10th Sep 2014 07:54
LONDON (Alliance News) - Sula Iron & Gold PLC shares rose in early trade Wednesday after the exploration company said it has restarted work at the Ferensola project in Sierra Leone, targeting both iron ore and a new tantalum and niobium mineralisation target recently identified in the target area.
Sula shares were up 11.8% to 2.376 pence in early trade, putting it among the top five risers on the AIM All-Share index.
Sula said geological interpretation and regional magnetic data at the site suggested potential for the banded iron formation to continue in a north easterly direction. The second target area is located north east of the known iron mineralisation area at the site and Sula said field crews completed grid surveying and line cutting in July in preparation for a magnetometer survey on the new target area.
Nick Warrell, Chief Executive of Sula, said the company was pleased to have restarted work at Ferensola on time, with no delays caused by the weather in Sierra Leone nor the Ebola outbreak in the country.
"Further, we are pleased to update the market following confirmation that pegmatites within the Sula Mountains region potentially host both Tantalum and Niobium mineralisation, commonly referred to as coltan," Warrell added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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