Sula Iron & Gold identifies new targets in Sierra Leone project

11th Sep 2015 10:55

(ShareCast News) - Mining group Sula Iron & Gold has identified new iron ore targets at its Sierra Leone project.Additional banded iron formation targets, units of sedimentary rock that consists of thin layers containing iron oxides, have been identified at the Ferensola project, the company said in a statement on Friday.The miner added the new targets were comprised in an area that has approximately 2km of untested material with the potential to host a conceptual tonnage of between 100m to 150m tonnes of banded iron formation mineralisation."It should be noted that these tonnages are conceptual in nature and indicate an order of magnitude and that they do not currently meet the criteria of a mineral resource," the company said.Sula shares were down 6% to 0.447p at 1114 BST on Friday.