Results from 2nd Drill programme at Ferensola
1 August 2014
Sula Iron & Gold plc
("Sula" or the "Company")
Results from 2nd Drill programme at Ferensola, Final batches 9-11
Sula Iron & Gold plc ("Sula" or the "Company"), the exploration and development
company focused on iron ore in Sierra Leone, is pleased to provide an update on
operations at its 100% owned Ferensola project ("the project"). The Company has
now received the results from the final three batches of its direct shipping
ore ("DSO") drill programme on its main Banded Iron Formation ("BIF") unit
within the project.
Highlights
Significant results from batch nine, tenand elevensamples include:
BHDD159,8m @ 60.75% Fe, 18-26m
BHDD163,10m @ 57.48% Fe, 22-32m
BHDD164, 16m @ 58.65% Fe, 12-28m
BHDD166, 18m @ 57.26% Fe, 12-30m
BHDD169, 6m @ 58.66% Fe,43-49m
BHDD172, 6m @ 56.60% Fe, 6-12m
BHDD172, 18m @ 55.50% Fe, 26-44m
BHDD174, 26m @ 58.29% Fe, 18-44mand
BHDD175, 16m @ 56.07% Fe, 14-30m
All results from the oxide(DSO)targeted drilling, which commenced in early April
2014, have now been received
Drilling programme targeting the depth extent of the fresh magnetite BIF has now
been completed with assays expected in the coming weeks
SRK Consulting (UK) have commenced work on a Mineral Resource Estimation for the
Ferensola project
To view a full version of the announcement, including figures and maps, please
visit the Company's website at: www.sulaironandgold.com .
Sula CEO Nick Warrellsaid, "These final results from the DSO drilling again
support the presence of a well-defined iron oxide cap(DSO)at Ferensola. I am
also pleased to report that SRK Consulting (UK) has commenced work on the DSO M
ineral Resource Estimate, this is an exciting phase in your company's
development and I look forward to updating you in the near future".
Sula commenced a second resource drilling campaign, split into two phases, at
Ferensola during 2014 after a successful reconnaissance drill programme was
undertaken in May-July 2013. The results reported here are from 15 drill holes
received from batches nine, ten and eleven, comprising 1,211.05m of drilling
conducted between 5 June 2014 and 20 June 2014. All assay results have now been
received on this drill programme targeting oxide material.
The Company has focused drilling on investigating shallow, high grade iron
mineralisation contained in the oxide and transitional saprolitic zones
overlying the primary magnetite BIF. A summary of the mineralised intersections
from batches 9, 10 and 11 are shown in Table 1.
As previously announced, drilling has now been completed testing the potential
depth extent of the fresh magnetite BIF interpreted below the defined oxide
package with the results of those assays expected in the coming weeks. The
primary magnetite BIF mineralisation continues to remain open at depth. A total
of 3 drillholes were completed, totalling 1,461.8m, with the main purpose of
estimating an Inferred Mineral Resource for the BIF material, when used 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 underlying
fresh magnetite BIF. The project consists of elevated iron grades at surface
grading down to a fresh and competent magnetite BIF.
Phase 1 of the DSO drilling on the main BIF unit was undertaken on a regular
grid on 400m x 50m intervals. Each hole was drilled vertically and represents
the true vertical thickness of the oxide units. Phase 2 of the DSO drilling was
an infill programme based on generating 200m x 50m intervals. In all phases, a
total of 8,872.90m of drilling was carried out. This includes 5,423.15m of
drilling targeting the oxide cap during the phase 1 and phase 2 infill drilling
campaigns. Results that have been received indicate a strike extent of 2.8 km
which currently remains open at either end.
Results received from the 15 holes (1,211.05m) received in batches nine, ten
and eleven, have been positive with multiple intercepts in excess of 55% Fe
defining a potential DSO domain and additional high grade laterite and
saprolitic material within the oxide zone. Results have been tabulated in Table
1 for drill holes which have intercepted the mineralised unit.
Metallurgical testing has commenced on material associated with the underlying
fresh magnetite-BIF to confirm that a saleable concentrate can be generated
through standard magnetic separation techniques. In addition, samples have also
been selected for basic metallurgical testwork from the low grade oxide zones
to confirm that a saleable concentrate can be generated. SRK has selected the
samples which are being analysed at SGS Minerals Services UK Limited, Truro UK.
