TIDMIRR
RNS Number : 5313K
IronRidge Resources Limited
22 September 2016
22 September 2016
Drilling Commenced at the May Queen Prospect
Central Queensland, Australia
The Board of IronRidge Resources Limited ("IronRidge" or the
"Company") is pleased to announce commencement of drilling at its
100% owned May Queen Gold Prospect.
HIGHLIGHTS:
Ø Statutory and landholder approvals received to commence
drilling.
Ø The initial 10-hole drill program for a total of 500m will
focus on:
o Verification of the historical high grade intersections;
o Test for additional depth and strike potential.
PROJECT HIGHLIGHTS:
Ø Historical intersections including:
o 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au in hole
BPH15;
o 2m @ 73.4 g/t Au, including 1m @ 145g/t Au in hole BPH1.
Ø Mineralisation remains open along strike in both directions
and at depth.
Ø Discrete magnetic anomaly spatially associated with
mineralised intersections: additional untested magnetic anomalies
discovered along strike to the south-east underneath 20m to 50m of
cover.
Ø May Queen Prospect is located within wholly owned Central
Queensland tenure package.
Reference to figures and tables relate to the version of this
release on the Company's website (www.ironridgeresources.com.au) or
visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/5313K_-2016-9-22.pdf
Vincent Mascolo, CEO commented:
"The Company is pleased to be delivering progress across its
portfolio. It is a testament to management's planning and
determination that we are ready to drill such a potentially
lucrative discovery, and in conjunction with our efforts to grow
IronRidge's other assets.
"The initial drill program will test and verify the historical
intersections along with potential depth and strike extensions.
"Once historical intersections have been confirmed, we will
accelerate the implementation of reconnaissance programmes to test
the blind magnetic anomalies we have already identified.
"We look forward to updating the market as results become
available."
The Company has identified historical high-grade gold drill
intersections at the May Queen Prospect, within its wholly owned
Monogorilby license package, Central Queensland Australia.
Historic drilling completed during the late 1980s by Black Swan
Pacific NL intersected multiple high-grade gold intervals including
2m @ 73.4 g/t Au (including 1m at 145g/t) in hole BPH1 and 4m @
38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au in hole BPH15, over
an approximate 100m strike, which remains open in both directions
and at depth.
The mineralisation appears to be hosted within numerous parallel
quartz vein systems open to the north-west and south-east,
projected to extend under cover and concealed below younger
sediments.
The Intersections appear to occur at or close to the contact
between intrusive andesite porphyritic dykes and gabbros, and a
mixed mudstone - limestone sedimentary package. The licence area is
largely covered by a thin sandstone cover sequence, which is
believed to mask additional areas of potentially extensive
mineralisation. The Company has also identified potential exoskarns
beside the intrusive contact with visible secondary copper
mineralisation at surface, and endo skarns within the exposed
intrusives. Likewise, elevated zinc anomalism is reported within
stream sediments draining the broader project area. IronRidge
considers this to be indicative of potentially mineralised
basement.
The May Queen Prospect is also characterised by a discrete
magnetic anomaly, spatially associated with historical drill
intersections. Additional magnetic anomalies occur along strike to
the south-east of the May Queen prospect under approximately 20m to
50m of younger cover sediments. Potential exists for the discovery
of additional high-grade gold mineralisation concealed below the
younger cover sequence in settings similar to May Queen, 2km to 8km
along strike to the south-east and associated with these magnetic
anomalies.
The Company is planning a percussion drilling programme to test
the historic intersections and continuations along strike at the
May Queen Prospect. The magnetic anomalies undercover 2km to 8km to
the south-east will be further investigated for potential
mineralisation.
The gold mineralisation along the intrusive contact (endoskarn)
has similarities to the Red Dome copper-gold deposit within the
Mungana District, in Northern Queensland. There is potential skarn
association with base metal mineralisation along the sedimentary
contact (exoscarn).
At Red Dome, the gold is restricted to the skarns and in the
primary state occurs as very fine free gold, either as inclusions
in sulphides (bornite, chalcocite, chalcopyrite and arsenopyrite),
associated with silicates, tellurides and as minor electrum, with
free gold in the oxide zone. Pre-mining geological resources in
1986 were 15 Mt @ 2.6 g/t Au at a 1 g/t Au cut-off*.
*http://www.portergeo.com.au/
For Further Information:
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
LLP
Nominated Adviser and Tel: +44 (0) 20
Broker 3470 0470
Yellow Jersey PR Limited
Aidan Stanley Tel: +44 (0) 7584
Dominic Barretto 085 670
Tel: +44 (0) 7768
537 739
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 titania and
bauxite, with an initial maiden resource of 54.9MT of bauxite.
Monogorilby 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 its wholly
owned Monogorilby license package and is highly prospective for
gold, with drill ready targets defined. 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.
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.
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 a joint venture arrangement with Obotan
Minerals Limited and Merlink Resources Limited of Ghana, West
Africa, securing the first access rights to acquire the historical
Egyasimanku Hill spodumene rich lithium resource estimate to be in
the order of 1.48Mt at 1.67% Li(2) O. The portfolio covers some
238km(2) with a further identified 10km pegmatite swarmed veins,
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 the first access
to highly prospective multiple untested pegmatite occurrences. The
project area covers some 400km(2) with further identified outcrops
some 25km apart along the interpreted trend. The project well
located within 75km of the capital Abidjan; excellent
infrastructure, logistics and services support for potential rapid
development.
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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