Commencement of Extended Drill Programme

RNS Number : 7797E

Sula Iron & Gold PLC

06 November 2015

 

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

6 November 2015

Sula Iron & Gold plc

("Sula" or the "Company")

Commencement of Extended Drill Programme

Sula Iron & Gold plc, a multi-commodity exploration company focused on Sierra Leone, is pleased to announce that, further to the drilling contract entered into with Energold Drilling Corp on 16 October 2015, it has commenced its extended drill programme at its Ferensola Gold Project.

Overview of Exploration Target:

·      SRK Consulting (UK) Ltd ("SRK Consulting") has defined an independent JORC compliant gold exploration target (the "Exploration Target") for the Ferensola Gold Project with a tonnage range of between 5 and 7 million tonnes at a grade range of 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, and which has additional mineralisation potential to that included in the Exploration Target area.

·     Fully funded drill programme now commenced comprising 1,500 metres.

The comprehensive drill programme is being overseen on-site by both SRK Consulting and Howard Baker, the Company's Technical Non-Executive Director, to ensure that the most optimal technical structural data is derived from the drilling programme. Further to the fundraising announced on 14 October 2015, the drill programme will now comprise a total of 1,500 metres which the directors believe should be sufficient to subsequently formally engage with a potentially interested Tier 1 international gold company.

Sula's CEO, Nick Warrell, commented:

"We are delighted to be resuming our exploration of our licence area on schedule and without any delays caused by the weather.

"The Company has continued to make good progress with its Ferensola Gold Project and the extended drilling programme is an important factor in potentially enabling Sula to attract a Tier 1 gold producer. Further to the recent successful placing, the Company now has the necessary funds in place to complete the extended drill programme."

**ENDS**

For further information please visit www.sulaironandgold.com or contact the following:

Sula Iron & Gold plc Nick Warrell / Matt Wood / Howard Baker [phone] Strand Hanson Limited (Financial and Nominated Adviser) James Harris / Matthew Chandler / James Dance [phone] VSA Capital Limited (Joint Broker) Andrew Raca / Richard Buckle [phone] Daniel Stewart & Company Plc (Joint Broker) Martin Lampshire / David Coffman [phone] Yellow Jersey PR (Financial PR) Dominic Barretto / Harriet Jackson [phone] [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 iron, gold and coltan. In December 2014, the Company achieved a corporate milestone in delivering its JORC MRE for the BIF 1 iron ore project in which total resource of 514.5Mt @ 31.8% Fe was identified including a total oxide resource of 55.5Mt @ 45.26% Fe.

 

END

 

 

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