Batches 6-8, Results from 2nd Drill programme

15 July 2014 Sula Iron & Gold plc ("Sula" or the "Company") Batches 6-8, Results from 2nd Drill programme at Ferensola Sula Iron & Gold plc ("Sula" or the "Company"), the exploration anddevelopment company focused on iron ore in Sierra Leone, is pleased to providean update on assay results received on its 2nd drill programmes at its 100%owned Ferensola project ("the Project"). Highlights - Significant results from batch six, seven and eight samples include: BHDD140, 28m @ 58.19% Fe, 8-36m BHDD141, 10m @ 56.27% Fe, 20-30m BHDD143, 12m @ 56.53% Fe, 10-22m BHDD144, 12.5m @ 55.82% Fe, 10-22.5m BHDD145, 8m @ 60.15% Fe, 24-32m BHDD150, 20.8m @ 57.23% Fe, 38-58.8m BHDD152, 18m @ 57.28% Fe, 20-38m BHDD153, 12m @ 56.32% Fe, 22-34m BHDD154, 6m @ 55.90% Fe, 30-36m and BHDD154, 22m @ 56.50% Fe, 56-78m - All results from phase 1 oxide ("DSO") targeted drilling, which commenced in early April 2014, have now been received with the phase 2 oxide infill drilling now complete with assays pending - Drilling programme targeting the depth extent of the fresh magnetite Banded Iron Formation ("BIF") has now been completed with assays pending To view a full version of the announcement, including figures and maps, pleasevisit the Company's website at: www.sulaironandgold.com. Sula CEO Nick Warrell said, "Results from the drilling at Ferensolacontinue to support the presence of a well-defined iron oxide cap (DSO) atFerensola. In particular we are very pleased to see significant thicknessessuch as that in hole BHDD140 where 28m of +58% Fe was recorded. With both themagnetite and DSO drill programmes now completed we are looking forward toreceiving the final results and commencing the mineral resource estimates onthe two mineralised zones." Sula commenced a 2nd resource drilling campaign, split into two phases, atFerensola during 2014 after a successful reconnaissance drill programme wasundertaken in May-July 2013. The results reported here are from 19 drill holesreceived from batches six, seven and eight comprising 1,591.9m of drillingconducted between 17 May 2014 and 06 June 2014. Drilling on this 2nd drillprogramme targeting oxide material has now been completed with further resultsexpected over the next 2 months. The Company has focused drilling on investigating shallow, high grade ironmineralisation contained in the oxide and transitional saprolitic zonesoverlying the primary magnetite BIF. A summary of the mineralisedintersections from batch 6, 7 and 8 are shown in Table 1. In addition, drilling has now been completed testing the potential depthextent of the fresh magnetite BIF interpreted below the defined oxide package.The primary magnetite BIF mineralisation continues to remain open at depth. Atotal of 3 drillholes have been completed totaling 1,461.8m with the mainpurpose of estimating an Inferred Mineral Resource for the BIF material, whenused in conjunction with the results from the 2013 drilling campaign. The Ferensola Project The Ferensola project appears to be a typical weathered BIF with an underlyingfresh magnetite BIF. The project consists of elevated iron grades at surfacegrading down to a fresh and competent magnetite BIF. The phase 1 drilling, for which all results have now been received, wasundertaken on a regular grid of 400m x 50m intervals. Each hole was drilledvertically and represented the true vertical thickness of the oxide units. Inaddition, as announced on 9 July 2014, the Company has now completed anadditional phase 2 infill programme based on generating 200m x 50m intervals.Results that have been received indicate a strike extent of 2.8km, whichcurrently remains open at either end. Results received from the 19 holes (1,591.90m) received in batches six, sevenand eight, have been positive with multiple intercepts in excess of 55% Fedefining a potential DSO domain and additional high grade laterite andsaprolitic material within the oxide zone. Results have been tabulated intable 1 for drill holes which have intercepted the mineralised unit. Metallurgical testing has commenced on material associated with theunderlying fresh magnetite-BIF to confirm that a saleable concentrate can begenerated through standard magnetic separation techniques. In addition,samples have also been selected for basic metallurgical test work from the lowgrade oxide zones to confirm that a saleable concentrate can be generated. SRKhas