24 June 2014
Sula Iron and Gold plc
("Sula" or the "Company")
Completion of topographic survey at Ferensola Project
Sula Iron and Gold, the exploration and development company focused on iron ore
in Sierra Leone, is pleased to announce the completion of a high-resolution
topographic survey of its main Iron Ore target at its 100% owned Ferensola
Project. The survey was conducted between 2 and 6 June 2014 by Kevin Saunders
of DM & S surveys utilising an unmanned aerial vehicle ("UAV").
The rugged terrain over the target area required a detailed topographic survey
to allow the calculation of accurate volumes of material for the Mineral
Resource Estimate ("MRE") and the results of this work will provide the
necessary level of confidence in the topography.
The survey required the installation of a series of take-off and landing zones
of clear ground and 12 ground control points. The area was then flown over with
a UAV, collecting a mosaic of high-resolution photographs over an area of
approximately 16 sq km.
The photographs are processed to give an initial Digital Surface Model ("DSM")
which is then further processed to give a Digital Terrain Model ("DTM"). The
initial DSM and an example of a high resolution photograph (<5cm pixel) of the
drill camp at the BIF are available in a pdf version of this announcement on
the Company's website at www.sulairongold.com. The final DTM will be available
by the end of July.
Enquires:
Sula Iron & Gold plc +44 (0) 20 7583 8304
Nick Warrell / Matt Wood
www.sulairongold.com
Cairn Financial Advisers LLP +44 (0) 20 7148 7900
James Caithie / Avi Robinson
Daniel Stewart & Company Plc +44 (0) 20 7776 6550
Martin Lampshire / David Hart
Yellow Jersey PR +44 (0)7768 537 739
Dominic Barretto / Kelsey Traynor
Notes:
Sula Iron & Gold plc is a multi-commodity exploration company focussed on West
Africa. The Company's main objective is to explore and advance its Ferensola
Projects, in Northern Sierra Leone, that are highly prospective for iron and
gold. Sula is currently focussed on delineating a maiden JORC compliant iron
resource estimate and evaluating the gold prospectivity. The 153 sq. km licence
area is contiguous to African Minerals' operational Tonkolili Iron Mine, which
has a JORC compliant resource of 12.8 billion tonnes iron mineralisation.
Exploration work at the project has confirmed the presence of Banded Iron
Formation (`BIF') at surface, which has a known strike length of 3.1km. The BIF
is proven to extend NE from the Tonkolili licence and into Sula's licence area.
A 2,000m scout drilling programme conducted over a 2.2km section of BIF,
confirmed the Licence area's prospectivity for consistently high grade iron
mineralisation. An exploration target of 500 million tonnes at 30.4% iron for
magnetite and 55% iron for hematite has been given by exploration consultants
SRK Exploration Services Ltd.
Significant Greenstone Belt-style gold mineralisation has also been identified
at various prospects within the licence area. Five target areas for hard rock
gold mineralisation have been identified based on the location of historic
drill intercepts, the source areas for alluvial gold deposits, and the position
of major structures as defined by airborne magnetic data and drainage
orientation.
The information in this release that relates to Exploration Results has been
reviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron and
Gold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals and
Mining, a Registered Professional Geologist with the Australian Institute of
Geoscientists and a Competent Person as defined in the Australasian Code for
Reporting of exploration results and Mineral Resources and Ore Reserves.