Sula Iron & Gold begins extended drilling at Ferensola Gold Project in Sierra Leone

8 November 2015 (Last Updated November 8th, 2015 18:30)

Sula Iron & Gold has started its extended drill programme at its Ferensola Gold Project located in north-east Sierra Leone.

Sula Iron & Gold has started its extended drill programme at its 153km² Ferensola Gold Project located in north-east Sierra Leone.

The latest development follows the company's announcement made in October that it secured £500,000 in funding and would perform an extended drill programme on the project.

The company also signed a contract with Energold Drilling to perform the drilling.

"The company has continued to make good progress with its Ferensola Gold Project."

According to the company, the UK's SRK Consulting has defined an independent joint ore reserves committee code (JORC) compliant gold exploration target for the project with a tonnage ranging between five and seven million tonnes.

The target has been limited to a 2km strike-length segment of a regional fold belt that has a potential overall strike length of more than 10km.

SRK Consulting and the company's technical non-executive director Howard Baker will oversee the drill programme on-site to ensure that the optimal technical structural data is derived from it.

The drilling will now comprise a total of 1,500m.

Sula Iron & Gold CEO Nick Warrell said: "The company has continued to make good progress with its Ferensola Gold Project and the extended drilling programme is an important factor in potentially enabling Sula to attract a Tier 1 gold producer."

The company also said it has the necessary funds in place to complete the programme.

Sula aims to explore and advance its Ferensola Project, which is prospective for iron, gold and coltan.