Table 1 --Mineralised Intersections*
Values
Drillhole Logged Material From To Sum of Average Average Average Average
INTERVAL of FE of of SiO2 of P
Al2O3
BHDD159 DUR 0 12 12 49.11 15.13 2.83 0.07
OX 12 64.5 52.5 31.56 13.24 31.38 0.08
Including 18 26 8 60.75 3.79 1.75 0.06
BHDD160 DUR 0 10 10 34.56 19.59 15.03 0.10
OX 10 76 66 31.83 14.57 29.21 0.09
BHDD161 DUR 0 10 10 49.23 12.45 4.76 0.10
OX 10 78 68 37.05 8.04 30.31 0.08
BHDD162 DUR 0 13.5 13.5 51.73 13.17 1.22 0.06
OX 13.5 61.5 48 32.15 18.32 23.21 0.08
BHDD163 DUR 0 10 10 39.30 23.78 2.16 0.06
OX 10 72 62 42.51 8.67 22.14 0.07
Including 22 32 10 57.48 4.58 4.68 0.09
BHDD164 DUR 0 10 10 40.54 18.24 11.07 0.07
OX 10 68 58 43.06 6.85 25.46 0.07
Including 12 28 16 58.65 4.85 5.22 0.08
BHDD165 DUR 0 24 24 28.08 26.41 18.04 0.08
OX 24 63.5 39.5 33.84 11.28 30.46 0.08
BHDD166 DUR 0 10 10 49.97 14.54 1.71 0.07
OX 10 68 58 44.80 8.78 18.81 0.08
Including 12 30 18 57.26 6.20 4.16 0.07
BHDD167 DUR 0 8 8 44.23 16.54 6.66 0.06
OX 8 52 44 37.24 11.95 25.16 0.09
BHDD169 DUR 3 15 12 46.04 17.94 2.73 0.07
OX 15 73 58 39.00 13.83 20.95 0.07
Including 43 49 6 58.66 4.65 4.61 0.06
BHDD170 DUR 0 16 16 35.12 22.98 11.75 0.11
OX 26 73.5 47.5 37.72 8.05 28.52 0.07
BHDD171 DUR 0.5 16 15.5 36.67 21.57 10.88 0.07
OX 32 80 48 34.19 10.05 32.14 0.09
BHDD172 DUR 0 6 6 45.07 19.12 1.74 0.06
OX 6 50 44 48.11 8.27 15.33 0.05
Including 6 12 6 56.60 8.85 2.30 0.04
And 26 44 18 55.50 2.00 14.17 0.04
BHDD174 DUR 0 12 12 47.99 15.11 5.15 0.04
OX 12 62 50 46.16 10.03 15.54 0.07
Including 18 44 26 58.29 5.69 4.11 0.06
BHDD175 DUR 0 10 10 53.33 10.04 1.13 0.07
OX 10 54 44 45.47 8.58 18.21 0.07
Including 14 30 16 56.07 7.64 3.61 0.07
*results are reported as an average for down-hole lithological intervals, high
grade intervals are length weighted with a lower cut-off grade of 55% Fe and a
maximum internal waste of 5m. Datum WGS84, Zone 29N, some minor errors occur
due 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 drilling
programme is based on information compiled by Mr Colin Rawbone, who is a
Chartered Professional Member of the Australasian Institute of Mining and
Metallurgy ("AusIMM"). Mr Rawbone is a full time employee of SRK and has
sufficient experience which is relevant to the style of mineralisation and type
of deposit under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2012 Edition of
the 'Australasian Code for Reporting of Exploration Results, Mineral Resources
and Ore Reserves'. Mr Colin Rawbone has reviewed this press release and
consents to the inclusion in the press release of the matters based on his
information in the form and context in which this appears.
In addition to the above, this press release has been compiled under
the direction of Mr Howard Baker, who is a Chartered Professional Fellow of
the Australasian Institute of Mining and Metallurgy ("AusIMM"). Mr Baker is a
full time employee of SRK Consulting (UK) Ltd and has sufficient experience
which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Baker
has reviewed this press release and consents to the inclusion in the press
release of the matters based on his information in the form and context in
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-looking
statements that involve various known and unknown risks and uncertainties as
well as other factors. Such forward looking statements are subject to a number
of risks and uncertainties that may cause actual results or events to differ
materially from current expectations, including delays in obtaining or failure
to obtain required regulatory approvals. There can be no assurance that such
statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Notes:
Sula Iron & Gold plc is a multi-commodity exploration company focused 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 focused on delineating a maiden JORC compliant iron
ore 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 BIF at surface,
which has a known strike length of 2.8km. 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 high grade iron mineralisation.
