TIDMIRR
RNS Number : 1894V
IronRidge Resources Limited
05 August 2020
5 August 2020
Exceptional High-Grade Drilling Results
5m at 270.5g/t Gold including 1m at 1,075g/t
at the Ebilassokro Target
24m at 13.6g/t Gold including 4m at 76.2g/t
at the Ehuasso Target
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 high-grade drilling results from the ongoing
second phase drilling programme at the Ebilassokro and Ehuasso
targets, both 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/1894V_1-2020-8-5.pdf
HIGHLIGHTS:
Ø Exceptional high-grade drilling results returned:
o ZAAC0321: 5m at 270.5g/t gold from 4m, including 1m at
1,075g/t for 1m primary samples of previously announced 4m
composite samples in AC drilling over the Ebilassokro target
(reported at a 0.1g/t cut-off and maximum 1m of internal
dilution).
o ZARC0013: 24m at 13.6g/t gold from 136m including 4m at
76.2g/t gold for 4m composite samples in RC drilling over the
Ehuasso target (reported at a 0.1g/t cut-off and maximum 4m of
internal dilution).
Ø Hole ZARC0013 confirms down-dip extension of high-grade
mineralisation intersected in hole ZARC0009 (refer RNS of 3
February 2020 and link to original pre-drilling visualisation of
drill hole ZARC009 at https://youtu.be/cRAJYf17LhI ).
Ø High grades returned in hole ZARC0013 confirm visible gold
observed and reported in RNS of 23 July 2020.
Ø Additional visible gold observed from 82m to 83m and from 86m
to 87m in hole ZARC0019, drilled at depth within the Ehuasso main
target, with results pending.
Ø AC drilling now completed for the second phase programme with
a total of 20,312m in 404 holes drilled.
Ø RC drilling ongoing at the main Ehuasso grid.
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"We are delighted that the ongoing drilling programme at the
Ehuasso and Ebilassokro targets continues to define significant
mineralised zones in the AC drilling and targeted deeper RC holes
.
"The extremely high-grade results of 5m at 270.5g/t gold from 4m
in hole ZAAC0321, including 1m at 1,075g/t (almost 35oz/t), for 1m
primary samples of previously announced 4m composite samples, at
the Ebilassokro target is very encouraging for a first phase drill
programme on a new exploration target.
"Occurring at 4m depth downhole and relatively close to surface,
the risk of contamination from transported material is recognised,
however, geological logging of drill cuttings indicates the
mineralisation occurs within quartz vein material, within a broader
structurally defined soil anomaly, representing a high-priority
target for follow-up.
"At the Ehuasso target, the results confirm the visible gold
observed in hole ZARC0013 with an overall intercept of 24m at
13.6g/t from 136m depth downhole, which includes a higher-grade
portion of 4m at 76.2g/t.
"These results are significant as they confirm high-grade
mineralisation depth continuity below previously reported
high-grade intersections in hole ZARC0009; with mineralisation now
open from surface to a vertical depth of 125m.
"Additional visible gold has now been observed in quartz vein
drill cuttings from hole ZARC0015 within the newly defined Ehuasso
main target, confirming mineralisation continuity below recently
reported AC drill intersections and at depth within the fresh
material with assays pending.
"The AC component of the second phase drill programme has now
been completed with 20,312m in 404 holes drilled, whilst RC
drilling remains ongoing with our national team on the ground at
the Ehuasso target within the broader 47km strike Zaranou shear
zone."
High-Grade Gold Intersections
Assay results for primary 1m samples from previously reported 4m
composites over the Ebilassokro target (refer RNS of 23 July 2020 )
have returned extremely high-grade gold intersections.
Additionally, new 4m composite results have been returned for
reverse circulation ("RC") drilling completed at the Ehuasso
target, including results for the zone of visible gold reported in
ZARC0013 (refer RNS of 23 July 2020 ).
High-grade intersections at greater than 5-gram meters for the
1m primary air core ("AC") results received over the Ebilassokro
target and 4m composite results in RC drilling at the Ehuasso
target are reported in Table 1 below. All new intersections are
reported in Table 1 and Appendix 1 at a 0.1g/t cut-off and maximum
1m of internal dilution for the 1m primary samples and 4m of
internal dilution for the 4m composites.