selected the samples which are being analysed at SGS Minerals Services UKLimited, Truro UK. Table 1 -- Mineralised Intersections* Drillhole Logged From To Values Material Sum of Average Average Average Average INTERVAL of Fe of Al2O3 of SiO2 of P BHDD139 DUR 0 12 12 43.15 20.21 3.25 0.11 OX 12 70.1 58.1 36.35 6.33 34.73 0.06 BHDD140 DUR 0 11.8 11.8 44.11 20.09 1.14 0.08 OX 11.8 84 72.2 34.82 11.32 30.05 0.06 Including 8 36 28 58.19 6.82 2.67 0.07 BHDD141 DUR 0 11.5 11.5 38.65 24.74 3.05 0.07 OX 11.5 64 52.5 41.15 8.97 23.81 0.07 Including 20 30 10 56.27 5.13 7.37 0.04 BHDD142 DUR 0 9.95 9.95 43.07 20.33 2.81 0.05 OX 9.9 124 114.1 26.74 16.66 34.52 0.10 BHDD143 DUR 0 8.2 8.2 39.72 24.64 1.13 0.07 OX 8.2 56 47.8 45.02 13.50 11.57 0.07 Including 10 22 12 56.53 8.61 1.33 0.08 BHDD144 DUR 0 7.7 7.7 50.69 13.92 1.54 0.05 OX 7.7 62 54.3 37.11 17.20 18.71 0.07 Including 10 22.5 12.5 55.82 7.69 3.79 0.10 BHDD145 DUR 0 13.1 13.1 45.59 13.95 8.98 0.06 OX 13.1 42 28.9 42.89 13.53 14.50 0.09 Including 24 32 8 60.15 4.29 3.80 0.06 BHDD146 DUR 0 19.5 19.5 37.47 26.19 2.28 0.16 OX 19.5 100 80.5 30.20 18.37 26.28 0.09 BHDD148 DUR 0 17.3 17.3 49.20 14.80 2.17 0.07 OX 17.3 42 24.7 26.40 23.11 24.36 0.09 BHDD150 DUR 0 15.6 15.6 31.10 33.23 1.62 0.11 OX 15.6 114.6 99 41.79 9.69 21.10 0.08 Including 38 58.8 20.8 57.23 6.09 2.44 0.07 BHDD151 DUR 0 10.5 10.5 37.68 22.13 8.80 0.04 OX 10.5 70.5 60 41.14 8.12 24.81 0.06 BHDD152 DUR 0 12.5 12.5 29.00 30.50 9.42 0.05 OX 12.5 42 29.5 51.11 7.16 12.58 0.10 Including 20 38 18 57.28 3.79 8.95 0.06 BHDD153 DUR 0 7.51 7.51 38.18 26.68 1.85 0.06 OX 7.51 58 50.49 45.90 9.96 15.70 0.07 Including 22 34 12 56.32 6.25 6.30 0.04 BHDD154 DUR 0 13.63 13.63 32.15 31.56 1.46 0.09 OX 13.63 106 92.37 42.52 12.37 16.01 0.08 Including 30 36 6 55.90 9.59 0.89 0.09 And 56 78 22 56.50 5.00 4.01 0.54 BHDD155 DUR 0 21 21 40.64 20.74 5.78 0.06 OX 21 69 48 20.67 18.06 42.01 0.08 BHDD156 DUR 0 12.7 12.7 35.43 26.51 5.17 0.06 OX 12.7 72 59.3 36.27 11.11 27.63 0.07 BHDD157 DUR 0 12 12 34.62 29.48 1.29 0.08 OX 12 101 89 24.15 19.06 34.90 0.08 BHDD158 DUR 0 10.5 10.5 41.92 17.00 9.43 0.08 OX 10.5 67.5 57 32.32 9.66 33.95 0.11*results are reported as an average for down-hole lithological intervals, highgrade intervals are length weighted with a lower cut-off grade of 55% Fe and amaximum internal waste of 5m. Datum WGS84, Zone 29N, some minor errors occurdue to rounding. Enquires: Sula Iron & Gold plc +44 (0) 20 7583 8304 Nick Warrell / Matt Wood www.sulaironandgold.com Cairn Financial Advisers LLP +44 (0) 20 7148 7900 James Caithie / Avi Robinson Daniel Stewart & Company Plc +44 (0) 20 7776 6550 Martin Lampshire / David Hart Yellow Jersey PR +44 (0)7768 537 739 Dominic Barretto / Kelsey Traynor Qualified Person The information in this press release that relates to the current drillingprogramme is based on information compiled by Mr Colin Rawbone, who is aChartered Professional Member of the Australasian Institute of Mining andMetallurgy ("AusIMM"). Mr Rawbone is a full time employee of SRK and hassufficient experience which is relevant to the style of mineralisation andtype of deposit under consideration and to the activity which he isundertaking to qualify as a Competent Person as defined in the 2012 Edition ofthe 'Australasian Code for Reporting of Exploration Results, Mineral Resourcesand Ore Reserves'. Mr Colin Rawbone has reviewed this press release andconsents to the inclusion in the press release of the matters based on hisinformation in the form and context in which this appears. In addition to the above, this press release has been compiled under thedirection of Mr Howard Baker, who is a Chartered Professional Fellow of theAustralasian Institute of Mining and Metallurgy ("AusIMM"). Mr Baker is a fulltime employee of SRK Consulting (UK) Ltd and has sufficient experience whichis relevant to the style of mineralisation and type of deposit underconsideration and to the activity which he is undertaking to qualify as aCompetent Person as defined in the 2012 Edition of the 'Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves'. MrBaker has reviewed this press release and consents to the inclusion in thepress release of the matters based on his information in the form and contextin which this appears. Forward-looking Statements This announcement includes certain forward-looking statements. All statements,other than statements of historical