15th Nov 2016 10:47
LONDON (Alliance News) - Sula Iron & Gold PLC said Tuesday that visible gold has been recovered from samples collected at its Ferensola project, in northern Sierra Leone.
AIM-listed Sula said the gold was recovered from iron oxide/quartz samples collected from a road exposure that cross-cuts the Eastern Target induced polarisation anomaly at the site, in an area where no previous samples have been recovered and where the location can be directly correlated to the anomaly.
Sula said the discovery gives it confidence the Ferensola project has "far greater potential" than its currently defined exploration target.
"This latest data provides the first confirmation that the large Eastern Target, that is outside the existing JORC Exploration Target, contains gold mineralisation. This finding further confirms that IP is a valid and efficient means of directing our exploration programmes and provides further comfort as we move towards drilling the Eastern Target. The success and low cost of trenching and sampling activities compared to drilling, is also pleasing," said Roger Murphy, chief executive officer of Sula.
Shares in Sula were up 1.2% at 0.23 pence Tuesday morning.
By Adam Clark; [email protected]
Copyright 2016 Alliance News Limited. All Rights Reserved.