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 &
Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and
Mining, 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.
APPENDIX A. JORC CODE, 2012 Edition, Table 1 (Section 1 and 2)
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling Nature and quality of sampling (eg Diamond core samples collected
techniques cut channels, random chips, or by Sula staff were of half HQ
specific specialised industry core, with the sample cut so
standard measurement tools as to equally divide
appropriate to the minerals under structures. Sample lengths
investigation, such as down hole ranged from 0.5 m to 2 m.
gamma sondes, or handheld XRF Sample intervals were not
instruments, etc). These examples matched to geological
should not be taken as limiting the boundaries.
broad meaning of sampling.
Include reference to measures taken Sula used a minimum sample
to ensure sample representivity and size of 0.25 kg per core
the appropriate calibration of any sample dispatched. They
measurement tools or systems used. routinely submitted blanks,
duplicate and certified
reference material.
Aspects of the determination of Diamond core samples were HQ
mineralisation that are Material to diameter, and were cut in half
the Public Report. using a core saw, dividing
geological structures equally
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 'industry standard' All sampling preparation has
work has been done this would be been undertaken by an
relatively simple (eg 'reverse accredited laboratory;
circulation drilling was used to preparation of samples has
obtain 1 m samples from which 3 kg been undertaken through ALS
was pulverised to produce a 30 g Monrovia and XRF analysis has
charge for fire assay'). In other been undertaken by ALS based
cases more explanation may be in Ireland.
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, reverse Drill method was diamond
techniques circulation, open-hole hammer, drilling of dominantly HQ core
rotary air blast, auger, Bangka, during the drill programmes
sonic, etc) and details (eg core undertaken, using standard
diameter, triple or standard tube, tubes. A CS1000 man portable
depth of diamond tails, drill rig operated by a
face-sampling bit or other type, reputable company acting under
whether core is oriented and if so, industry best practices.
by what method, etc).
Core on vertical holes
targeting oxide material has
not been orientated.
Drill sample Method of recording and assessing Drill core recovery was
recovery core and chip sample recoveries and recorded for every hole
results assessed. through routine monitoring of
drill rod 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 maximise sample Supervision of the diamond
recovery and ensure representative drilling by Sula geologists
nature of the samples. ensured sample recovery was
good, and that samples were
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 exists No studies are known to have
between sample recovery and grade been completed on sample bias.
and whether sample bias may have
occurred due to preferential loss/
gain of fine/coarse material.
Logging Whether core and chip samples have Geological logging for diamond
been geologically and geotechnically core includes a descriptive
logged to a level of detail to log with some quantitative
support appropriate Mineral Resource logging of mineralogy and
estimation, mining studies and alteration, in addition to
metallurgical studies. plotting of assays and the
geology as a graphic log.
No geotechnical logging has
been undertaken on oxide
material due to core
fragmentation and lack of
orientation.
Whether logging is qualitative or Logging is qualitative, with
quantitative in nature. Core (or the exception of some
costean, channel, etc) photography. quantitative logging of
mineralogical and alteration
content.
Core photography is undertaken
for both half and whole core
on a box by box basis.
The total length and percentage of 100% of diamond core samples
the relevant intersections logged. can be correlated to graphic
logs of the diamond drill
hole.
Sub-sampling If core, whether cut or sawn and Drill core samples were half
techniques whether quarter, half or all core HQ core, where the core was
and sample taken. cut to equally divide
preparation significant structures in the
rock. Half core is dispatched
for analytical process's
If non-core, whether riffled, tube All sampling relates to drill
sampled, rotary split, etc and core
whether sampled wet or dry.
For all sample types, the nature, Diamond core samples have been
quality and appropriateness of the analysed by XRF for a full
sample preparation technique. suite of analytes including
but not limited to Fe_%,
Al2O3_%, SiO2_% and P_%. In
addition to this analysis the
LOI was also recorded.
Quality control procedures adopted For diamond drill core
for all sub-sampling stages to sampling, standards,
maximise representivity of samples. duplicates and blanks were
interleaved randomly with the
routine samples, every 20th
sample; targeting a frequency
of 5%
Measures taken to ensure that the Field duplicates are submitted
sampling is representative of the in as 1 in 20 insertion rate,
situ material collected, including where duplicates are selected
for instance results for field the remaining half core is
duplicate/second-half sampling. split to produce a field based
quarter core sample for
comparative studies.
