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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sula Iron | LSE:SULA | London | Ordinary Share | GB00B6Y3CV16 | ORD 0.001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.06 | 0.055 | 0.065 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSULA
RNS Number : 9547M
Sula Iron & Gold PLC
03 August 2017
Sula Iron & Gold plc / Index: AIM / Epic: SULA / Sector: Natural Resources
3 August 2017
Sula Iron & Gold plc
("Sula" or the "Company")
Ferensola Gold - Phase 3 Assay Results
Sula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to announce the Phase 3 drilling results from its recently completed 5,185 metre, 14 hole drill program across Sanama Hill.
The initial results comprising 336 drill core samples from 3 of the 14 drillholes FDD025, FDD026 and FDD027, are all located on Sanama Hill.
The three holes were designed to test the potential for downdip and southern extensions to the high-grade gold mineralisation encountered in FDD014 during the Phase 2 drilling campaign completed earlier in the year. The Company is pleased to report that the results from the first three holes have extended the continuity of gold mineralisation along strike and down dip.
Batch 1 Highlights:
-- The three holes have extended the continuity of gold mineralisation both along strike and down dip;
-- FDD025 intersected 6.9 g/t Au between 257.4m and 259m including 10.2 g/t Au between 258m and 259m;
-- FDD026 intersected 2.5 g/t Au oxide mineralisation between 0m and 1.2m;
-- FDD027 intersected 2.8 g/t Au between 294m and 297m, including 5.7g/t Au between 294.9m and 296m;
-- Drilling has confirmed vertical mineralisation continuity up to 300m from surface and remains open ended to depth; and
-- Sula has completed a soil sampling programme across eight targets identified in a recent structural study of the licence.
Samples from the remaining 11 drillholes are due to leave Freetown within the next week bound for the ALS assay testing laboratory in Ireland. In addition, Sula has completed a soil sampling programme across eight new targets identified during the Tect Geological Consulting ("Tect") structural study with 117 samples being collected for analysis.
Roger Murphy, Sula's CEO, commented:
"These are very pleasing results in their own right, but more importantly, with every hole we drill our understanding of Sanama Hill's gold endowment improves significantly. These three holes have extended the continuity of gold mineralisation both along strike and most importantly down dip. With another 11 holes still to report, we hope this continuity will grow. Once all the data is available we will undertake a detailed geological assessment and interpretation of Sanama and the licence as a whole that will drive the next stage of the project's development.
"The average of all our drilling to date has returned a minimum grade of 3.9 g/t over a true thickness of 2.0m with the potential for greater widths to be discovered. We look forward to reporting the results of the remaining 11 drill holes and the surface sampling programme in due course."
For further information please contact:
Sula Iron & Gold plc +44 (0) 20 7583 8304 Roger Murphy (CEO) WH Ireland Limited (Nominated Adviser and Broker) +44 (0) 20 7220 1666 Paul Shackleton / James Bavister VSA Capital Limited (Broker) +44 (0) 20 3005 5000 Andrew Raca Blytheweigh (Public Relations) +44 (0) 20 7138 3224 Camilla Horsfall/ Nick Elwes Ongeza Mining (Financial and Technical Adviser) +27 (0) 11 469 0629 Iain Macpherson / Ilja Graulich
Exploration Summary
The collar coordinates and collar dip and azimuth for all holes completed during Phase 3 are shown in Table 1 with the locations of the drillholes shown in Figure 1. Figure 2 shows the locations of the Batch 1 drillholes at Sanama Hill in more detail.
All samples are half diamond core and have been analysed by fire assay at ALS Laboratories in Ireland. As part of the sampling programme and along with the standard half core samples, Sula inserted certified reference samples and locally sourced blank samples. The samples submitted are summarised in Table 2.
Table 1: Drillhole Collar Information Batch Hole Target Easting* Northing* Elevation* Collar Collar Depth ID Dip Azimuth (m) ------------ ------- ------- --------- ---------- ----------- ------- --------- ------- Sanama 1 FDD025 Hill 221337 1017817 564 55 115 404 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 1 FDD026 Hill 221317 1017771 600 55 115 413 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 1 FDD027 Hill 221337 1017817 564 58 95 323 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD028 Hill 221313 1017770 601 65 100 426 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD029 Hill 221398 1017806 598 55 115 284 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD030 Hill 221438 1017845 618 70 110 296 ============ ======= ======= ========= ========== =========== ======= ========= ======= 2 (Pending) FDD031 TZ4 221252 1015596 574 55 155 305 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD032 Hill 220606 1017333 592 55 130 266 ============ ======= ======= ========= ========== =========== ======= ========= ======= 2 (Pending) FDD033 TZ4 221252 1015536 542 55 155 366 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD034 Hill 221245 1017730 525 60 115 392 ============ ======= ======= ========= ========== =========== ======= ========= ======= 2 (Pending) FDD035 TZ4 220909 1015532 537 55 155 347 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD036 Hill 221336 1017921 606 60 115 455 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD037 Hill 221349 1018011 612 55 115 455 ============ ======= ======= ========= ========== =========== ======= ========= ======= Sanama 2 (Pending) FDD038 Hill 221473 1018095 596 60 115 455 ============ ======= ======= ========= ========== =========== ======= ========= ======= TOTAL 5,185m ============ ======= =============================================================== =======
*drill collars will be surveyed by accurate differential GPS in the coming weeks
Table 2: Summary of Sample Submission Batch Hole Standard Half Blank Certified ID Core Samples Samples Reference Samples ------ ------- -------------- --------- ----------- 1 FDD025 136 4 7 ====== ======= ============== ========= =========== 1 FDD026 125 3 6 ====== ======= ============== ========= =========== 1 FDD027 75 2 4 ====== ======= ============== ========= =========== Total 336 9 17 =============== ============== ========= ===========
http://www.rns-pdf.londonstockexchange.com/rns/9547M_-2017-8-2.pdf
Figure 1: Phase 3 drillhole location map with the Phase 3 drillhole collars coloured red
http://www.rns-pdf.londonstockexchange.com/rns/9547M_1-2017-8-2.pdf
Figure 2: Drillhole location map highlighting drillholes FDD025, FDD026 and FDD027 at Sanama Hill (Blue collars, EOH = End of Hole)
Batch 1 Results
Table 3 shows a summary of the significant assay intervals from FDD025, FDD026 and FDD027. Figure 3 shows the assay intervals returned from drillholes FDD025 and FDD027 along with assays from previous drilling campaigns. Figure 4 shows the location of the oxide assay interval returned from FDD026 and Figure 5 shows the core samples from holes FDD025, FDD026 and FDD027. Logging of the core within the fresh mineralised zones of FDD025 and FDD027 shows a quartz-pyrite breccia, similar to mineralisation observed previously.
