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Sula expands drilling programme

HomeAYV NewsSula expands drilling programme

Sula expands drilling programme

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The AIM-traded firm said five containers holding two drill rigs and associated support equipment, which were shipped in December, arrived and were unloaded on Friday.

Following customs clearance at Freetown, the containers will be transported directly to the Ferensola project site, in order to commence the company’s planned drill programme.

Sula had previously announced that the original plans contemplated the use of a single rig, but Equity Drilling mobilised two rigs for use at Ferensola, at no additional cost to Sula.

As a result, the board said that should ensure that the planned drill programme – originally envisaged to be 2,400m – will be completed expeditiously.

Furthermore, Equity Drilling was taking a significant portion of its payment for the drill contract in the form of new ordinary shares in Sula – with an agreed floor price for the shares of 0.35p – which Sula’s board said would serve to assist the company in conserving its cash resources.

Sula continued to anticipate that as a result of the financing deal and the additional rig, it will be able to drill more than the 2,400m originally planned, potentially enabling a larger JORC exploration target to be identified.

Its geologists had reportedly planned additional holes to capitalise on that opportunity.

“I’m delighted that the rigs have now arrived in country,” commented CEO Roger Murphy.

“Our team in Sierra Leone is now working to see them clear customs and be transported to site as fast as possible.

“We are keen to start drilling at both Sanama Hill, where we already have a JORC-compliant exploration target of 5-7mt at 4-8g/t for 0.8-1.5mn oz, and at the 4km long, high-conviction Eastern Target, that has not yet been drilled and which therefore currently has no confirmed resource estimate.”

Credit: www.digitallook.com

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