Whether sample sizes are appropriate Diamond core samples were half
to the grain size of the material HQ core, which is a large
being sampled. diameter core for exploration
drilling.
Quality of The nature, quality and SRK deem the accredited
assay data appropriateness of the assaying and laboratory and the requested
and laboratory procedures used and analysis to be suitable and
laboratory whether the technique is considered sufficient for this type and
tests partial or total. style of mineralisation
deposit
For geophysical tools, No geophysical tools or other
spectrometers, handheld XRF unusual analysis methods were
instruments, etc, the parameters employed.
used in determining the analysis
including instrument make and model,
reading times, calibrations factors
applied and their derivation, etc.
Nature of quality control procedures For diamond drill core
adopted (eg standards, blanks, sampling, standards,
duplicates, external laboratory duplicates and blanks were
checks) and whether acceptable interleaved randomly with the
levels of accuracy (ie lack of bias) routine samples, every 20th
and precision have been established. sample; targeting a frequency
of 5%.
Samples are reviewed on a
batch by batch basis to
identify any bias with in the
analytical process.
Verification The verification of significant Mr Colin Rawbone of SRK has
of sampling intersections by either independent independently verified the
and assaying or alternative company personnel. intersections derived from
lithological and grade
logging.
The use of twinned holes. No twinned holes have been
used to verify sampling and
assaying.
Documentation of primary data, data Data has been compiled from
entry procedures, data verification, good quality paper plans and
data storage (physical and digitally compiled at a later
electronic) protocols. date.
The data has been assimilated
into the Company's Microsoft
Excel database, after
compilation and validation in
Mapinfo Software.
Discuss any adjustment to assay No adjustment to assay data
data. has been undertaken
Location of Accuracy and quality of surveys used All drill collars are
data points to locate drill holes (collar and positioned with handheld GPS
down-hole surveys), trenches, mine to an accuracy of within 5m.
workings and other locations used in
Mineral Resource estimation. Down hole surveys are not
utilised on shallow vertical
drill holes but where required
has been undertaken using the
REFLEX tools
Specification of the grid system WGS 84 UTM Zone 29 North
used.
Quality and adequacy of topographic Current topographic surveys
control. has been limited to SRTM data.
An aerial survey to meter
scale accuracy has recently
been undertaken - results
pending
Data spacing Data spacing for reporting of Diamond drill core samples are
and Exploration Results. collected over contiguous
distribution intervals of alteration as per
logging. There are lengths of
diamond core not sampled. Some
sampled intervals were re–
sampled as composites, or as
single duplicate samples.
Drilling has taken place on
400m spaced drill fences at
50m intervals
Whether the data spacing and No Mineral Resource or Ore
distribution is sufficient to Reserve calculations have been
establish the degree of geological
and grade continuity appropriate for reported on the deposit at
the Mineral Resource and Ore Reserve this stage.
estimation procedure(s) and
classifications applied.
Whether sample compositing has been Sample compositing was
applied. performed for reporting of
diamond drill core results,
based on a weighted average as
a function of sample length
versus grade.
Orientation Whether the orientation of sampling Drilling has been best
of data in achieves unbiased sampling of orientated to allow a
relation to possible structures and the extent perpendicular intercept of the
geological to which this is known, considering surface oxide zone to be
structure the deposit type. achieved.
If the relationship between the Based on current information
drilling orientation and the no bias has been introduced
orientation of key mineralised based on the orientation of
structures is considered to have drilling and relationship with
introduced a sampling bias, this key structures.
should be assessed and reported if
material.
Sample The measures taken to ensure sample Sula geologists maintain a
security security. full 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 audits or reviews All logging and sampling
reviews of sampling techniques and data. techniques have been audited
during an independent site
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 Commentary
Mineral Type, reference name/number, EL54/2011 issued by the Government
tenement and location and ownership of Sierra Leone 23rd August 2011
land tenure including agreements or to Blue Horizon (SL Ltd). Blue
status material issues with third Horizon (SL Ltd) is a 100% owned
parties such as joint subsidiary of Sula Iron & Gold
ventures, partnerships, Plc. Full due diligence on the
overriding royalties, native license was carried out by Sula's
title interests, historical SL lawyers and UK lawyers prior to
sites, wilderness or national IPO in October 2012. There are no
park and environmental joint ventures in place save an
settings. MOU with the Town Chief and his
Elders of Dalakuru Town regarding
the buildings in Dalakuru base
camp. There are no historical
sites, wilderness or national park
and environmental settings within
our demarcated license area.
