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Sula Iron & Gold Plc
Summary
| Project: | Ferensola | |
|---|---|---|
| Deposit: | Ferensola | |
| Location: | Sierra Leone | |
| Commodities: | Gold | |
| Date: | 5/12/2017 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 12-5-2017: Sula Iron & Gold Plc announces an Exploration/Drilling Update report for its Ferensola deposit at the Ferensola project. Drilling results incl. 32.6m @ 3.65g/t Au from 122.9m. Sula (AIM: SULA), the gold exploration company focused on Sierra Leo | |
| Resources: | (Resource, Total): 514.5Mt @ 31.8% Fe at project | |
| CP/QP: | [Overall Report]: Howard Baker (Internal) | |
| ABSTRACT: | Sula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to announce the results from Batch 1 of its recently completed 3,783 metre 14 hole drill program across Sanama Hill (TZ0), Eastern Target (TZ2), TZ4 and the Kuwait artisanal anomaly on its Ferensola Gold Project. Batch 1 comprises 1,265 samples from 5 drillholes: FDD014 from Sanama Hill, (from where we drilled 10 holes in December 2015) and FDD011, FDD012, FDD013 and FDD015 from TZ2 (Eastern Target), a new, never before drilled target. Roger Murphy, Sula's CEO, commented: "I am delighted by these results and the progress we are making at Sanama Hill in finding high grade gold. We believe there is much more to be found, as we now understand the structural controls on mineralisation better. The results from FDD014 returned the thickest width, containing the highest grade that Sula has drilled to date. It is extremely encouraging that the oxide and high grade sulphide gold mineralisation we are finding at Sanama Hill is shallow and thus potentially open-pittable. Similarly, the high-grade zones should be amenable to underground mining. The first results from TZ2 (Eastern Target) clearly demonstrate that there is a mineralised system with results from three more holes to come. The improved geological understanding gained has led us to drill other areas, including "Kuwait", a nearby area of intense artisanal mining, which is part of the TZ2 anomaly. Also, the structural controls we are beginning to understand at Sanama Hill will help us to target exploration at TZ2 and elsewhere. In summary, we believe the tremendous grades and thicknesses achieved on Sanama Hill and our enhanced geological understanding will help us to find more gold across our 153km2 licence both in the area we are currently working and elsewhere on the project. We are confident that assays from Batch 2, dispatched today, will be a further significant step in that process." | |
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