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Sula Iron and Gold PLC: THE INVESTMENT CASE

Sula remains upbeat over Ferensola in Sierra Leone as drilling progresses

Latest results from drilling at the Sanama Hill target at Ferensola confirmed continuity of the mineralisation
picture of mining drill
INVESTMENT OVERVIEW: SULA The Big Picture
Two drills have been running at Ferensola

Sula Iron & Gold PLC’s (LON:SULA) decision to use two drills to speed up the process of exploration at its Ferensola gold site in Sierra Leone was fortuitous but handy says Roger Murphy, chief executive.

Contractor Equity Drilling said it could have the two drills for the same price, so it made sense he said.

Latest results from drilling at the Sanama Hill target at Ferensola confirmed continuity of the mineralisation, he said in August, and that drilling has been carried expeditiously.

The first three assays from the latest 14-hole campaign, its third this year, indicated the mineralisation extends along strike and down dip up to a depth of 300m and also remains open-ended.

Roger Murphy, chief executive, added: "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.

"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."

A soil sampling programme has also been completed across eight other targets identified in a recent structural study of the licence.

Rapid drilling

Murphy also praised drilling contractor, Equity Drilling, which received 67.3 mln shares at a price of 0.225p to cover half of the cost of the programme.

He said the drilling has been completed in rapid time and had beaten the onset of Sierra Leone’s rainy season.

“Equity Drilling has averaged over 100 metres per day of core drilling with excellent core recovery from their two drill rigs and our payment arrangement has allowed us to drill almost double what we would have achieved had we paid in cash alone.   

“As a result of our strong relationship with Equity Drilling, Sula has managed to drill almost 9,000 metres on our flagship Ferensola Gold Project in the last 6 months, a fantastic achievement."

Ferensola

Most exploration so far has been at Sanama Hill.

“We see the recently reported 21 metre true width intersection at 3.65 grams per tonne with a high grade core of 15.9 grams per tonne over 3.1 metre as a complete game changer in terms of our assessment of Sanama's potential,” Murphy said in May.

“We are convinced that there are more like this to be found at Sanama Hill and elsewhere," Murphy said at the time.

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