Investors not taking to the latest Rns....time to skedaddle....maybe now a year of funding coming up to the wet season where everyone downs tools, ffs
Plenty of gold and plenty of dilution re funding. Hope they get comfy with the seasonal break on our money?
Yesterday, i thought this was good for a decent rise...not so sure now?
The first bailiff that knocks at my door...i'm out, lol
https://www.investegate.co.uk/sula-iron---38--gold-plc--sula-/rns/operational-and-corporate-update/201707050700041318K/I see this as being low risk because:
Phase 3 drilling samples dispatched for Assay
Sula (AIM: SULA), the gold exploration company focused on Sierra Leone, is pleased to announce that:
· Samples from the first three holes completed in its Phase 3 drill campaign have left Sierra Leone bound for assaying at ALS Laboratories in Ireland;
· Excellent drilling progress with six holes completed at Sanama Hill for a total of over 2,000 metres ("m"), with the rigs routinely achieving 100m per day;
· Logging of the first six holes drilled at Sanama Hill is now complete with a second batch of samples being planned for dispatch in the coming weeks; and
· One rig has been moved from Sanama Hill and has already commenced drilling at the Southern Target TZ4, which is a new discovery area made in the Phase 2 programme, where 5.2 grammes per tonne ("g/t") of gold ("Au") over 1.22m was intersected in drillhole FDD021.
Roger Murphy, Sula's CEO commented:
"I am delighted with the rapid progress we are making in this Phase 3 drilling campaign which is ahead of schedule and I am encouraged by the quartz -pyrite mineralisation that we are seeing in the holes we have drilled so far. Results from the first batch of assay are expected towards the end of July and we will update the market at that time."
Read VSA Capital's note on SULA IRON & GOLD, out this morning, by visiting https://www.research-tree.com/companies/uk/typical_mining/sula_iron_%26_gold_plc
"Sula Iron & Gold (SULA LN) has announced initial results from its fieldwork programme. The first stage of the fieldwork has involved sampling of goldstone and sulphide stone located within SULAs tenement area. The results were encouraging and highlight the potential for further mineralisation in the area. The weighted average grade of the goldstones sampled was 5.21g/t Au and SULA interpret these stones as close to its primary source which is appropriate, in our view, given the results of prior exploration and the anecdotal evidence from artisanal miners. The sulphide stones which are less frequently occurring than the oxidised goldstones may suggest that sulphide mineralisation underlies the known oxidised mineralisation "
The remaining drill holes of the Ferensola gold drilling program have now been assayed and the batch two results released. Multiple intercepts in several holes with grades up to 12gAu/t over thicknesses of 0.4m to 2m were encountered. Seven of the ten total holes completed had gold mineralization greater than 0.5gAu/t and, along with historic holes, define multiple shear zones over an indicated strike length of 350m.
SULA had previously forecast a target potential on the program of 0.8m to 1.5m ounces with a grade between 4g and 8g gold/t. We emphasize that the length-weighted average of the mineralised intercepts, including re-assayed drill holes, in this program comes to a grade of 4.48gAu/t with an average width of 1.5m and true thicknesses of 0.4m to 7.1m; within the range of average grades anticipated in SULAs pre-drilling forecast. We also highlight that just 25% of the known mineralised area has now been tested. Furthermore, this section was chosen for the initial gold drilling programme due to the prior historic work rather than it necessarily being the most prospective. There is therefore significant potential remaining within the exploration target while grab sampling has indicated further mineralisation 2km to the South of the current exploration target.
We are encourage by the progress made toward the exploration goals established and believe there is significant further geological potential.
We re-iterate our Speculative Buy recommendation and 4p price target.
"I am excited by the results of the second batch of drill core samples from the extended scout drilling programme at our Ferensola Gold Project, together with the samples of "goldstones" as they exceed my best case expectations.
The highlights of the exploration programme include gold mineralisation encountered in 70% of the drillholes, in an area measuring approximately 25% of the defined Exploration Target by SRK. Total length-weighted grade equates to 4.48 g/t Au at a thickness of 0.35 m to 7.1 m. A multiplicity of mineralised shear zones is highly significant for potential open cast and selective underground mining. Goldstones and a quartz-pyrite sample with exceptionally high grade gold have been identified up to two kilometres outside of the Exploration Target. These samples are believed to be part of the same geological setting and derived from high grade basement structures.
I believe our Ferensola Gold Project hosts a major deposit of significant tonnage together with high grade and we look forward to progressing the project further in due course towards a Bankable Feasibility stage".
