Sula Iron & Gold is set to carry out an extended drill programme on its Ferensola Gold Project located in north-east Sierra Leone after securing £500,000 in funding.
The company has also signed a contract for Energold Drilling to perform the drilling in November.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Under the agreement, Energold is set to to mobilise two drilling rigs on 1 November in the Ferensola licence area.
The drill programme will be overseen on-site by SRK Consulting and Howard Baker to ensure that the optimal technical structural data is gained from the programme.
According to Sula, the programme will consist of a total of 1,500m, which may be sufficient to formally engage with a potentially interested tier 1 international gold company.
Sula Iron & Gold CEO Nick Warrell said: "The extended drilling programme is an important factor in enabling Sula to potentially attract a Tier 1 gold producer.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Further to the recent placing, the company now has the necessary funds in place to complete this programme."
The company is also waiting for the outcome of a loan application from the IFC, a member of the World Bank Group (WBG), for its Coltan project.
The WBG has mobilised around $1bn in financing for countries affected by the Ebola crisis, which is expected to include about $450m from the IFC to enable trade, investment and employment in Guinea, Liberia, and Sierra Leone.
The 153km² Ferensola project is highly prospective for iron, gold and coltan.
Image: Sula Iron & Gold will carry out an extended drill programme from November. Photo: courtesy of duron123/FreeDigitalPhotos.net.
