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Sula Iron & Gold (LSE:SULA), a multi-commodity exploration company focussed on Sierra Leone, has completed a detailed ground magnetometer and geochemical soil survey over several of its gold targets at its wholly owned 153 km2 Ferensola Project.
The project, which is prospective for both iron and gold is located within the northern sector of the Sula-Kangari Greenstone Belt in Sierra Leone. The company anticipates receiving the results of the field work by the end of Q1 2014, and intends to use these results to identify future drill targets.
Ferensola is known to host gold mineralisation along deep seated faults, lineaments and shear structures. Five primary gold mineralisation targets have been identified to date within the licence area, and it is these targets which the recent 2013-2014 field work focussed on. Detailed ground work comprising a 15 km2 geophysical and geochemical soil programme were completed.
Over 150 line km of ground magnetic surveying carried out on a 100m line spacing was completed to delineate geological structures over two principal target areas – the Lagunda and Yanfarina prospects. Additionally, more than 6,000 soil/regolith samples have been collected on a 100m x 25m grid pattern. Following the processing and interpretation of all geophysical and assay results, Sula will be able to define robust drill targets at these two prospects.
The Lagunda and Yanfarina gold prospects are located within the western central zone of the Project and occur at the peripheries of north-east trending magnetic anomalies and interpreted as either lithological contacts and/or large scale faulting. These structural features are very significant as they can often act as conduits for mineralising fluids and providing model conditions for potential primary gold mineralisation. Furthermore, the significant Lagunda artisanal alluvial gold workings occur parallel and coincidently to the magnetic trends and lithological boundaries and are considered to be above or proximal to a primary gold mineralised structure.
Importantly, the Project is located a highly prospective area; the greenstone belt which hosts Ferensola also includes Amara Mining Plc’s Baomahun Gold Project, which is located to the south of the Project and has a reported resource of 2.78 Moz gold (‘Au’). Furthermore, in addition to Lagunda and Yanfarina prospects, multiple gold targets have been identified which remain to be explored; historic drilling at the Dalakuru prospect has intercepted hard rock gold mineralisation that is open in all directions, with highs of 8.72m @ 10.46g/t Au and 1.55m @ 11.68g/t Au.
Sula Chief Executive Nick Warrell said, “I am pleased to announce that we have completed our 2013-2014 field work programme, which targeted gold mineralisation at our highly prospective, multi-commodity Ferensola Project. With an initial focus on the Lagunda and Yanfarina prospects and further targets yet to be explored, I am confident that we are set to significantly enhance Ferensola’s gold resource potential this coming year. Furthermore, Sula continues to operate a dual exploration programme and is focussed on delineating a maiden iron JORC resource later this year. As a result, 2014 is shaping up to be a very exciting time for Sula, and I look forward to updating shareholders on the results of this gold exploration, in addition to further news on our iron ore exploration, in due course.”
Structural intersections and geochemically anomalous zones within the survey area have been initially identified through interpretation of the ground magnetometer data and precursory analysis of the soil and regolith samples by portable XRF analyser whilst onsite. Selected geochemical samples will be submitted for full multi–element analysis at ALS Monrovia and ALS Loughrea, Ireland respectively.
