Additional Iron Ore Targets at Ferensola

RNS Number : 7502Y

Sula Iron & Gold PLC

11 September 2015

 



Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources

11 September 2015

Sula Iron & Gold plc

("Sula" or the "Company")

Mapping Identifies Additional Iron Ore Targets at Ferensola, Sierra Leone

Sula Iron & Gold plc, a multi-commodity exploration company focused on Sierra Leone, announces that it has identified additional Banded Iron Formation ("BIF") targets at the Company's 153 sq. km Ferensola project in Northern Sierra Leone ("Ferensola").

Prior to the onset of the wet season, Sula commenced a mapping campaign on a magnetic target located to the southeast of the Ferensola project licence area, which is host to a pre-existing JORC compliant Mineral Resource Estimate ("MRE") pursuant to which total resources of 514.5 million tonnes ("Mt") grading at 31.8% Fe have been reported including a total oxide resource of 55.5 Mt grading at 45.39% Fe.

The mapping was carried out by the Company's in-country personnel following the reinterpretation of the ground magnetic data that applied the regional lithological trends to the interpretation, being 040° and being in line with other major iron projects in the region, namely the Tonkolili iron project that is contiguous to the Ferensola project.

Figure 1 (http://www.rns-pdf.londonstockexchange.com/rns/7502Y_-2015-9-10.pdf) shows the location of the Ferensola iron project and the associated ground magnetic anomaly data after the application of a 040° trend. Figure 1 also identifies a parallel anomaly to the southeast of the Ferensola project along with the location of mapped BIF and the associated weathered derivatives. The area identified represents approximately 2 km of untested material with the potential to host a conceptual tonnage of between 100 and 150 Mt of BIF mineralisation. This is in addition to the 100-250 Mt previously identified by SRK Consulting (UK) Ltd, which lies below the current optimised pit shell used for constraining the existing abovementioned Ferensola JORC compliant MRE where the deposit remains open at depth. It should be noted that these tonnages are conceptual in nature and indicate an order of magnitude and that they do not currently meet the criteria of a Mineral Resource that is compliant with the guidelines of an Internationally Recognised Reporting Code ("IRRC"). Furthermore, it is currently uncertain if future exploration will result in these targets being delineated as a Mineral Resource compliant with an IRRC.

Upon cessation of the current rainy season, and the commencement of the upcoming scout drilling campaign on the Ferensola gold project, it is the Board's intention to undertake further more detailed mapping and sampling activities to aid potential future exploration planning.

Nick Warrell, CEO of Sula, commented:

"Currently, the main focus of our exploration activities is the recently outlined gold exploration programme following the exciting results summarised in the Company's announcement of 17 July 2015. However, in parallel, we continue to look at our other two mineral assets, being iron and coltan, to determine if we can add value without distracting from our gold exploration programme.  I am therefore delighted that the recent mapping programme, together with the reinterpretation of the ground magnetic data, has identified a conceptual target of between 100 and 150 Mt of BIF mineralisation. We currently expect to follow up with further work in this area in November 2015.

"Our coltan project programme is scheduled for completion by the end of 2015 and I look forward to updating the market with further information at that time".

 **ENDS**

For further information please visit www.sulaironandgold.com or contact the following:

Sula Iron & Gold plc Nick Warrell / Matt Wood / Howard Baker		[phone]
Strand Hanson (Financial Adviser) Simon Raggett / James Harris/ James Dance		[phone]
VSA Capital Limited (Joint Broker) Andrew Raca / Richard Buckle		[phone]
Daniel Stewart & Company Plc (Joint Broker) Martin Lampshire/ David Coffman		[phone]
Yellow Jersey PR (Financial PR) Dominic Barretto / Harriet Jackson		[phone]

Notes to editor:

Sula Iron & Gold plc is a multi-commodity exploration company focused in West Africa. The Company's main objective is to explore and advance its 153 sq. km Ferensola project in Northern Sierra Leone, which is highly prospective for iron, gold and coltan. In December 2014, the Company achieved a corporate milestone in delivering its JORC MRE for the BIF 1 iron ore project pursuant to which a total resource of 514.5 Mt @ 31.8% Fe was identified including a total oxide resource of 55.5Mt @ 45.39% Fe.

The information in this release has been reviewed by Mr Howard Baker, Non-Executive Technical Director of Sula. Mr Baker is a Chartered Professional Fellow of the Australasian Institute of Mining and Metallurgy and a Competent Person as defined in the Australasian Code for Reporting of exploration results and Mineral Resources and Ore Reserves.

 

END

 

 

DRLLMMFTMBIBBAA