The security of the tenure As above
held at the time of reporting
along with any known
impediments to obtaining a
licence to operate in the
area.
Exploration Acknowledgment and appraisal Exploration carried out by Mano
done by other of exploration by other River during the 1990s. Almost
parties parties. impossible to appraise the
exploration as little or no
records of the exploration were
submitted to the Ministry of
Mineral Resources.
Geology Deposit type, geological The Ferensola project appears to
setting and style of be a typical weathered BIF with an
mineralisation. underlying fresh magnetite BIF.
Drill hole A summary of all information All tabulated exploration collars
Information material to the understanding are included in the release in
of the exploration results appendix B.
including a tabulation of the
following information for all Table depicts all intercepts where
Material drill holes: drill holes have intercepted
mineralisation. Intercept lengths
easting and northing of the from diamond drilling are
drill hole collar presented as down hole lengths,
not true lengths, and this is
elevation or RL (Reduced Level stated in the release.
- elevation above sea level in
metres) of the drill hole
collar
dip and azimuth of the hole
down hole length and
interception depth
holelength.
If the exclusion of this Intercepts have been omitted from
information is justified on this report where drill holes have
the basis that the information not intercepted the interpreted
is not Material and this mineralisation. Drill collars for
exclusion does not detract each of these holes however have
from the understanding of the been recorded in Appendix B
report, the Competent Person
should clearly explain why
this is the case.
Data In reporting Exploration Weighting is calculated as a
aggregation Results, weighting averaging function of each sample length
methods techniques, maximum and/or multiplied by each grade, with the
minimum grade truncations (eg summed product divided by the
cutting of high grades) and total sample length, to present
cut-off grades are usually composited intervals. A high grade
Material and should be stated. portion of these intercepts has
been highlighted using a 55% Fe
Cut-off grade where intervals were
greater than 5m.
Where aggregate intercepts Where intercepts are reported as
incorporate short lengths of longer lengths of lower grade, it
high grade results and longer is clearly stated that the higher
lengths of low grade results, incepts within are part of the
the procedure used for such lower grade intercept, not in
aggregation should be stated addition to the low grade
and some typical examples of intercept.
such aggregations should be
shown in detail.
The assumptions used for any No metal equivalents are used for
reporting of metal equivalent the exploration results at
values should be clearly Ferensola Prospect.
stated.
Relationship These relationships are Diamond drill sample intercepts
between particularly important in the are reported as down hole widths.
mineralisation reporting of Exploration
widths and Results.
intercept
lengths If the geometry of the Mineralisation is considered to be
mineralisation with respect to steeply dipping (approx. 70° NW)
the drill hole angle is known, with a dominant strike NE-SW.
its nature should be reported. However oxidation of this material
is deemed to have 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 and only This is clearly stated in the
the down hole lengths are release.
reported, there should be a
clear statement to this effect
(eg 'down hole length, true
width not known').
Diagrams Appropriate maps and sections Diagrams are provided that show
(with scales) and tabulations all surface samples and the
of intercepts should be diamond drill hole traces in plan
included for any significant view, plus a cross section is
discovery being reported These provided with the intercept
should include, but not be locations and known geology.
limited to a plan view of
drill hole collar locations
and appropriate sectional
views.
Balanced Where comprehensive reporting Exploration results are presented
reporting of all Exploration Results is in the Table 1, regardless of
not practicable, grade where mineralised material
representative reporting of has been intercepted. Grade has
both low and high grades and/ been split by lithology based on
or widths should be practiced logging undertaken by the Sula
to avoid misleading reporting geologists.
of Exploration Results.
Other Other exploration data, if Discussion of the Ferensola
substantive meaningful and material, Prospect geology is included in
exploration should be reported including the release.
data (but not limited to):
geological observations; In situ density measurements are
geophysical survey results; carried out using Archimedean
geochemical survey results; principles for consolidated fresh
bulk samples - size and method core and are undertaken on a
of treatment; metallurgical lithological basis.
test results; bulk density,
groundwater, geotechnical and To date no economic or extractive
rock characteristics; measures such as bulk samples,
potential deleterious or metallurgical testing, bulk
contaminating substances. density, groundwater, geotechnical
or rock samples have been
undertaken.
