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Sula Iron & Gold excited by latest sample results

Published: 16:01 01 Aug 2014 AEST

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The latest results from its Ferensola asset have heartened Sula Iron & Gold (LON:SULA).

The company has now received the results from the final three batches of its direct shipping ore (DSO) drill programme on its main banded iron formation (BIF) unit within the project, and as chief executive Nick Warrell asserted, they support the belief there is a well-defined iron oxide cap at Ferensola.

All results from the oxide (DSO) targeted drilling have now been received, and stand-out results from batches nine, ten and eleven included 8 metres (m) at 60.75% iron (Fe), 10m at 57.48% Fe, 22-32m, 16m at 58.65% Fe and 18m at 57.26% Fe.

SRK Consulting (UK) has now commenced work on the DSO mineral resource estimate.

As previously announced, drilling has now been completed testing the potential depth extent of the fresh magnetite BIF interpreted below the defined oxide package with the results of those assays expected in the coming weeks.

House broker Daniel Stewart reiterated its 'buy' recommendation and 6p price target following the announcement.

Sula shares were up 1.3% at 2.56p in lunch-time trading.

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