TIDMIRR
RNS Number : 5181S
IronRidge Resources Limited
09 July 2020
9 July 2020
Multiple High-Grade Gold Results Confirm Continuity
Initial Drilling Results from Second Phase Programme
Zaranou Gold Project
Côte d'Ivoire, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company'), the African focussed minerals exploration company, is
pleased to report initial high-grade drilling results from the
second phase drilling programme currently underway at the Ehuasso
target ("Ehuasso"), within the Zaranou Gold Project area
("Zaranou"). The license borders with Ghana and is along strike
from significant operating gold mines including Chirano (5Moz),
Bibiani (5.5Moz) and Ahafo (17Moz).
Any Figures or Tables referred to in this release can be viewed
in the PDF version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/5181S_1-2020-7-9.pdf
HIGHLIGHTS:
Ø Multiple high-grade and broad low-grade initial results
received from the second phase drilling programme currently
underway at the Ehuasso target within the Zaranou Gold Project area
.
Ø Results received to date represent 5,910m of air-core drilling
('AC') from a planned 15,000m combined AC-reverse circulation
('RC') programme at the Ehuasso target with drilling ongoing.
Ø High-grade and broad low-grade 4m composite results reported
at a 0.1g/t cut-off and maximum 4m of internal dilution including
highlights:
o 4m at 17.9g/t from 44m in hole ZAAC0164
o 8m at 4.69g/t from 12m including 4m at 8.5g/t in hole
ZAAC0217
o 12m at 2.65g/t from 32m including 4m at 5.7g/t & 4m @ 2g/t
in hole ZAAC0261
o 4m at 7.63g/t from 44m in hole ZAAC0207
o 8m at 3.8g/t from surface including 4m @ 6.1g/t in hole
ZAAC0294
o 16m at 1.87g/t from 48m in hole ZAAC0259
o 4m at 5.47g/t from surface in hole ZAAC0199
o 24m at 0.47g/t from 20m in hole ZAAC0200
o 4m at 2.58g/t from surface in hole ZAAC0261
Ø Mineralisation continuity now confirmed in drilling over
multiple growing targets over 500m long and up to 100m wide; all
open along strike and at depth.
Ø Drilling ongoing with two drill rigs currently on site at the
main Ehuasso grid and Ebilassokro exploration target; both within
the broader 47km long Zaranou shear zone.
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"We are pleased to report high-grade drilling intersections from
initial results received and along strike from the first phase
programme intersections .
"Mineralisation continuity over multiple areas of 500m strike
and up to 100m width has been successfully confirmed in multiple
targets in the newly reported results at Ehuasso; targets remain
open in both directions with additional results pending.
"Blade refusal depths up to a maximum of 89m and an average 50m
downhole depth in the reported results substantiate first phase
drilling observations, confirming deep weathering profiles in the
Ehuasso target area and the potential for extensive oxide
mineralisation targets; significant as it indicates potential for
low capital intensity mining operations.
"Drilling remains ongoing with our national team in-place and
two drill rigs currently active at the Ehuasso main grid and
Ebilassokro exploration target within the broader 47km strike
Zaranou shear zone, whilst strict COVID-19 measures continue to be
implemented.
"We look forward to releasing additional results as they become
available."
New Drilling Intersections at the Ehuasso Target
Initial drilling results have been received and reviewed from
the second phase AC drilling programme currently underway over the
Ehuasso target. A total of 5,910m in 124 holes is reported herewith
from the enlarged overall 15,000m second phase AC and RC programme
(refer RNS of 2 July 2020 ). All AC drilling to date has been
completed at -55 degree dip.
Multiple high-grade and broad low-grade intersections are
reported within the AC results received to date, with highlights at
greater than 5-gram meters reported in Table 1 below, and all
intersections received to date reported in Appendix 1 for 4m
composites at a 0.1g/t cut-off and maximum 4m of internal
dilution.
All sampling was completed at the drill site and consisted of 4m
composites submitted to ALS laboratory for sample preparation in
Côte d'Ivoire, and analysis in Burkina Faso. All results passed
internal and laboratory QA/QC protocols providing confidence in
reported results. All 4m composites reported at greater than 0.1g/t
gold have been submitted for re-analysis at 1m intervals from
retained primary samples at the drill site.
