noted that due to the nature of pan concentrate sampling the results are indicative only.
It said that the results provide useful guidance as to the main prospective areas with its exploration licence, and further support the areas potential to host deposits of coltan mineralisation. It will use the results to guide its on-going pitting programme for coltan.
Coltan is short for columbite-tantalite, an ore from which the elements niobium and tantalum are extracted.
"We are excited by the confirmation that there is coltan mineralization along the streams that flow deeper within the licence area, further proving the high prospectivity of the area. This is also positive news as we progress our talks with a potential off-taker for the project," said Chief Executive Officer Nick Warrell in a statement.
Shares in Sula Iron and Gold are trading up 0.9% at 1.11 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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