fact, included herein are forward-lookingstatements that involve various known and unknown risks and uncertainties aswell as other factors. Such forward looking statements are subject to a numberof risks and uncertainties that may cause actual results or events to differmaterially from current expectations, including delays in obtaining or failureto obtain required regulatory approvals. There can be no assurance that suchstatements will prove to be accurate and actual results and future eventscould differ materially from those anticipated in such statements. Notes: Sula Iron & Gold plc is a multi-commodity exploration company focused on WestAfrica. The Company's main objective is to explore and advance its FerensolaProjects, in Northern Sierra Leone, that are highly prospective for iron andgold. Sula is currently focused on delineating a maiden JORC compliant ironore resource estimate and evaluating the gold prospectivity. The 153 sq. kmlicence area is contiguous to African Minerals' operational Tonkolili IronMine, which has a JORC compliant resource of 12.8 billion tonnes ironmineralisation. Exploration work at the project has confirmed the presence of BIF at surface,which has a known strike length of 3.1km. The BIF is proven to extend NE fromthe Tonkolili licence and into Sula's licence area. A 2,000m scout drillingprogramme conducted over a 2.2km section of BIF, confirmed the licence area'sprospectivity for high grade iron mineralisation. Significant Greenstone Belt-style gold mineralisation has also been identifiedat various prospects within the licence area. Five target areas for hard rockgold mineralisation have been identified based on the location of historicdrill intercepts, the source areas for alluvial gold deposits, and theposition of major structures as defined by airborne magnetic data and drainageorientation. The information in this release that relates to Exploration Results has beenreviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron &Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals andMining, a Registered Professional Geologist with the Australian Institute ofGeoscientists and a Competent Person as defined in the Australasian Code forReporting of exploration results and Mineral Resources and Ore Reserves. APPENDIX A. JORC CODE, 2012 Edition, Table 1 (Section 1 and 2) Section 1 Sampling Techniques and DataCriteria JORC Code explanation CommentarySampling - Nature and quality of Diamond core samples collectedtechniques sampling (eg cut by Sula staff were of half HQ channels, random chips, core, with the sample cut so as or specific specialised to equally divide structures. industry standard Sample lengths ranged from 0.5 measurement tools m to 2 m. Sample intervals were appropriate to the not matched to geological minerals under boundaries. investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. - Include reference to Sula used a minimum sample size measures taken to ensure of 0.25 kg per core sample sample representivity dispatched. They routinely and the appropriate submitted blanks, duplicate and calibration of any certified reference material. measurement tools or systems used. - Aspects of the Diamond core samples were HQ determination of diameter, and were cut in half mineralisation that are using a core saw, dividing Material to the Public geological structures equally Report. where possible. Some samples demonstrated a significant variance when compared to duplicate samples, but this affect was observed to be minor, with most samples showing good repeatability. Sample preparation techniques were deemed to be of international best practice. - In cases where All sampling preparation has `industry standard' work been undertaken by an has been done this would accredited laboratory; be relatively simple (eg preparation of samples has been `reverse circulation undertaken through ALS Monrovia drilling was used to and XRF analysis has been obtain 1 m samples from undertaken by ALS based in which 3 kg was Ireland. pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.Drilling - Drill type (eg core, Drill method was diamondtechniques reverse circulation, drilling of dominantly HQ core open-hole hammer, rotary during the drill programmes air blast, auger, undertaken, using standard Bangka, sonic, etc) and tubes. A CS1000 man portable details (eg core drill rig operated by a diameter, triple or reputable company acting