Sula Iron & Gold plans exploration drilling at Ferensola

17th Jul 2015 10:44

(ShareCast News) - Sula Iron & Gold will begin exploratory drilling at its gold project in Frerensola, Sierra Leone.Sula said it is optimistic about its prospects of securing a mineral estimate and currently predicts to find up to 1.5m ounces of gold at the site.The move follows an extensive review of historical exploration data and independent check sampling, with the initial target pinned down to a 2km strike length, with potential for expansion to 10km."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 company said.However, "[...] it is uncertain if further exploration will result in the estimation of a JORC compliant mineral resource," it warned.The exploration target has a tonnage of between 5m and 7m tonnes of ore, with grade ranging from 4 to 8 grams of gold per tonne, which could produce from between 0.8m to 1.5m ounces.Sula said that it would consider a joint venture partnership to secure the most commerical route for the programme.As of 1030 BST, Sula was trading 10.8% lower at 1.4p.