Sula Iron announce further exploration work

PUBLISHED: Nov 20 2013 @ 04:33 | Comments (11) |

Sula Iron & Gold (LSE:SULA), a multi-commodity exploration company focussed on Sierra Leone, have announced that is has commenced further exploration work to prove up the gold mineralisation at its wholly owned 153 sq km Ferensola Project, located in the northern part of the Sula-Kangari Greenstone Belt in Sierra Leone, which is prospective for both iron and gold.

– Field work has commenced over several gold target zones located within the Licence area, which appear to host source areas of placer gold – five target areas for hard rock gold mineralisation identified to date
– Detailed ground work comprising a geochemical soil sampling programme and a ground magnetic survey is currently being conducted to delineate geological structures on two target areas – the Yanfarina and Lagunda prospects
– Exploration focussed on locating optimum sites for diamond drilling programme targeted to commence in 2014
-Areas prospective for gold are located in the highly prospective Sula-Kangari greenstone belt rocks – hosts Amara Mining Plc’s 2.91Moz Au Baomahun
deposit
– Additional gold targets have been identified and remain to be explored
-Historic drilling intercepted hard rock mineralisation that is open in all directions at the Dalakuru prospect. Historic diamond drilling intercepted:
2.00m @ 8.76g/t gold (83.14 to 85.10m, SDD004)
8.72m @ 10.46g/t gold (89.40 to 98.10m, SDD004)
1.55m @ 11.68g/t gold (171.00 to 173.00m, SDD016)
9.03m @ 6.63g/t gold (161.37 to 170.00m, SDD033)

Sula Chief Executive Nick Warrell said, “I am delighted to announce that we have commenced further exploration at our highly prospective Ferensola Project in Sierra Leone. With defined development strategies in place to prove up our understanding of the gold mineralisation within the Licence area, I believe we are well set to advance Ferensola up the value development curve. In addition, we maintain a dual exploration focus and are committed to delineating a maiden iron resource in 2014, having already identified a banded iron formation, with a strike length of 3.1km, which is proven to extend from a magnetic anomaly in African Minerals Limited’s 12.8 billion tonne Tonkolili iron project. I look forward to updating the market with our progress regarding both our iron and gold exploration activity in due course, as we continue to develop the Project.”

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