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Sula Iron and Gold (LSE:SULA), a multi-commodity exploration company focussed on Sierra Leone, has said that drilling has commenced at its Ferensola Iron Project located in the mineral rich Sula-Kangari Greenstone Belt in Sierra Leone.
The drilling forms part of a 2014 exploration programme, which aims to define a JORC Direct Shipping Ore Iron Mineral Resource Estimate by the end of 2014.
Overview:
* Commenced planned drill programme targeting DSO mineralisation contained in a 3.1km Banded Iron Formation, proven to extend from African Minerals Limited’s 12.8Bt Tonkolili iron mine in Sierra Leone
* Exploration follows nine hole 2,000m drill programme completed in September 2013, which demonstrated consistently high grade iron, with highs of 14.59m @ 55.54% iron (`Fe’) and 29.7m at 52.25% Fe
* Drill programme prepared by leading mining consultants SRK Exploration Services
* Steady news flow expected – first drill cores expected to be sent for analysis May 2014
* Results to help underpin commercial value of Ferensola, which is prospective for both iron and gold
Sula CEO Nick Warrell said, “With infill drilling now underway, Sula is set to significantly advance the Ferensola project as we look to prove up the iron mineralisation potential with a focus on defining a JORC DSO Iron Mineral Resource Estimate by the end of 2014.
“Defining a maiden resource will be a major milestone for the Company and I am confident that with a fully funded programme, a proven exploration team and established infrastructure we have the necessary foundations in place to achieve this.”
