🕐22.04.13 - 08:27 Uhr
SULA IRON & GOLD PLC: COMMENCE 2,000M DRILLING PROGRAMME TO TARGET IRON MINE RALISATION AT IRON AND GOLD PROJECT IN SIERRA LEONE, WITH ULTIMATE AIM OF DELINEATING MAIDEN JORC COMPLIANT IRON RESOURCE IN 2013
Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources
22 April 2013
Sula Iron & Gold plc (Sula or the Company)
Commence 2,000m Drilling Programme to Target Iron Mineralisation at Iron and Gold Project in Sierra Leone
Sula Iron & Gold plc, an iron ore and gold exploration company focussed on Sierra Leone, is pleased to announce that iron resource drilling has commenced at its wholly owned 153 sq km iron and gold exploration area located in the northern part of the Sula-Kangari Greenstone Belt in Sierra Leone (Licence).
Overview
2,000m drilling programme underway focussed on Area 1 to test the strike continuity, thickness and iron grade of a 3.1km banded iron formation (BIF)
Area 1 is coincident with a strong linear magnetic anomaly extending from African Minerals 12.8Bt iron Tonkolili licence area
Aim to delineate a maiden JORC compliant resource in 2013
Sulas Non-Executive Technical Director Gareth ODonovan said, The commencement of drilling marks a significant development in our exploration efforts.
By testing the strike continuity, thickness and iron grade of the BIF, I am confident that this drilling programme will greatly enhance our understanding of the exciting high grade iron mineralisation as we look to define the projects irons direct shipping ore potential and the estimation of a maiden JORC compliant resource later in 2013.
I look forward to updating shareholders on the drilling programme in due course and also look forward to updating the market on our gold activity; we continue to operate a dual commodity exploration focus in order to prove up both the iron and gold potential of our highly prospective Licence.
Exploration Update
The prospectivity for iron mineralisation in the form of BIF supergene enriched oxidised zones is believed to be very good within the Licence area.
Previously Exploration consultants SRK Exploration Services Ltd issued an exploration target for the Licence of 500Mt at 30.4% iron for magnetite and 55% iron for haematite.
Following positive channel sampling results (see press release 25 February 2013) which confirmed the presence of high grade iron mineralisation, with best intersections of 18m at 51.83% Fe and 22m at 56.22% Fe, at the Licence, Sula has implemented a 2,000m drilling programme.
The diamond drilling programme will comprise eight drill collars over a strike length of 2.2km.
Each hole will be drilled at an azimuth of 140 and a dip of 50, to a downhole depth of 250 metres.
In order to prove up the iron resource potential of the Licence, the drilling programme will test the strike continuity, thickness and iron grade of a 3.1km Banded Iron Formation (BIF) located in target Area 1 (south-western part of the Licence), which is directly along strike from an undrilled magnetic high within African Minerals Limiteds 12.8 billion tonne Tonkolili iron mine.
Depending on the results of the diamond drilling, a second phase programme of shallow vertical holes may be required to test Area 1s potential for direct shipping ore (DSO).
Initial field mapping completed in December 2012 indicated that the BIF outcrops are variably oxidised to higher grade haematite mineralisation; such supergene processes are responsible for the formation of the higher grade DSO ores.
**ENDS**
For further information please visit www.sulairongold.com or contact the following:
Brian Moritz
Sula Iron & Gold plc
+44 (0) 7976 994 300
James Caithie / Avi Robinson
Cairn Financial Advisers LLP
+44 (0) 20 7148 7900
JohnHowes / Alice Lane / Luke Cairns
Northland Capital Partners Limited
+44 (0) 20 7796 8800
Chris Rourke / Guy Wheatley
Beaufort International Associates Limited
+44 (0) 20 7382 8387
Felicity Edwards/ Charlotte Heap
St Brides Media and Finance Ltd
+44 (0) 20 7236 1177
Notes
Sula Iron & Gold plc is an iron ore and gold exploration company focussed on West Africa.
The Companys main objective is to explore and advance its key Exploration Licence EL54/2011, in Northern Sierra Leone, which boasts a dual commodity focus and is highly prospective for iron and gold.
The 153 sq km licence area is contiguous to African Minerals operational Tonkolili iron mine, which has a JORC compliant resource of 12.8 billion tonnes.
Exploration work at the Project has confirmed the presence of banded iron formation (BIF) at surface over a strike length of 3.1km and drill-ready.
The BIF extends NE from the Tonkolili mine into Sulas licence area.
An exploration target of 500 million tonnes at 30.4% iron for magnetite and 55% iron for hematite has been given by independent exploration consultants SRK Exploration Services Ltd.
Significant greenstone-style gold mineralisation has also been identified at various prospects within the licence area.
Greenstone-style deposits are typically located on or proximal to regional scale, deep seated faults and lineaments.
Artisanal miners have exploited placer gold within the Project area for more than 60 years, and active workings are observed in at least five separate areas.
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