Business
Ferensola Gold Project Update
Ferensola Gold Project Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8070V Sula Iron & Gold PLC 02 February 2017 \n\n2 February 2017\nSula Iron & Gold plc\n(\"Sula\" or the \"Company\")\n \nFerensola Gold Project\nOperational Update & Grab Sample Assay Results\n \nSula (AIM: SULA), the multi-commodity exploration company focused on Sierra Leone, is pleased to announce the following operational update and grab sample assay results for the Ferensola Gold Project.\nHighlights:\n· Two drill rigs en route to Sierra Leone from South Africa;\n· Oxide ore collected from the Eastern Target of the Ferensola Gold Project returns a grade of 4.8g/t Au and the artisanal dump samples from an adjacent river returned grades of up to 11.2g/t Au; and\n· Significant preparatory work completed at the Dalakuru exploration camp (\"Dalakuru\") ahead of the planned drilling progamme.\n \nOperational Update\nRig Mobilisation\nAs announced at the time of entering into the drilling contract with Equity Drilling Ltd (\"EQD\") on 5 December 2016, two drill rigs and associated support equipment (the \"Drill Rigs\"), were being mobilised from South Africa for deployment at the project site Sierra Leone. The Drill Rigs left South Africa in December and whilst originally anticipated to arrive in country in January 2017, the ship carrying the Drill Rigs is now not expected to dock in Freetown until early February. On arrival, and following customs clearance at the Freetown port, they will be transported directly to the Ferensola site, in order to commence the planned drill programme designed by Sula's Technical Director. \nWhile Sula originally planned to use a single drill rig, Sula's chosen drilling partner, EQD, 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. \nSula also notes that, as previously announced, EQD 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 ordinary shares of 0.35p), which will serve to assist the Company in conserving its cash resources. Sula currently anticipates that, as a result of this financing deal, it will be a...