TIDMIRR
RNS Number : 0903Q
IronRidge Resources Limited
25 November 2016
25 November 2016
Highly Prospective Lithium Tenement Applications
Secured in Ivory Coast, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce the acquisition of three highly
prospective lithium pegmatite applications within the Ivory Coast,
West Africa.
HIGHLIGHTS:
-- Access rights secured via direct application to three
tenements covering a total of 938km(2)
-- Multiple untested pegmatite occurrences identified throughout the applications
-- Pegmatite hosted mineralisation with potential lithium rich
spodumene mineralogy; simple process flow-sheet envisioned
-- Project well positioned within 75km of the capital Abidjan;
excellent infrastructure, logistics and services support for
potential rapid development
-- Global demand for lithium is increasing at an unprecedented rate
-- Pro-mining investment framework
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"These applications further consolidate our West African lithium
portfolio and strategy.
"We see enormous potential in supplying the growing energy
industry with lithium, and securing the Ivory Coast lithium package
directly complements our recent lithium acquisitions in West
Africa.
"The assets present a strategic opportunity that consolidates
and covers resource scale potential, potential simple mineralogy
and proximity to infrastructure in a mining-friendly
jurisdiction.
Project Portfolio
The Company has secured through its wholly owned (100%) local
subsidiary, access rights to three additional applications covering
a total of 938km(2) for lithium and associated minerals within the
Ivory Coast.
The tenement portfolio, in addition to the existing Ench Proci
JV area (400km(2) ) covers highly prospective fractionated granitic
intrusive centres with historical lithium and columbite-tantalum
occurrences and confirmed outcropping pegmatites.
The license and applications constitute part of a broader West
African Lithium strategy with additional hard rock lithium
pegmatite projects in Ghana (announced on 20 October 2016) for a
total 1,652km(2) landholding over highly prospective and proven
pegmatite terrains.
http://www.rns-pdf.londonstockexchange.com/rns/0903Q_-2016-11-24.pdf
Figure 1 | New applications and tenement portfolio over regional
geology.
License applications have been submitted through Khaleesi
Resources SARL, a wholly owned local subsidiary of IronRidge
Resources Limited.
All projects are well serviced, with an extensive bitumen road
network, well established cellular network and good high-voltage
transmission line network. Drive time from Abidjan to the project
area takes approximately 1 1/2 hours.
http://www.rns-pdf.londonstockexchange.com/rns/0903Q_1-2016-11-24.pdf
Figure 2 | Lithium license applications and existing joint
Venture area, directly north of Abidjan
The Board is delighted with the progress that the Company has
made in 2016 and looks forward to keeping shareholders updated as
further news becomes available.
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Tel: +61 7 3303
Executive Officer) 0610
Nicholas Mather (Executive Tel: +61 7 3303
Chairman) 0610
SP Angel Corporate Finance Tel: +44 (0)20
LLP 3470 0470
Nominated Adviser and
Broker
Jeff Keating
Yellow Jersey PR Limited
Dominic Barretto Tel: +44 (0) 7768
Charles Goodwin 537 739
Harriet Jackson
Notes to Editors:
IronRidge Resources is an AIM listed mineral exploration company
with frontier assets in both Australia and West Africa, with two
province scale projects in Gabon, and promising and advanced
titanium and bauxite projects in Queensland Australia. IronRidge's
corporate strategy is to create and sustain shareholder value
through the discovery of world-class and globally demanded
commodities.
Australia
Monogorilby is prospective for province scale titanium and
bauxite with an initial maiden resource of 54.9MT of premium DSO
bauxite Monogorilby is located in central Queensland, within a
short trucking distance of the rail system leading north to the
Port of Bundaberg. It is also located within close proximity of the
active Queensland Rail network heading south towards the Port of
Brisbane.
May Queen is located in Central Queensland within IRRs wholly
owned Monogorilby license package and is highly prospective for
gold. Historic drilling completed during the 1980s intersected
multiple high-grade gold intervals including 2m @ 73.4 g/t Au
(including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @
18.9g/t Au, over an approximate 100m strike hosting numerous
parallel vein systems, open to the north-west and south-east.
Wholly owned Quaggy contains highly anomalous platinum,
palladium, nickel, cobalt and copper exploration targets and is
located in Central Queensland within a short trucking distance of
the dormant rail system to the Port of Bundaberg. It is also
located within close proximity of the active Queensland Rail
network heading south towards the Port of Brisbane.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 1,400km(2) of
highly prospective gold and other mineral projects in Chad, Central
Africa. Under the terms of the agreement, IronRidge will acquire an
initial 60% of Tekton, including its projects and team, to advance
the Dorothe, Echbara and Am Ouchar licenses, which host multiple,
potentially nation-building gold projects. Initial trenching
results at Dorothe, including 14.12g/t Au over 4m, 34.1g/t over 2m
and 63.2g/t over 1m, have defined significant gold mineralised
quartz veining over a confirmed 1km strike at an average of 2m and
up to 5m true width across multiple stacked vein zones up to 200m
wide with new hard-rock artisanal workings potentially extending
strike to >3km.
Ghana
The Company entered into joint venture arrangements with Obotan
Minerals Limited, Merlink Resources Limited and Barari Developments
Limited of Ghana, West Africa, securing the first access rights to
acquire the historical Egyasimanku Hill spodumene rich lithium
resource, estimated to be in the order of 1.48Mt at 1.67% Li(2) O
and surrounding tenements. The portfolio covers some 314km(2) with
a further identified 20km strike of pegmatite vein swarms, tenure
package is also highly prospective for tin, tantalum, niobium and
gold which occur as accessory minerals within the pegmatites and
host formations.
Ivory Coast
The Company entered into a joint venture arrangement with Enchi
ProCI SA of the Ivory Coast, West Africa, securing access rights to
highly prospective multiple untested pegmatite occurrences. The
project area covers 400km(2) with further identified outcrops some
25km apart along the interpreted trend. The project is well located
within 75km of the capital Abidjan; excellent infrastructure,
logistics and services support for potential rapid development.
Additionally the Company has secured access rights to a highly
prospective gold portfolio covering 2,310km(2) of Birimian geology
and along strike from significant gold deposits.
Gabon
Tchibanga is located in south-western Gabon, in the Nyanga
Province, within 10-60km of the Atlantic coastline. This project
comprises two exploration licenses, Tchibanga and Tchibanga Nord,
which cover a combined area of 3,396km(2) and include over 90km of
prospective lithologies and the historic Mont Pele iron
occurrence.
Belinga Sud is Located in the north east of Gabon in the
Ogooue-Ivindo Province, approximately 400km east of the capital
city of Libreville. IRR's licence lies between the main Belinga
Iron Ore Deposit, believed to be one of the world's largest
untapped reserves of iron ore with an estimated 1Bt of iron ore at
a grade >60% Fe, and the route of the Trans Gabonese railway,
which currently carries manganese ore and timber from Franceville
to the Port of Owendo in Libreville.
Corporate
IronRidge made its AIM debut in February 2015, successfully
securing strategic alliances with three international companies;
Assore Limited of South Africa, Sumitomo Corporation of Japan and
DGR Global Limited of Australia. Assore is a high- grade iron,
chrome and manganese mining specialist. Sumitomo Corporation is a
global resources, mining marketing and trading conglomerate. DGR
Global is a project generation and exploration specialist.
The Board of Directors is represented by mining industry
professionals with a broad range of corporate, exploration,
production, contracting and capital markets experience. The Company
was admitted on 12 February 2015 (Ticker Code IRR) and currently
has 236,612,203 shares and 14,770,000 unlisted options on
issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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