Sula Iron and Gold plc ("Sula" or the "Company")
Geochemical and Magnetic Survey identifies gold anomalies
Sula Iron and Gold plc, a multi-commodity exploration company focussed on
Sierra Leone, is pleased to announce that, following a detailed geochemical and
geophysical survey at its Ferensola Project located in the mineral rich
Sula-Kangari Greenstone Belt in Sierra Leone (`Ferensola' or the `Project'),
several gold targets have been identified.
Overview
* A 15 km2 area was covered by a detailed ground magnetic survey using a 100m
line spacing; numerous cross cutting and intersecting structures were
identified
* More than 6,000 geochemical samples were collected on a 25m x 100m spacing;
Sula analysed all samples qualitatively by X-Ray Fluorescence ("XRF")
analysis as part of a screening process
* All samples were submitted to ALS Global laboratories in Monrovia for
sample preparation with 1,194 forwarded to OMAC Laboratories in Ireland for
final chemical analysis
* Two new gold anomalous areas have been identified with gold values as high
as 3,090ppb
Sula CEO Nick Warrell said: "The results of the geochemical and geophysical
programmes have successfully identified a number of gold anomalies which
require further investigation. The survey was carried out over challenging
terrain with the presence of a regolith profile which made data collection and
interpretation a complex exercise. The Company's confidence and understanding
of the gold mineralisation has advanced significantly and, while two new areas
have been identified, further quantitative work is required, either by pitting,
trenching or RAB drilling, before any core drilling is completed".
November 2013 - February 2014 Exploration Programme
Sula's technical consultant, SRK ES, was commissioned by the Company to conduct
a geochemical sampling programme and geophysical survey of the Lagunda -
Yafarina region within the Ferensola exploration licence with the aim of
targeting potential source or "hardrock" gold mineralisation. The commission
entailed the design and implementation of the exploration programme and
training of the Company's workforce to orientate survey lines and collect soil
and chip samples. These survey lines were also used during the geophysical
survey conducted by SRK ES.
Results from the XRF analysis of over 6,000 samples identified a northeast
trending base metal anomaly through the middle of the Lagunda - Yafarina area.
Interpretation of the ground geophysical data revealed two dominant structural
trends within the surveyed area; a northeast - southwest trend which
approximates the general strike of the geology and, importantly, a
north-northwest - south-southeast trend which is similar to a structure thought
to be associated with the Dalakuru prospect. Both regional and prospect scale
structures are thought to be important as they may form conduits for the
localising of mineralising fluids.
Using the geophysics and XRF results to screen the 15km2 surveyed region,
geochemical samples on either a 50 x 100m or 50 x 200m spacing were selected
from two sub areas. Results highlighted two new areas anomalous in gold which
were characterised by spot highs of 109, 1,000 and 3,090 parts per billion.
Enquires
Sula Iron & Gold plc +44 (0) 20 7583 8304
Nick Warrell / Matt Wood
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
Notes
Sula Iron & Gold plc is a multi-commodity exploration company focussed on West
Africa. The Company's main objective is to explore and advance its Ferensola
Projects, in Northern Sierra Leone, that are highly prospective for iron and
gold. Sula is currently focussed on delineating a maiden JORC compliant iron
resource estimate and evaluating the gold prospectivity. The 153 sq. km licence
area is contiguous to African Minerals' operational Tonkolili Iron Mine, which
has a JORC compliant resource of 12.8 billion tonnes iron mineralisation.
Exploration work at the project has confirmed the presence of Banded Iron
Formation (`BIF') at surface, which has a known strike length of 3.1km. The BIF
is proven to extend NE from the Tonkolili licence and into Sula's licence area.
A 2,000m scout drilling programme conducted over a 2.2km section of BIF,
confirmed the Licence area's prospectivity for consistently high grade iron
mineralisation. An exploration target of 500 million tonnes at 30.4% iron for
magnetite and 55% iron for hematite has been given by exploration consultants
SRK Exploration Services Ltd.
Significant Greenstone Belt-style gold mineralisation has also been identified
at various prospects within the licence area. Five target areas for hard rock
gold mineralisation have been identified based on the location of historic
drill intercepts, the source areas for alluvial gold deposits, and the position
of major structures as defined by airborne magnetic data and drainage
orientation.
The information in this release that relates to Exploration Results has been
reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron and
Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and
Mining, a Member a Registered Professional Geologist with the Australian
Institute of Geoscientists and a Competent Person as defined in the
Australasian Code for Reporting of exploration results and Mineral Resources
and Ore Reserves.