Business
Completion of DSO and Magnetite Drill Programmes
Completion of DSO and Magnetite Drill Programmes.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n 9 July 2014\n\n Sula Iron &Gold plc \n\n (\"Sula\" or the \"Company\") \n\n Completion of DSO and Magnetite Drill Programmes \n\nSula Iron and Gold plc, a multi-commodity exploration company focussed on\nSierra Leone, is pleased to announce that it has completed the direct shipping\nore (\"DSO\") and magnetite drilling programmes at the Ferensola Project in\nSierra Leone (`Ferensola\" or the \"Project\").\n\nOverview\n\n * A total of 6,835m of diamond drilling has been completed at the Company's\n Ferensola Project in Sierra Leone:\n \n * 73 holes for 5,422m were completed as part of the DSO exploration programme\n \n * 3 holes for 1,462m were completed as an addition to the original DSO\n programme and designed to investigate the magnetite mineralisation at depth\n and along the strike\n \n * Out of a total of 12 batches of samples, 5 have already been received and\n reported, with the final 7 batches expected by the end of September.\n \nSula CEO Nick Warrell said, \"We are very pleased to report that this year's\nmajor exploration drilling programme at Ferensola has now been completed. The\nteam in Sierra Leone have done a tremendous job in completing this on time and\nunder budget and we are very grateful for their tireless hard work. As\npreviously announced we anticipate receiving all analytical results by\nSeptember and completing a maiden JORC compliant mineral resource estimate on\nboth the DSO and magnetite iron by the end of the year.\"\"\n\n2014 Drilling Programme\n\nSula commissioned SRK Exploration Services (\"SRK ES\") to prepare and implement\nthe second drilling programme at Ferensola; this commenced on 9 April 2014. The\ndrilling programme targeted sub-cropping iron oxide mineralisation within an\nidentified 3.1km Banded Iron Formation (\"BIF\") unit proven to extend from\nAfrican Minerals Limited's 12.8Bt Tonkolili iron mine in Sierra Leone.\n\nThe current exploration programme followed a nine hole 2,000m drilling\nprogramme, completed in September 2013, which demonstrated consistently high\ngrade iron, with highs of 14.59m @ 55.54% iron (`Fe') and 29.7m at 52.25% Fe.\n\nAs a result of better than expected progress on the DSO drilling, an additional\n3 deep holes targeting the magnetite iron mineralisation were completed.\n\nEnquires:\n\nSula Iron & Gold plc +44 (0) 20 7583 8304\n\nNick Warrell /...