Structural logging of the fresh drill core indicates that at depth, the orientation of the mineralised shear zone dips to the east-northeast at approximately 85deg, being the opposite direction to the more typical west-northwest dip. This results in a true thickness correction factor of approximately 55% of the apparent thickness.
Table 3: Significant intersections from holes FDD025, FDD026 and FDD027 Hole From To Apparent Thickness True Thickness Au ID (m) (m) (g/t) ----------- ------ ------ ------------------- --------------- ------- FDD025 257.4 259.0 1.6 0.9 6.9 =========== ====== ====== =================== =============== ======= including 258 259 1.0 0.6 10.2 =========== ====== ====== =================== =============== ======= FDD026 0.0 1.2 1.2 1.2 2.5 =========== ====== ====== =================== =============== ======= FDD027 294.0 297.0 3.0 1.5 2.8 =========== ====== ====== =================== =============== ======= including 294.9 296.0 1.1 0.6 5.7 =========== ====== ====== =================== =============== =======
Batch 2
Batch 2, comprising samples from drillholes FDD028 to FDD038 and a soil sampling programme of targets identified through the Tect structural study will depart Freetown shortly for assay at ALS Laboratories. The remaining Sanama Hill drillholes continued to target depth and lateral extensions to the high-grade zone identified through drillhole FDD014 with strike extensions to the Sanama Hill mineralisation being tested to the north through drillholes FDD037 and FDD038 (Figure 1 and Figure 2). Three drillholes were completed at the Southern Target, TZ4, and a single scout drillhole was completed to the southwest of Sanama Hill (FDD032) to test one of the high IP-resistivity anomalies.
Figure 6 shows the locations of the soil samples collected set against the Tect structural targets. Of note, area 18 was observed to be located at an area of active and extensive artisanal workings, as shown in Figure 7.
Batch 2 results are expected to be received by mid-September.
http://www.rns-pdf.londonstockexchange.com/rns/9547M_2-2017-8-2.pdf
Figure 3: FDD025 and FDD027 mineralised intervals
http://www.rns-pdf.londonstockexchange.com/rns/9547M_3-2017-8-2.pdf
Figure 4: FDD026 mineralised interval
http://www.rns-pdf.londonstockexchange.com/rns/9547M_4-2017-8-2.pdf
Figure 5: Mineralised drill core from FDD025 (top), FDD026 (middle) and FDD027 (bottom)
http://www.rns-pdf.londonstockexchange.com/rns/9547M_5-2017-8-2.pdf
Figure 6: Soil sample locations shown by green dots (Area 1 = Sanama Hill, Areas 5 and 16 = TZ4)
http://www.rns-pdf.londonstockexchange.com/rns/9547M_6-2017-8-2.pdf
Figure 7: Artisanal mining activity at soil sampling Area 18
**ENDS**
Notes:
Sula Iron & Gold plc is a gold focused exploration company in West Africa. The Company's main objective is to explore and advance its 153km(2) Ferensola Project in Northern Sierra Leone. In June 2015, the Company defined a JORC Exploration Target on its Ferensola Gold Project. The Exploration Target centres on Sanama Hill, with a tonnage range of between 5 and 7 million tonnes ("Mt"), grading at between 4 and 8 g/t Au, which equates to between 0.8 and 1.5 million ounces ("Moz") Au. The Exploration Target was restricted to a 2km strike length segment of the regional fold belt that is believed to extend for over 10km.
The potential quantity and grade is conceptual in nature and there has been insufficient exploration to estimate a JORC compliant Mineral Resource and it is uncertain if further exploration will result in the estimation of a JORC compliant Mineral Resource. In SRK's opinion, the historical exploration data reviewed and verified here, is sufficient in both quality and quantity for an Exploration Target as defined by the JORC Code to be defined.
The information in this release that relates to Exploration Results has been reviewed by Mr Howard Baker, Non-Executive Technical Director of Sula Iron and Gold plc. Mr Baker is a Chartered Professional Fellow of the Australasian Institute of Mining and Metallurgy (Membership Number 224239) and a Competent Person as defined by the rules of International Reporting Codes that are aligned with CRIRSCO.
Howard Baker has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration targets, Exploration Results, Mineral Resources and Ore Reserves', also known as the JORC Code. The JORC code is a national reporting organisation that is aligned with CRIRSCO. Howard Baker consents to the inclusion in the announcement of the matters based on his information in the form and context in which they appear.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
** Ends **
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 03, 2017 02:00 ET (06:00 GMT)
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