All sampling was completed at the drill site and consisted of
initial 4m composites submitted for analysis, of which all
composites greater than 0.1g/t gold are re-submitted for analysis
at 1m intervals from retained primary samples at the project site.
ALS laboratory completed sample preparation in Côte d'Ivoire and
sample analysis in Burkina Faso with results passing internal and
laboratory QA/QC protocols, providing confidence in reported
results. All AC and RC drilling to date has been completed at -55
to -60 degree dip.
Ongoing drilling results continue to deliver high-grade drill
intersections, with the highest-grade results received to date
reported at the Ebilassokro target of 5m at 270.5g/t gold from 4m
including 1m at 1,075g/t in hole ZAAC0321 within the 1m primary
samples (refer Figure 1 ).
The high-grade results coincide with the previously reported 4m
composite intersection of 16m at 1.02g/t gold from 4m, including 4m
at 3.1g/t gold (refer RNS of 23 July 2020 ). The difference in
grade is likely due to the coarse nuggety nature of the gold as the
interval was logged as in-situ quartz vein material with
sericitized phyllite and the intersection occurs within a broader
structurally controlled soil anomalous trend (refer Figure 2 and
Figure 3 ).
In addition to the high grades returned at the Ebilassokro
target, noteworthy grades have been returned at the Ehuasso target
in deep RC drilling. Hole ZARC0013 within the Ehuasso target area
returned a high-grade intersection of 24m at 13.6g/t gold from
136m, including 4m at 76.2g/t gold for 4m composite samples in deep
RC drilling (refer Figure 4 ).
The intersection occurs below previously reported intersections
in hole ZARC0009, including 2m at 1.26g/t from 4m, 2m at 3.35g/t
from 38m, 6m at 3.81g/t from 52m, 2m at 4.72g/t from 98m, 8m at
0.74g/t from 104m, 2m at 4.6g/t from 116m and 14m at 0.66g/t from
128m within the Ehuasso target (refer RNS of 3 February 2020 ).
The intersection is significant as it confirms high-grade
mineralisation continuity at depth and extends mineralisation 125m
below surface (refer Figure 5 ).
In addition to the high grades returned in hole ZARC0013,
visible gold was observed in hole ZARC0019 within the Ehuasso main
target at depth below previously reported AC drill intersection of
31m at 0.57g/t gold from 28m in hole ZAAC0284 (refer RNS of 30 July
2020 ). Visible gold was observed in drill cuttings at a depth
between 82m to 83m and 86m to 87m (refer Figure 6 ).
Additional cross sections for reported drill results at Ehuasso
are included in Appendix 2.
Drilling Programme
The second phase AC drilling programme has now been completed
with 20,312m drilled in 404 holes across the Ehuasso and
Ebilassokro targets. The RC drilling programme is progressing well
with one rig active on the Ehuasso targets. Approximately 500m of
RC drilling remains for completion of the second phase planned
programme of 21,000m of drilling across both the Ehuasso and
Ebilassokro targets, with additional results to be reported as soon
as they become available and have been reviewed.
The Board is pleased with the progress that the Company has made
in 2020 to date and looks forward to reporting through a busy
upcoming period.
Competent Person Statement
Information in this announcement 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.
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 WilkinsonMatthew McHale
Dominic Barretto
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.
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. The Company's most advanced project is the
Zaranou gold project which includes high-grade gold drilling
intersections along 8km strike including 6m @ 6.44g/t gold from
132m, 6m @ 15.11g/t gold from 26m, 4m @ 5.16g/t gold from 110m and
22m @ 3.39g/t gold from 8m within a broader 47km long gold
anomalous structure.
Ghana
The Cape Coast Lithium portfolio covers some 684km(2) and
includes the newly discovered Ewoyaa Lithium Project with a maiden
Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category including 4.5Mt @ 1.39% Li(2) O in
the indicated category (reported in accordance with the JORC Code)
. 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
tenure package is also 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.
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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