Results confirm significant iron prospectivity for Sula

PUBLISHED: 24 Sep 2013 @ 20:29 | Comments (0) |

Sula Iron & Gold (LSE:SULA), an iron ore and gold exploration company focussed on Sierra Leone, has announced that it has received the final positive assay results from its nine hole 2,000m drilling programme targeting iron mineralisation at its wholly owned 153 sq km Ferensola Project.
The full set of results confirm Ferensola’s prospectivity for iron and it is the company’s strategy to delineate a maiden resource in 2014.

•Final three assays demonstrate high grade iron consistency – 73.18m at 43.66% iron (‘Fe’), 99.81m at 31.17% Fe and 43.73m at 33.89% Fe.
•Drill programme tested the strike continuity, thickness, and iron grade of a 2.2km section (Area 1) of a 3.1km banded iron formation (‘BIF’), which is coincident with a strong linear magnetic anomaly, proven to extend from African Minerals 12.8Bt iron Tonkolili licence area.
•Plan to conduct further infill drilling subject to funding requirements to delineate a JORC compliant. iron ore resource in 2014 and a second phase programme to test direct shipping ore (‘DSO’) potential
•Maintaining dual exploration programme to target the Licence area’s iron and gold prospectivity in order to maximise the Ferensola value potential.

Sula’s Non-Executive Technical Director Gareth O’Donovan said, “These final results further underpin Ferensola’s prospectivity for iron, confirming a consistent high grade zone of iron mineralisation over a 2.2km strike. With a further 900m of undrilled BIF strike extent in Area 1 and several untested anomalies offering further potential to further extend the known areas of mineralisation within the Licence area.”

“I believe we are well set to add value and delineate an economic JORC resource. With the full results in hand, we are now focussed on reviewing and interpreting the geological data with the aim of refining our exploration model and subject to funding requirements conducting infill drilling for both BIF and DSO material in the near term and defining a maiden resource in 2014” said Mr O’Donovan.

In line with the Sula’s on-going exploration and development programme to advance the Licence towards a maiden JORC compliant iron resource in 2014, Sula has completed a scout drilling programme over a 2.2km section of the Banded Iron Formation (‘BIF’), which has a known strike length of 3.1km.

Once the assay results have been fully analysed, Sula will look to test the entire strike length in further drilling programmes, with the ultimate aim of delineating a JORC compliant iron ore resource in 2014 and testing the DSO potential.

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