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Ferensola Gold Project - Drill Rigs Arrive
Ferensola Gold Project - Drill Rigs Arrive.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6596W Sula Iron & Gold PLC 13 February 2017 \n\n13 February 2017\nSula Iron & Gold plc\n(\"Sula\" or the \"Company\")\n \nFerensola Gold Project - Drill Rigs Arrive in Sierra Leone\n \nSula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, is pleased to announce that the two diamond drill rigs shipped from South Africa in December 2016, have now docked and were unloaded at Freetown Port on Friday 10 February 2017. \nFive containers, holding two drill rigs and associated support equipment, which were shipped in December 2016, arrived and were unloaded on Friday 10 February 2017 at Freetown Port, in Sierra Leone. Following customs clearance at Freetown Port, the containers will be transported directly to the Ferensola project site, in order to commence the Company's planned drill programme designed by Sula's Technical Director. \nAs previously announced, whilst the original plans contemplated the use of a single rig, Equity Drilling Ltd has mobilised two rigs for use at Ferensola, at no additional cost to Sula. Accordingly, this should ensure that the planned drill programme, originally envisaged to be 2,400m, will be completed expeditiously. \nFurthermore, Equity Drilling is taking a significant portion of its payment for the drill contract in the form of new ordinary shares in Sula (with an agreed floor price for the shares of 0.35p), which will serve to assist the Company in conserving its cash resources. Sula continues to anticipate that as a result of this financing deal and the additional rig, it will be able to drill more than the 2,400m originally planned, thereby potentially enabling a larger JORC Exploration Target to be identified. Sula's geologists have planned additional holes to capitalise on this opportunity. \nRoger Murphy, Sula's CEO, commented:\n\"I'm delighted that the rigs have now arrived in country. Our team in Sierra Leone is now working to see them clear customs and be transported to site as fast as possible. We are keen to start drilling at both Sanama Hill, where we already have a JORC-Compliant Exploration Target of 5-7mt at 4-8g/t for 0.8-1.5mn oz., and at the 4km long, high-conviction Eastern Target, that has not yet been drilled and which therefore currently has no confirmed resource estimate. We loo...