Sula Iron & Gold plc (LON:SULA) has announced plans to bring in up to around £1.47mln via a fundraising to further advance its Ferensola gold deposit in Sierra Leone.

The cash will be used for further diamond drilling at Sanama Hill, which already hosts a JORC exploration target.

CEO Roger Murphy tells Proactive: ''We've already raised £1.17 mln and now we're providing a further £300,000 open offer to allow minorities to participate on the same terms as the high net worths who've come in and supported our company'.

''I was in Sierra Leone recently with my team from Sula and also some of the geologists from Madini - we've identified a drill program that we want to go forward with. That drill program, funded by this money will  start in January''

Murphy also discussed some results they've had back from their much larger Eastern Target - including findings of visible gold.

''I'm not sure the market fully understands how important and positive this is. All of our gold so far has been found at Sanama Hill where we already have an exploration target between 0.8 and 1.5 million ounces.''

''We identified from geophysics that the Eastern Target looked prospective for gold ... as a result of some good work done by our geological team we've found some rock which contained visible gold''.