Business
Signing of New Drilling Contract
Signing of New Drilling Contract.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \nRNS Number : 4788G Sula Iron & Gold PLC 30 May 2017 \n\n Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources\nSula Iron & Gold plc\n(\"Sula\" or the \"Company\")\n \nSigning of a new drill contract with Equity Drilling \nDrilling to recommence imminently\n \n \nSula (AIM: SULA), the gold exploration company focused on Sierra Leone, has signed a new 5,000m drilling contract with Equity Drilling (\"EQD\") on its flagship Ferensola gold project (\"Drill Contract\"). The drilling will primarily focus on Sula's TZ0, Sanama Hill targets. \n \nThe programme will aim to infill and extend the areas of known high grade mineralisation and to improve the confidence in the geological interpretation and support a more accurate determination of the contained gold. Sula may also undertake further scout drilling on targets within the Ferensola licence. The scout drilling will be designed around the pending Batch 2 assay results, and after the completion of a review of all data collected to date by Tect Geological Consulting, a South African based structural geology firm. Re-commencement of drilling is planned in the next fortnight subject to weather conditions.\n \nThe Drill Contract was awarded following a competitive tender between a number of drilling contractors. \n \nRoger Murphy, CEO of Sula commented:\n\"We are pleased to be able to announce a further drilling programme focussed on Sanama Hill, and also aimed at the other compelling targets touched upon by our recently completed programme. Equity Drilling has once again provided a convincing, flexible proposal which will allow further drilling before the rainy season.\nWe see the recently reported 21m true width intersection at 3.65g/t with a high grade core of 15.9g/t over 3.1m as a complete game changer in terms of our assessment of Sanama's potential. We are convinced that there are more like this to be found at Sanama Hill and elsewhere and hope that our new drilling programme confirms this.\"\nThe Drill Contract is a related party transaction under the AIM Rules for Companies due to EQD being wholly owned by Mike Warren, who also has a 50% interest in Galactic Tide Ltd, a substantial shareholder in the Company. Iain Mcpherson has a material interest in Galactic Tide, ...