under standard tube, depth of industry best practices. diamond tails, face-sampling bit or Core on vertical holes other type, whether core targeting oxide material has is oriented and if so, not been orientated. by what method, etc).Drill sample - Method of recording Drill core recovery wasrecovery and assessing core and recorded for every hole through chip sample recoveries routine monitoring of drill rod and results assessed. depth and recovered core. Recoveries for each hole were graphically plotted and show total recovery better than 85%. Where recovery has been recorded these intervals are identified and flagged for re-drilling as required. - Measures taken to Supervision of the diamond maximise sample recovery drilling by Sula geologists and ensure ensured sample recovery was representative nature of good, and that samples were the samples. representative without contamination issues. Where poor recovery has been encountered contractual agreements with the drill company incur penalties and re-drill policies. - Whether a relationship No studies are known to have exists between sample been completed on sample bias. recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.Logging - Whether core and chip Geological logging for diamond samples have been core includes a descriptive log geologically and with some quantitative logging geotechnically logged to of mineralogy and alteration, a level of detail to in addition to plotting of support appropriate assays and the geology as a Mineral Resource graphic log. estimation, mining studies and No geotechnical logging has metallurgical studies. been undertaken on oxide material due to core fragmentation and lack of orientation. - Whether logging is Logging is qualitative, with qualitative or the exception of some quantitative in nature. quantitative logging of Core (or costean, mineralogical and alteration channel, etc) content. photography. Core photography is undertaken for both half and whole core on a box by box basis. - The total length and 100% of diamond core samples percentage of the can be correlated to graphic relevant intersections logs of the diamond drill hole. logged.Sub-sampling - If core, whether cut Drill core samples were half HQtechniques and or sawn and whether core, where the core was cut tosample quarter, half or all equally divide significantpreparation core taken. structures in the rock. Half core is dispatched for analytical process's - If non-core, whether All sampling relates to drill riffled, tube sampled, core rotary split, etc and whether sampled wet or dry. - For all sample types, Diamond core samples have been the nature, quality and analysed by XRF for a full appropriateness of the suite of analytes including but sample preparation not limited to Fe_%, Al2O3_%, technique. SiO2_% and P_%. In addition to this analysis the LOI was also recorded. - Quality control For diamond drill core procedures adopted for sampling, standards, duplicates all sub-sampling stages and blanks were interleaved to maximise randomly with the routine representivity of samples, every 20th sample; samples. targeting a frequency of 5% - Measures taken to Field duplicates are submitted ensure that the sampling as 1 in 20 insertion rate, is representative of the where duplicates are selected in situ material the remaining half core is collected, including for split to produce a field based instance results for quarter core sample for field comparative studies. duplicate/second-half sampling. - Whether sample sizes Diamond core samples were half are appropriate to the HQ core, which is a large grain size of the diameter core for exploration material being sampled. drilling.Quality of - The nature, quality SRK deem the accreditedassay data and and appropriateness of laboratory and the requestedlaboratory the assaying and analysis to be suitable andtests laboratory procedures sufficient for this type and used and whether the style of mineralisation deposit technique is considered partial or total. - For geophysical tools, No geophysical tools or other spectrometers, handheld unusual analysis methods were XRF instruments, etc, employed. the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. - Nature of quality For diamond drill core control procedures sampling, standards, duplicates adopted (eg standards, and blanks were interleaved blanks, duplicates, randomly with the routine external laboratory