Sula Iron and Gold (SULA) has announced today the raising of an additional £0.5M at a price of 0.3p, representing a further 166.7m shares. With every two shares is a full warrant with a strike price of 0.6p and duration of three years.
The net proceeds of the Placing will be used to carry out an extended drilling programme on the Company's Ferensola Gold Project with an increase of 1,500 metres to that originally intended. Several gold companies have expressed interest in the project with a view toward possible future support of the gold exploration there, according to SULA.
Although the dilution is a near term disappointment for shareholders, given the potential of the gold mineralisation previously identified it is necessary to demonstrate an indication of true scope and scale of the deposit through additional drilling in order to realise value.
We retain our BUY recommendation and 4p price target.
the reason for an investment in SULA is for the GOLD.
the price of Gold has been manipulated for years and soon it will take off and surge north.
China have been accumulating gold over the past 3 years and have yet to announce to the world to what extent. Once announced this will set a new Gold bull run with numbers of even $5000 per oz being touted.
SULA have potentially 4 - 10million oz of gold within our licence area.
Plus they have applied for the licence next door which looks prospective for more Gold.
With drilling to commence next month to start proving up the gold resource, now is the time to build a stake before proven up and before the price of gold rockets..
especially with a low mkt cap of £2m.
The iron and Coltan are in for free.
for those that aren't aware what's going on with the manipulation of gold ..
"identify further additional iron ore targets as it is essential that the true potential of all our three mineral deposits are discussed with any interested parties in order to maximise shareholder value. I can reassure shareholders that your board has no plans to undertake any drilling for iron ore unless it is financed by a third party. Notwithstanding this, we are continually looking to monetise our iron assets or bring in JV partners. Indeed, we are presently finalising terms with an Indian based adviser who we will work with to introduce our iron ore assets to sizeable Indian operations"
tweet on twitter...
Sula Iron & Gold plc ‏@SulaIronGold Sep 4
Following a recent rainy period, we've had a successful site visit from a major industry player
"I visited the Headquarters of our preferred coltan buyer in June. I took with me seven of our coltan samples which were crushed and assayed in front of me. The tantalum grade was almost identical to all the ALS assays. On the back of this I negotiated an increase of $10 per pound of tantalum from the original negotiated price"
Shares in Sula Iron currently trade at around 1.11p but house broker VSA Capital believes the shares should be up around the 4p level.
"We find this new estimate of the technical value of the project encouraging, and supportive of managements use of funds in exploration on the Ferensola Licence," said VSA Capital, as it reiterated its 'buy' recommendation and 4p price target.
Warrell said he considered VSA's price target to be conservative.
"The next stage operationally, is to secure a joint venture partnership, which will eventually lead to a trade sale," Warrell said.
Sula Iron & Gold has been hurt over the course of the past couple of years not only by the miseries of the mining sector as a whole, but also given its central Africa field of operation which has managed to catch extra negative fundamental factors all of its own. Looking at the technical picture and we have a situation where it is evident that the descent for 2015 to date has occurred within a falling trend channel from the start of the year. The best that can be said at this point is that we would be hoping the August gap to the downside through the 0.75p zone may be an exhaustion feature, and eventually lead to a short squeeze on the basis that this was an overshoot move. While this in itself may not sound that reliable in terms of being a percentage trade, the way that the lower September lows under 0.5p have been accompanied by generally rising RSI action suggests positive divergence and the chance of a share price snapback relative soon. Indeed, it may be worth following any end of day close back above the 50 day moving average now at 0.63p as a momentum buy trigger, with the best case scenario target on this being achieved a push to as high as the 2015 price channel top at 1.5p
over the following 2-3 months. -
Well looks like people are realising that our company appears to have emerged unscathed and that these prices are a real giveaway. Glad I topped up some weeks back.pleasant change for me to get something right.
WHO yesterday announced that Sierra Leone has turned the corner and fewer cases are occurring. They now have spare specialist hospital beds and the populace now understand the care needed at funerals. They obviously still need money and prayers.
Well I should definitely have sold on that spike but foolishly didn't! I had a sell offer at my fingertips for 3.4p which I declined. However, the final trade on Friday was a buy at just over 2p, so I remain hopeful of adding here after a few more days of drifting, and not needing to raise my 1.8p average.
Conference call this coming Thursday has got everyone excited that there will be an announcement of JORC's for the DSO and BIF-1 and/or a potential sale of the project... SP is rising in anticipation...
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