Table 1: Highlight Phase 2 AC drill intersections at >5-gram
meters received to date for 4m composites reported at a 0.1g/t
cut-off and maximum 4m of internal dilution
When plotted up, newly reported intersections from the Second
Phase programme confirm mineralisation continuity with the First
Phase reported results (refer RNS of 3 February 2020 ) between the
160m spaced AC traverses.
Mineralisation has been confirmed within multiple target areas
over 500m strike length and up to 100m width in results received to
date (areas highlighted in dashed red lines on Figure 1 ), whilst
targets remain open along strike with additional results pending
from the remainder of the Second Phase programme now underway
(refer Figure 1 ).
AC drilling has reached downhole depths up to 89m in the newly
reported results and an average downhole depth of 50m. This
represents a deep weathering profile which typically supports a
more thickly developed oxide gold profile.
Type cross-sections are shown in Figure 2 for section ZAR_05920
in the west and Figure 3 for central section ZAR_07360. All
remaining cross-sections are shown in Appendix 2 .
Drilling Programme
The second phase AC and RC drilling programme is progressing
well with two rigs now active on the Ehuasso and Ebilassokro
targets. Approximately 5,000m of AC and RC drilling is remaining
for completion of the Second Phase programme, with additional
results reported as soon as they become available and have been
reviewed.
The Board is delighted with the progress that the Company has
made in 2020 to date and looks forward to reporting through a busy
upcoming period.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For any further information please contact:
IronRidge Resources Limited Tel: +61 7 3303 0610
Vincent Mascolo (Chief Executive Officer)
Karl Schlobohm (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +4 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited Tel: +44 (0) 1483 413
Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry Wilkinson
Dominic BarrettoMatthew McHale
Competent Person Statement
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc.
Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of
the Australian Institute of Geoscientists who has in excess of 20
years' experience in mineral exploration and is a Qualified Person
under the AIM Rules. Mr Kolff consents to the inclusion of the
information in the form and context in which it appears.
Notes to Editors
IronRidge Resources is an AIM-listed, Africa focussed minerals
exploration company with a lithium pegmatite discovery in Ghana,
extensive grassroots gold portfolio in Cote d'Ivoire and a
potential new gold province discovery in Chad. The Company holds
legacy iron ore assets in Gabon and a bauxite resource in
Australia. IronRidge's strategy is to create and sustain
shareholder value through the discovery and development of
significant and globally demanded commodities.
Ghana
The Company entered into earn-in arrangements with Obotan
Minerals Limited, Merlink Resources Limited, Barari Developments
Limited and Joy Transporters Limited of Ghana, West Africa,
securing the first access rights to acquire the historical
Egyasimanku Hill spodumene rich lithium deposit, estimated to be in
the order of 1.48Mt at 1.67% Li(2) O and surrounding tenements. The
portfolio covers some 684km(2) with the newly discovered Ewoyaa
project including drill intersections of 128m @ 1.21% Li(2) O from
3m and 111m @ 1.35% Li(2) O from 37m, and a further identified 20km
strike of pegmatite vein swarms. The Cape Coast lithium portfolio
in Ghana is an emerging lithium province with a 14.5Mt at 1.31%
Li(2) O maiden Mineral Resource estimate (reported in accordance
with the JORC Code) in Indicated and Inferred status at the Ewoyaa
and Abonko deposits. The tenure package is also highly prospective
for tin, tantalum, niobium, caesium and gold, which occur as
accessory minerals within the pegmatites and host formations.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 900km(2) of
highly prospective gold and other mineral projects in Chad, Central
Africa. IronRidge acquired 100% of Tekton including its projects
and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and
Kalaka licenses, which host multiple, large scale gold projects.
Trenching results at Dorothe, including 84m @ 1.66g/t Au (including
6m @ 5.49g/t & 8m @ 6.23g/t), 4m @ 18.77g/t Au (including 2m @
36.2g/t), 32m @ 2.02g/t Au (including 18m @ 3.22g/t), 24m @ 2.53g/t
Au (including 6m @ 4.1g/t (including 2m @ 6.2g/t) and 2m @
6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m,
have defined significant gold mineralised quartz veining zones over
a 3km by 1km area including the steep dipping 'Main Vein' and
shallow dipping 'Sheeted Vein' zones.
Côte d'Ivoire
The Company entered into conditional earn-in arrangements in
Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,584km(2) and 1,172km(2) area respectively.
The projects are well located within access of an extensive bitumen
road network and along strike from multi-million-ounce gold
projects and mines.
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 IRR's 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.
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.
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END
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