samples, every 20th sample; checks) and whether targeting a frequency of 5%. acceptable levels of accuracy (ie lack of Samples are reviewed on a batch bias) and precision have by batch basis to identify any been established. bias with in the analytical process.Verification of - The verification of Mr Colin Rawbone of SRK hassampling and significant independently verified theassaying intersections by either intersections derived from independent or lithological and grade logging. alternative company personnel. - The use of twinned No twinned holes have been used holes. to verify sampling and assaying. - Documentation of Data has been compiled from primary data, data entry good quality paper plans and procedures, data digitally compiled at a later verification, data date. storage (physical and electronic) protocols. The data has been assimilated into the Company's Microsoft Excel database, after compilation and validation in Mapinfo Software. - Discuss any adjustment No adjustment to assay data has to assay data. been undertakenLocation of - Accuracy and quality All drill collars aredata points of surveys used to positioned with handheld GPS to locate drill holes an accuracy of within 5m. (collar and down-hole surveys), trenches, mine Down hole surveys are not workings and other utilised on shallow vertical locations used in drill holes but where required Mineral Resource has been undertaken using the estimation. REFLEX tools - Specification of the WGS 84 UTM Zone 29 North grid system used. - Quality and adequacy Current topographic surveys has of topographic control. been limited to SRTM data. An aerial survey to meter scale accuracy has recently been undertaken - results pendingData spacing - Data spacing for Diamond drill core samples areand reporting of Exploration collected over contiguousdistribution Results. intervals of alteration as per logging. There are lengths of diamond core not sampled. Some sampled intervals were reâ€sampled as composites, or as single duplicate samples. Drilling has taken place on 400m spaced drill fences at 50m intervals - Whether the data No Mineral Resource or Ore spacing and distribution Reserve calculations have been is sufficient to establish the degree of reported on the deposit at this geological and grade stage. continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. - Whether sample Sample compositing was compositing has been performed for reporting of applied. diamond drill core results, based on a weighted average as a function of sample length versus grade.Orientation of - Whether the Drilling has been bestdata in relation orientation of sampling orientated to allow ato geological achieves unbiased perpendicular intercept of thestructure sampling of possible surface oxide zone to be structures and the achieved. extent to which this is known, considering the deposit type. - If the relationship Based on current information no between the drilling bias has been introduced based orientation and the on the orientation of drilling orientation of key and relationship with key mineralised structures structures. is considered to have introduced a sampling bias, this should be assessed and reported if material.Sample - The measures taken to Sula geologists maintain a fullsecurity ensure sample security. chain of custody of samples as they leave site and are transported to the process laboratory. Upon sample return sufficient checks and balances are undertaken to ensure samples have not been tampered with.Audits or - The results of any All logging and samplingreviews audits or reviews of techniques have been audited sampling techniques and during an independent site data. visit undertaken by Mr Colin Rawbone of SRK Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) JORC Code explanation CommentaryMineral tenement - Type, reference EL54/2011 issued by theand land tenure name/number, location Government of Sierra Leone 23rdstatus and ownership August 2011 to Blue Horizon (SL including agreements Ltd). Blue Horizon (SL Ltd) is or material issues a 100% owned subsidiary of Sula with third parties Iron & Gold Plc. Full due such as joint diligence on the license was ventures, carried out by Sula's SL partnerships, lawyers and UK lawyers prior to overriding royalties, IPO in October 2012. There are native title no joint ventures in place save interests, historical an MOU with the Town Chief and sites, wilderness or