9 July 2014
Sula Iron &Gold plc
("Sula" or the "Company")
Completion of DSO and Magnetite Drill Programmes
Sula Iron and Gold plc, a multi-commodity exploration company focussed on
Sierra Leone, is pleased to announce that it has completed the direct shipping
ore ("DSO") and magnetite drilling programmes at the Ferensola Project in
Sierra Leone (`Ferensola" or the "Project").
Overview
* A total of 6,835m of diamond drilling has been completed at the Company's
Ferensola Project in Sierra Leone:
* 73 holes for 5,422m were completed as part of the DSO exploration programme
* 3 holes for 1,462m were completed as an addition to the original DSO
programme and designed to investigate the magnetite mineralisation at depth
and along the strike
* Out of a total of 12 batches of samples, 5 have already been received and
reported, with the final 7 batches expected by the end of September.
Sula CEO Nick Warrell said, "We are very pleased to report that this year's
major exploration drilling programme at Ferensola has now been completed. The
team in Sierra Leone have done a tremendous job in completing this on time and
under budget and we are very grateful for their tireless hard work. As
previously announced we anticipate receiving all analytical results by
September and completing a maiden JORC compliant mineral resource estimate on
both the DSO and magnetite iron by the end of the year.""
2014 Drilling Programme
Sula commissioned SRK Exploration Services ("SRK ES") to prepare and implement
the second drilling programme at Ferensola; this commenced on 9 April 2014. The
drilling programme targeted sub-cropping iron oxide mineralisation within an
identified 3.1km Banded Iron Formation ("BIF") unit proven to extend from
African Minerals Limited's 12.8Bt Tonkolili iron mine in Sierra Leone.
The current exploration programme followed a nine hole 2,000m drilling
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.
As a result of better than expected progress on the DSO drilling, an additional
3 deep holes targeting the magnetite iron mineralisation were completed.
Enquires:
Sula Iron & Gold plc +44 (0) 20 7583 8304
Nick Warrell / Matt Wood
www.sulaironandgold.com
Cairn Financial Advisers LLP +44 (0) 20 7148 7900
James Caithie / Avi Robinson
Daniel Stewart & Company Plc +44 (0) 20 7776 6550
Martin Lampshire / David Hart
Yellow Jersey PR +44 (0)7768 537 739
Dominic Barretto / Kelsey Traynor
Notes
Sula Iron & Gold plc is a multi-commodity exploration company focussed on West
Africa. The Company's main objective is to explore and advance its Ferensola
Projects, in Northern Sierra Leone, that are highly prospective for iron and
gold. Sula is currently focussed on delineating a maiden JORC compliant iron
resource estimate and evaluating the gold prospectivity. 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 iron mineralisation.
Exploration work at the project has confirmed the presence of BIF at surface,
which has a known strike length of 3.1km. The BIF is proven to extend NE from
the Tonkolili licence and into Sula's licence area. A 2,000m scout drilling
programme conducted over a 2.2km section of BIF, confirmed the licence area's
prospectivity for high-grade iron mineralisation.
Significant Greenstone Belt-style gold mineralisation has also been identified
at various prospects within the licence area. Five target areas for hard rock
gold mineralisation have been identified based on the location of historic
drill intercepts, the source areas for alluvial gold deposits, and the position
of major structures as defined by airborne magnetic data and drainage
orientation.
The information in this release that relates to Exploration Results has been
reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron &
Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and
Mining, a Registered Professional Geologist with the Australian Institute of
Geoscientists and a Competent Person as defined in the Australasian Code for
Reporting of exploration results and Mineral Resources and Ore Reserves.
