9th Apr 2014 09:54
LONDON (Alliance News) - Sula Iron and Gold PLC Wednesday said that it has started drilling at its Ferensola iron project, as part of an exploration programme.
The Ferensola Iron Project is located in the mineral rich Sula-Kangari Greenstone Belt in Sierra Leone.
The iron ore and gold exploration company said the drilling at the Ferensola iron project is part of a exploration programme, which aims to define a JORC Direct Shipping Ore Iron Mineral Resource Estimate by the end of the year.
The exploration follows the nine hole 2,000 metre drill programme completed in September last year, which demonstrated consistently high grade iron.
It said that steady news flow are expected, and expects the first drill cores to be sent for analysis in May.
The results will help underpin the commercial value of Ferensola, which is prospective for both iron and gold.
"Defining a maiden resource will be a major milestone for the company and I am confident that with a fully funded programme, a proven exploration team and established infrastructure we have the necessary foundations in place to achieve this," said Chief Executive Nick Warrell in a statement.
Shares in Sula Iron and Gold were trading 2.1% lower Wednesday at 3.72 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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