his Elders of Dalakuru Town national park and regarding the buildings in environmental Dalakuru base camp. There are settings. no historical sites, wilderness or national park and environmental settings within our demarcated license area. - The security of the As above tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.Exploration done - Acknowledgment and Exploration carried out by Manoby other parties appraisal of River during the 1990s. Almost exploration by other impossible to appraise the parties. exploration as little or no records of the exploration were submitted to the Ministry of Mineral Resources.Geology - Deposit type, The Ferensola project appears geological setting and to be a typical weathered BIF style of with an underlying fresh mineralisation. magnetite BIF.Drill hole - A summary of all All tabulated explorationInformation information material collars are included in the to the understanding release in appendix B. of the exploration results including a Table depicts all intercepts tabulation of the where drill holes have following information intercepted mineralisation. for all Material drill Intercept lengths from diamond holes: drilling are presented as down hole lengths, not true lengths, o easting and northing and this is stated in the of the drill hole release. collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. - If the exclusion of Intercepts have been omitted this information is from this report where drill justified on the basis holes have not intercepted the that the information interpreted mineralisation. is not Material and Drill collars for each of these this exclusion does holes however have been not detract from the recorded in Appendix B understanding of the report, the Competent Person should clearly explain why this is the case.Data aggregation - In reporting Weighting is calculated as amethods Exploration Results, function of each sample length weighting averaging multiplied by each grade, with techniques, maximum the summed product divided by and/or minimum grade the total sample length, to truncations (eg present composited intervals. A cutting of high high grade portion of these grades) and cut-off intercepts has been highlighted grades are usually using a 55% Fe Cut-off grade Material and should be where intervals were greater stated. than 5m. - Where aggregate Where intercepts are reported intercepts incorporate as longer lengths of lower short lengths of high grade, it is clearly stated grade results and that the higher incepts within longer lengths of low are part of the lower grade grade results, the intercept, not in addition to procedure used for the low grade intercept. such aggregation should be stated and some typical examples of such aggregations should be shown in detail. - The assumptions used No metal equivalents are used for any reporting of for the exploration results at metal equivalent Ferensola Prospect. values should be clearly stated.Relationship - These relationships Diamond drill sample interceptsbetween are particularly are reported as down holemineralisation important in the widths.widths and reporting ofintercept lengths Exploration Results. - If the geometry of Mineralisation is considered to the mineralisation be steeply dipping (approx. 70° with respect to the NW) with a dominant strike drill hole angle is NE-SW. However oxidation of known, its nature this material is deemed to have should be reported. affected a horizon of material concordant with topography. Therefore the vertical holes currently drilled in targeting this material are deemed suitable to intercept the primary target as close to 90° as possible. - If it is not known This is clearly stated in the and only the down hole release. lengths are reported, there should be a clear statement to this effect (eg `down hole length, true width not known').Diagrams - Appropriate maps and Diagrams are provided that show sections (with scales) all surface samples and the and tabulations of diamond drill hole traces in intercepts should be plan view, plus a cross section included for any is provided with the intercept significant discovery locations and known geology. being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.Balanced - Where comprehensive Exploration results arereporting reporting of all presented in the Table 1, Exploration Results is regardless of grade where not practicable, mineralised material has