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First Results from 2nd Drill programme at Feren...
First Results from 2nd Drill programme at Feren....
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n16June 2014\n\n Sula Iron & Goldp lc \n\n (\"Sula\" or the \"Company\") \n\n First Results from 2nd Drill programme at Ferensola \n\nSula Iron & Gold plc (\"Sula\" or the \"Company\"), the exploration and development\ncompany focused on iron ore in Sierra Leone, is pleased to provide an update on\noperations at its 100% owned Ferensola project (\"the project\"). The Company is\ncontinuing its programme of exploration for further potential direct shipping\nore (\"DSO\") zones and the depth extent of the fresh magnetite Banded Iron\nFormation (\"BIF\") target.\n\nHighlights\n\n * Significant results from the first two batches of samples include:\n \n * Hole BHDD106, 8m @ 60.89% Fe, 16m - 24m\n \n * Hole BHDD106, 6m @ 60.56% Fe, 28m - 34m\n \n * Hole BHDD111, 8m @ 60.25% Fe, 8m - 16m\n \n * Hole BHDD120, 16m @ 59.34% Fe, 32m - 48m\n \n * As of June 8 2014, a total of 4,693m of drilling had been completed\n \n * A total of 7 batches of samples have now been submitted for analysis\n \n * Drilling programme to continue, targeting open areas of further potential\n DSO resource\n \nTo view a full version of the announcement, including figures and maps, please\nvisit the Company's website at: www.sulairongold.com\n\nSula CEO Nick Warrell said, \"We are very pleased with the initial results which\ndemonstrate that a well-defined haematite or iron oxide cap is present at\nFerensola.\"\n\nSula commenced a resource drilling campaign at Ferensola during 2014 after a\nsuccessful reconnaissance drill programme was undertaken in May-July 2013. The\nresults reported are from 15 drill holes comprising 881m of drilling conducted\nbetween 4 April 2014 and 29 April 2014. Drilling remains on-going with further\nresults expected over the next 6 months.\n\nThe Company has focused drilling to investigate shallow, high grade iron\nmineralisation contained in the oxide and transitional saprolitic zones\noverlying the primary magnetite BIF. A summary of the mineralised intersections\nare shown in Table 1.\n\nPreliminary drilling is also being implemented to test the depth extent of the\nfresh magnetite BIF interpreted below the defined oxide package. The primary\nmagnetite BIF mineralisation currently remains open at depth.\n\nThe Ferensola Project\n\nThe Ferensola project appears to be a typical weathered BIF with an underlying\nfresh magnetit...