Ferensola Gold - Drill Programme Completion

RNS Number : 3972E

Sula Iron & Gold PLC

08 May 2017

 

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

8 May 2017

Sula Iron & Gold plc

("Sula" or the "Company")

Ferensola Gold - Drill Programme Completion

Sula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to announce the completion of the current diamond drilling campaign with a total of 14 drillholes for 3,788.5m from select locations across the Company's 100% owned, flagship Ferensola Gold Project.

Highlights:

·   14 drillholes completed for a total of 3,788.5m against a planned 10 holes for 2,400m;

·   The programme resulted in four drillholes across the Sanama Hill (TZ0) target, seven drillholes across the TZ2 (Eastern Target) IP anomaly target and two drillholes on the TZ4 IP anomaly target;

·   An additional "step out" hole was completed that targeted the underlying geological formation at the Kuwait artisanal mining area that lies to the west of the TZ2 anomaly; and

·   A second and final batch of samples will be dispatched from camp on or around the 10^th May, 2017.

Roger Murphy, Sula's CEO, commented:

"It is very pleasing to report not only the completion of this phase of drilling at Ferensola, but also to note that an additional 4 holes, representing almost 1,400m, were successfully completed against the original plan. This of course increases our understanding of this very interesting orebody and was possible because of the Equity Drilling deal structure and the ongoing analysis of the drilling by our technical experts that enabled siting of further holes. The Kuwait hole is particularly interesting as it targets an area that was not part of our original planning for this phase and may point to an entirely new target. We look forward to reporting assay values from samples already in the labs and those en route as they are received."

In total, Sula completed 3,788.5m of diamond drilling from 14 drillholes across the Sanama Hill (TZ0), TZ2, TZ4 and Kuwait artisanal anomalies. The extra metres drilled were utilised to extend the depth of numerous drillholes and to add additional holes to the programme based on the progressive geological understanding of the project and underlying controls on mineralisation. This included the addition of the Kuwait hole due to a review of the geophysical data and proximity to the extensive artisanal workings.

Logging and sampling of the final drillholes is currently in progress with Sula anticipating the dispatch from site to ALS laboratories in Ireland later this week.

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For further information please contact:

Sula Iron & Gold plc
Roger Murphy (CEO)	[phone]
WH Ireland Limited (Nominated Adviser and Broker) Paul Shackleton	[phone]
VSA Capital Limited (Broker)
Andrew Raca	[phone]
Ongeza Mining (Financial and Technical Adviser)
Iain Macpherson / Ilja Graulich	[phone]

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 153km² Ferensola Project in Northern Sierra Leone, which is highly prospective for gold, iron ore and coltan. 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. In June 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.

The information in this release that relates to Exploration Results has been reviewed by Mr Howard Baker, Non-Executive Technical Director of Sula Iron and Gold plc. Mr Baker is a Chartered Professional Fellow of the Australasian Institute of Mining and Metallurgy (Membership Number 224239) and a Competent Person as defined by the rules of International Reporting Codes that are aligned with CRIRSCO.

Howard Baker has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration targets, Exploration Results, Mineral Resources and Ore Reserves', also known as the JORC Code. The JORC code is a national reporting organisation that is aligned with CRIRSCO. Howard Baker consents to the inclusion in the announcement of the matters based on his information in the form and context in which they appear.

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