Sula Iron & Gold PLC Drilling Commences at Dalakuru - replacement (8878Y)
March 08 2017 - 7:50AM
UK Regulatory
TIDMSULA
RNS Number : 8878Y
Sula Iron & Gold PLC
08 March 2017
CORRECTION OF RNS NUMBER: 8844Y
Please note that RNS 8844Y did not include a link to the
photograph referred to below. This has been corrected and all other
details remain the same.
8 March 2017
Sula Iron & Gold plc
("Sula" or the "Company")
Ferensola Gold Project - Drilling Commences at Dalakuru
Sula (AIM: SULA), the gold exploration company focused on Sierra
Leone, is pleased to announce that the first of the two drill rigs
has now commenced drilling at the Company's Dalakuru Exploration
Camp on its Ferensola project site (the "Dalakuru Exploration
Camp"). This start-up of drilling operations is in line with Sula's
plan to phase-in drilling by commencing with one rig and then, once
drilling is proceeding smoothly, to commence drilling with the
second.
The first rig is focusing on Sula's Eastern Target. As outlined
previously, this 4km long ridge has a very strong Induced
Polarisation ("IP") anomaly, which Sula believes is indicative of
pyrite mineralisation. Elsewhere on the Ferensola licence, this
pyrite mineralisation is associated with gold. As announced by Sula
on 2 February 2017, oxide ore collected from a road cutting over
the Eastern Target, near to where the first holes will be drilled,
returned a grade of 4.8g/t gold.
The second rig will drill additional holes on Sula's Sanama
Hill, where Sula has an Exploration Target, as defined by SRK
Consulting of 5 to 7 million tonnes grading at between 4g/t - 8g/t
for 0.8 - 1.5million ounces of gold. This rig will test for
extensions of the known gold mineralisation.
As announced on 26 October 2016, the 50km IP survey Sula
conducted over a section of its 153km(2) Ferensola licence
identified a total of 8.5km of strong IP anomalies. The current
work programme is drilling the largest anomaly, being the Eastern
Target, but a further 4.5km of untested prospective anomalies
remain to be tested in the future.
A photograph of the initial drill rig on site at the Dalakuru
Exploration Camp is displayed via the link below:
http://www.rns-pdf.londonstockexchange.com/rns/8878Y_-2017-3-8.pdf
Roger Murphy, Sula's CEO, commented:
"I'm very happy that drilling has now commenced. We are very
excited by the potential at our 4km Eastern Target, which is now
being drilled for the first time. The size of the Target's IP
anomaly and our recovery of oxide gold from a road which cuts the
target gives us high hopes of success. Within a short period, our
second rig will then start drilling at Sanama Hill, where we
already have a JORC-Compliant Exploration Target of 5-7Mt at 4-8g/t
for 0.8-1.5Moz of gold. We look forward to providing a further
update in due course."
For further information, please visit www.sulaironandgold.com or
contact:
Sula Iron & Gold plc
Roger Murphy (CEO) +44 (0) 7788 913794
Strand Hanson Limited (Financial
and Nominated Adviser)
James Harris / Matthew Chandler +44 (0) 20 7409
/ James Dance 3494
VSA Capital Limited (Broker) +44 (0) 20 3005
Andrew Raca 5000
Ongeza Mining (Technical Adviser)
Iain Macpherson +27 (0) 11 469
Ilja Graulich 0629
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
Note to editors:
Sula is a multi-commodity exploration company focused on Sierra
Leone. The Company's main objective is to explore and advance its
153km(2) Ferensola Project in Northern Sierra Leone, which is
highly prospective for gold, iron ore and coltan. In July 2015, the
Company defined a JORC Exploration Target on its Ferensola Gold
Project. The Exploration Target centres on Sanama Hill, with a
tonnage range of between 5 and 7 million tonnes ("Mt"), grading at
between 4 and 8 g/t Au, which equates to between 0.8 and 1.5
million ounces ("Moz") Au. The Exploration Target was restricted to
a 2km strike length segment of the regional fold belt that is
believed to extend for over 10km. In December 2014, the Company
achieved a corporate milestone in delivering its JORC MRE for the
BIF 1 iron ore project. A total resource of 514.5Mt @ 31.8% Fe was
identified and total oxide resource of 55.5Mt @ 45.39% Fe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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