Further work The nature and scale of Drill testing is identified as
planned further work (eg tests future planned work. At present
for lateral extensions or the infill drilling to a 200m x
depth extensions or 50m spacing has been commenced to
large-scale step-out increase confidence in the initial
drilling). interpretations of 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 highlighting Possible extensions are indicated
the areas of possible on the plan and cross section
extensions, including the main provided in the release.
geological interpretations and
future drilling areas,
provided this information is
not commercially sensitive.
APPENDIX B. - Ferensola Completed Drill Collars
XCOLLAR YCOLLAR ZCOLLAR BHID DH
216834 1013727 795 BHDD001 187.5
216768 1013806 797 BHDD002 302.2
216546 1013462 763 BHDD003 240.25
216478 1013533 776 BHDD004 269.65
216010 1012883 750 BHDD005 157.4
215946 1012957 765 BHDD006 245
215681 1012631 768 BHDD007 131.7
215589 1012757 808 BHDD008 293.15
216997 1013856 803 BHDD009 161.1
215928 1012978 758 BHDD101 72
215962 1012938 763 BHDD102 70.5
215598 1012733 799 BHDD103 64.5
215994 1012895 722 BHDD104 66.5
215633 1012688 769 BHDD105 67
216028 1012860 733 BHDD106 62.5
215669 1012654 782 BHDD107 63
216057 1012821 723 BHDD108 66
215696 1012626 732 BHDD109 65.5
216088 1012782 675 BHDD110 67.5
215727 1012579 737 BHDD111 61.5
215348 1012322 670 BHDD112 49.5
216210 1013192 703 BHDD113 46
215379 1012289 695 BHDD114 43.5
216501 1013515 776 BHDD115 66
216537 1013479 765 BHDD116 81
215429 1012257 683 BHDD117 48
215283 1012401 744 BHDD118 54.5
216258 1013173 683 BHDD119 56
216563 1013442 755 BHDD120 77
215306 1012369 733 BHDD121 69.2
216599 1013399 729 BHDD122 70
216291 1013148 705 BHDD123 72.5
216814 1013759 794 BHDD124 75
216622 1013373 717 BHDD125 63
216317 1013109 710 BHDD126 64.5
216846 1013725 788 BHDD127 69
217119 1013970 788 BHDD128 100
216876 1013685 770 BHDD129 70.5
217427 1014213 663 BHDD130 78
217091 1014007 781 BHDD131 129
216909 1013648 751 BHDD132 56.5
217399 1014248 654 BHDD133 63
217788 1014753 594 BHDD134 25.5
217065 1014043 772 BHDD135 127.5
217347 1014270 656 BHDD136 58.5
218089 1014591 634 BHDD137 79.5
217143 1013952 783 BHDD138 100.5
215838 1012832 779 BHDD139 71.5
218080 1014633 633 BHDD140 84
215881 1012798 769 BHDD141 73.5
217031 1014085 754 BHDD142 131
218080 1014633 633 BHDD143 67.5
218104 1014586 635 BHDD144 69
215902 1012757 732 BHDD145 60.5
217176 1014230 711 BHDD146 100.5
216109 1013104 709 BHDD147 54
215926 1012729 739 BHDD148 86.8
216648 1013922 736 BHDD149 500.3
217208 1014192 716 BHDD150 114.6
216133 1013067 729 BHDD151 70.5
216178 1013048 702 BHDD152 72
215492 1012518 732 BHDD153 76.5
216963 1013895 797 BHDD154 106.5
216186 1013005 650 BHDD155 91.5
215477 1012547 757 BHDD156 72
216929 1013926 788 BHDD157 123
216354 1013350 741 BHDD158 67.5
215537 1012468 692 BHDD159 64.5
216676 1013612 783 BHDD160 76.6
216378 1013323 732 BHDD161 78
215564 1012435 715 BHDD162 98.8
216697 1013583 774 BHDD163 72
216409 1013293 719 BHDD164 75
215971 1012923 721 BHDD165 63.5
216725 1013556 760 BHDD166 75
216427 1013241 704 BHDD167 108
216137 1013324 732 BHDD168 437.5
216745 1013531 746 BHDD169 80.15
215853 1012822 777 BHDD170 73.5
216525 1013497 772 BHDD171 80
215707 1012606 759 BHDD172 73.5
217312 1014110 700 BHDD173 50
216583 1013425 745 BHDD174 73.5
217278 1014153 700 BHDD175 69
215497 1012855 781 BHDD176 524
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