(MENAFN- ProactiveInvestors - UK) Sula Iron and Gold PLC (LON:SULA) has hailed the findings of an induced polarisation (IP) survey at its flagship Ferensola gold project, which could significantly expand the current exploration target's resource.
The results were stronger and more continuous beyond the Sanama Hill drill site in Sierra Leone, where work was conducted in November last year.
It is from here that the company's current JORC exploration target of between 0.8mln and 1.5 million ounces, derived from 5 to 7 million tonnes of material at 4-8 grams per tonne (g/t) gold came from.
Roger Murphy, Sula's chief executive designate, said: "The survey indicates a significant potential mineralisation footprint and it is clear that multiple targets exist within the Ferensola licence.
"It is apparent from this survey that these targets highlighted in the final IP data, are larger than our existing Sanama Hill prospect on which the existing Exploration Target is based.
"The results confirm our belief that the Sanama Hill prospect was simply the most logical part of the licence to drill first, but not the most prospective part."
He added that the IP results will provide the framework for a forthcoming drilling campaign.
"Subject to funding, we plan to continue with additional IP survey work over the larger licence area in due course," he added.
The Ferensola licence covers 153 sq km. Shares rose over16% in early deals to 0.175p.
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