24th Sep 2013 07:21
LONDON (Alliance News) - Sula Iron & Gold PLC Tuesday said the final assay results from a drilling programme at its Ferensola project in Sierra Leone had confirmed it as a significant iron prospect and it will now delineate a maiden resource in 2014.
In a statement, the company said the final three assays had demonstrated high grade iron consistency: 73.18 metres at 43.66% iron, 99.81 metres at 31.17% Iron and 43.73 metres at 33.89%.
It said it now plans to conduct further infill drilling, subject to funding requirements, to delineate a JORC compliant iron ore resource in 2014 and a second phase programme to test direct shipping ore potential.
Sula will also maintain a dual exploration programme to target the licence area's iron and gold prospectivity in order to maximise the Ferensola value potential.
Sula Iron & Gold shares were up 8% at 2.97 pence early Tuesday, one of the biggest gains on the AIM market.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Sula Iron & Gold