LONDON (ShareCast) - Mining and exploration company Sula Iron & Gold intends to commence a 2,000-metre diamond drilling programme before the end of the first quarter, according to an update published by the company on Friday morning.

The iron ore and gold exploration company announced an update on its 153-square kilometre iron ore and gold licence area in Sierra Leone.

It stated that it had completed mapping and reconnaissance work at the project which confirmed the presence of banded iron formation at surface over a strike length of 3.1km.

The banded iron formation presence was located in the south-west of the group’s license area and the company stated that it expected to sign a rig contract for the first quarter drilling programme “shortly”.

Nick Warrell, Chief Executive Officer of Sula, said: "Mapping and reconnaissance work at our flagship iron and gold project in Sierra Leone has returned highly positive results, which confirm outcropping banded iron formation over a 3.1km strike, and advances the project to a drill ready status."

He added: "We are highly excited by the gold prospectivity of the Dalakuru and Lagunda target areas having analysed past drilling data where results returned best intersections of 8.72 metres at 10.46 grammes per tonne of gold.

"We look forward to commencing further work over these two target areas including a ground magnetic survey and follow-up geochemical sampling and will report on these developments in due course."

MF

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