TIDMIRR
RNS Number : 6437S
IronRidge Resources Limited
22 December 2016
22 December 2016
IronRidge Resources Limited
(AIM: IRR)
Issue of Equity
The Board of IronRidge Resources Limited (IronRidge or the
Company) wishes to advise of the allotment and issue of the
following securities:
Fully-paid Ordinary Shares
The Company has today allotted and issued 1,211,222 Ordinary
Shares to a number of executives by way of payment of employment
related bonuses.
Application has been made for the new shares to be admitted to
AIM and dealings in the new shares are expected to begin on or
around 30(th) December 2016.
Unlisted Employment Options
The Company has today allotted and issued 8,500,000 unlisted
employment options to its contractors and staff.
The options have a strike price of 30pence each and are
exercisable through to 22 December 2018.
****** ****** *******
Following the issue of these new securities, the Company now has
in issue a total of 237,823,425 ordinary shares and 23,270,000
unlisted options.
For Further Information:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Tel: +61 7 3303 0610
Officer)
Nicholas Mather (Executive Chairman) Tel: +61 7 3303 0610
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470
0470
Nominated Adviser and Broker
Jeff Keating
Yellow Jersey PR Limited Tel: +44(0)7768 537
Financial PR 739
Dominic Barretto
Clare Glynn
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 titania 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 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 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 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 237,823,425 shares and 23,270,000 unlisted options on
issue.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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