Completion of Drill Programme at Ferensola Project

RNS Number : 2619H

Sula Iron & Gold PLC

30 November 2015

 

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

30 November 2015

Sula Iron & Gold plc

("Sula" or the "Company")

Completion of Drill Programme at Ferensola Gold Project

Sula (AIM: SULA), a multi-commodity exploration company focused on Sierra Leone, is pleased to announce that the extended drill programme at its Ferensola Gold Project has been completed on budget and ahead of schedule.

Overview of Exploration Target:

·      SRK Consulting (UK) Ltd ("SRK Consulting") has previously defined an independent JORC compliant gold exploration target (the "Exploration Target") for the Company's Ferensola Gold Project with a tonnage range of between 5 and 7 million tonnes grading at between 4 and 8 grammes per tonne, equating to between 0.8 and 1.5 million ounces Au.

·      The Exploration Target has been restricted to a 2km strike length segment of a regional fold belt that has a potential overall strike length in excess of 10km, such that there is additional mineralisation potential to that included in the current Exploration Target area.

The completed drill programme comprised 10 diamond drillholes for just over 1,500m of drill core. All drilling was conducted by Energold Drilling Corp using two CS1000 drill rigs and was overseen by Dr Paul Stenhouse, Senior Structural Geologist of SRK Consulting, and Howard Baker, the Company's Technical Non-Executive Director. The drilling focused on areas of previously known mineralisation from within the Exploration Target area with step out holes being completed to test the dip and strike continuity of the mineralisation. The samples generated from the drilling programme will be analysed by ALS Geochemistry ("ALS") in Ireland with the results from the first four drillholes being expected within the coming weeks. ALS has acknowledged receipt of the first batch of samples and the sample preparation and analysis has already commenced. Upon completion of all supervised logging and sampling, the remaining samples will be dispatched from Sierra Leone to ALS in early December 2015.

In addition to the samples generated from the drilling campaign, new goldstone samples from mapped zones within the licence area will also be submitted for assay. The colloquially termed "goldstone" is believed to represent weathered sulphide mineralisation and is one of the target material types of local artisanal miners in the area. The samples being submitted for assay were collected from a zone located approximately 2km south of the current Exploration Target area.

Sula's CEO, Nick Warrell, commented:

"We are delighted that the extended drill programme at the Ferensola Gold Project has been competed ahead of schedule and on budget, which is a testament to our team in Sierra Leone. As previously stated, the assay results from the samples of drill core and goldstone submitted to ALS will be released to the market as and when received. Management remains excited about the project's potential and we look forward to updating the market in due course."

**ENDS**

For further information please contact:

Sula Iron & Gold plc
Nick Warrell / Matt Wood / Howard Baker	[phone]
Strand Hanson Limited (Financial and Nominated Adviser)
James Harris / Mathew Chandler / James Dance	[phone]
VSA Capital Limited (Broker)
Andrew Raca / Richard Buckle	[phone]
Yellow Jersey PR (Financial PR)
Dominic Barretto / Harriet Jackson	[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 153 sq. km. Ferensola Project in Northern Sierra Leone, which is highly prospective for coltan, gold and iron ore. 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 @ 45.26% Fe.

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 (#224239) and a Competent Person as defined in the Australasian Code for reporting of exploration results and Mineral Resources and Ore Reserves.

 

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