Business
Phase 3 Drilling Update and Update on Subscription
Phase 3 Drilling Update and Update on Subscription.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 5326I Sula Iron & Gold PLC 20 June 2017 \n\nSULA IRON & GOLD PLC\n(\"Sula\" or the \"Company\")\nPhase 3 Drilling Update and Update on Subscription\n \nPhase 3 Drilling Update\n \nSula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to report a smooth ramp up into the current 5,000m drill programme at Sula's Ferensola gold project, with both rigs currently drilling day and night shifts at Sanama Hill. The first hole drilled, FDD025, on Sanama Hill is complete and is being logged. Two further holes on Sanama Hill are close to completion (FDD026 & FDD027). In due course one of the two drill rigs will be transferred to TZ4, the Southern Target, to commence a targeted programme there.\nAs previously stated the focus of this Phase 3 drilling programme is:\n· to infill and extend the areas of known high grade mineralisation at Sanama Hill, including the thick high-grade intersection in FDD024 which reported 3.65g/t over 21m true width, including a very high-grade core of 15.9g/t over 3.2m;\n· to improve the confidence in the geological interpretation and support a more accurate determination of the contained gold at Sanama Hill;\n· to further outline the potential of TZ4, the Southern Target, where the three holes drilled have all returned gold mineralisation, including 5.2g/t over 1.22m, from FDD021; and\n· additionally, Sula may consider a small amount of scout drilling on one or more of the 17 other gold targets identified by Tect Consulting in their recent structural geology analysis and review.\nSubscription Update\nSula is also pleased to confirm that, further to the Company's announcement of 16 June 2017 of its intention to raise £0.4 million via a subscription through the conditional issue of 160,000,000 new ordinary shares at 0.25p, the Company has to date received £340,000 of the £400,000 committed pursuant to the Subscription, with the balance of £60,000 contracted and expected to be received by the Company in the coming days (\"Balance\").\nAccordingly, application will be made for 160,000,000 ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\") to be admitted to trading on AIM, with admission expected to occur on or around 26 June 2017 (\"Admission\"), ...