been representative intercepted. Grade has been reporting of both low split by lithology based on and high grades and/or logging undertaken by the Sula widths should be geologists. practiced to avoid misleading reporting of Exploration Results.Other substantive - Other exploration Discussion of the Ferensolaexploration data data, if meaningful Prospect geology is included in and material, should the release. be reported including (but not limited to): In situ density measurements geological are carried out using observations; Archimedean principles for geophysical survey consolidated fresh core and are results; geochemical undertaken on a lithological survey results; bulk basis. samples - size and method of treatment; To date no economic or metallurgical test extractive measures such as results; bulk density, bulk samples, metallurgical groundwater, testing, bulk density, geotechnical and rock groundwater, geotechnical or characteristics; rock samples have been potential deleterious undertaken. or contaminating substances.Further work - The nature and scale Drill testing is identified as of planned further future planned work. At present work (eg tests for the infill drilling to a 200m x lateral extensions or 50m spacing has been commenced depth extensions or to increase confidence in the large-scale step-out initial interpretations of drilling). geometry and grade distribution. In addition 1,500m of deep drilling has been planned to develop the fresh magnetite BIF interpreted below the primary oxide material. - Diagrams clearly Possible extensions are highlighting the areas indicated on the plan and cross of possible section provided in the extensions, including release. the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.APPENDIX B. - Ferensola Completed Drill Collars XCOLLAR YCOLLAR ZCOLLAR BHID DH216834 1013727 795 BHDD001 187.5216768 1013806 797 BHDD002 302.2216546 1013462 763 BHDD003 240.25216478 1013533 776 BHDD004 269.65216010 1012883 750 BHDD005 157.4215946 1012957 765 BHDD006 245215681 1012631 768 BHDD007 131.7215589 1012757 808 BHDD008 293.15216997 1013856 803 BHDD009 161.1215928 1012978 758 BHDD101 72215962 1012938 763 BHDD102 70.5215598 1012733 799 BHDD103 64.5215994 1012895 722 BHDD104 66.5215633 1012688 769 BHDD105 67216028 1012860 733 BHDD106 62.5215669 1012654 782 BHDD107 63216057 1012821 723 BHDD108 66215696 1012626 732 BHDD109 65.5216088 1012782 675 BHDD110 67.5215727 1012579 737 BHDD111 61.5215348 1012322 670 BHDD112 49.5216210 1013192 703 BHDD113 46215379 1012289 695 BHDD114 43.5216501 1013515 776 BHDD115 66216537 1013479 765 BHDD116 81215429 1012257 683 BHDD117 48215283 1012401 744 BHDD118 54.5216258 1013173 683 BHDD119 56216563 1013442 755 BHDD120 77215306 1012369 733 BHDD121 69.2216599 1013399 729 BHDD122 70216291 1013148 705 BHDD123 72.5216814 1013759 794 BHDD124 75216622 1013373 717 BHDD125 63216317 1013109 710 BHDD126 64.5216846 1013725 788 BHDD127 69217119 1013970 788 BHDD128 100216876 1013685 770 BHDD129 70.5217427 1014213 663 BHDD130 78217091 1014007 781 BHDD131 129216909 1013648 751 BHDD132 56.5217399 1014248 654 BHDD133 63217788 1014753 594 BHDD134 25.5217065 1014043 772 BHDD135 127.5217347 1014270 656 BHDD136 58.5218089 1014591 634 BHDD137 79.5217143 1013952 783 BHDD138 100.5215838 1012832 779 BHDD139 71.5218080 1014633 633 BHDD140 84215881 1012798 769 BHDD141 73.5217031 1014085 754 BHDD142 131218080 1014633 633 BHDD143 67.5218104 1014586 635 BHDD144 69215902 1012757 732 BHDD145 60.5217176 1014230 711 BHDD146 100.5216109 1013104 709 BHDD147 54215926 1012729 739 BHDD148 86.8216648 1013922 736 BHDD149 500.3217208 1014192 716 BHDD150 114.6216133 1013067 729 BHDD151 70.5216178 1013048 702 BHDD152 72215492 1012518 732 BHDD153 76.5216963 1013895 797 BHDD154 106.5216186 1013005 650 BHDD155 91.5215477 1012547 757 BHDD156 72216929 1013926 788 BHDD157 123216354 1013350 741 BHDD158 67.5215537 1012468 692 BHDD159 64.5216676 1013612 783 BHDD160 76.6216378 1013323 732 BHDD161 78215564 1012435 715 BHDD162 98.8216697 1013583 774 BHDD163 72216409 1013293 719 BHDD164 75215971 1012923 721 BHDD165 63.5216725 1013556 760 BHDD166 75216427 1013241 704 BHDD167 108216137 1013324 732 BHDD168 437.5216745 1013531 746 BHDD169 80.15215853 1012822 777 BHDD170 73.5216525 1013497 772 BHDD171 80215707 1012606 759 BHDD172 73.5217312 1014110 700 BHDD173 50216583 1013425 745 BHDD174 73.5217278 1014153 700 BHDD175 69215497 1012855 781 BHDD176 524