TIDMIRR
RNS Number : 0107I
IronRidge Resources Limited
14 June 2017
14 June 2017
Historic High-Grade Lithium Resource Located
Ultra-High Resolution Magnetics and Radiometrics
Helicopter Survey Commissioned
Project Update, Ghana West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that it has discovered multiple,
significant outcropping lithium pegmatites and inspected the
historic Egyasimanku Hill Lithium resource (1.48Mt at 1.66% Li(2)
O, non JORC compliant) within the Cape Coast Lithium Project area,
Ghana, West Africa.
Through an unconditional farm-in agreement with Obotan Minerals
Ltd ('Obotan'), the Company secured exclusive rights to apply for
exploration permits to an highly prospective reported historic (non
JORC) lithium (spodumene) pegmatite resource of 1.48Mt at 1.66%
Li(2) O. The agreement was first announced on 6(th) September 2016
and became unconditional on 23(rd) May 2017.
HIGHLIGHTS:
Ø Multiple pegmatites with visible, coarse crowded spodumene
aggregates located on Egyasimanku Hill.
Ø Outcropping pegmatites characterised by coarse crystalline
spodumene (a lithium rich pyroxene mineral and the preferred
feedstock of hard-rock lithium mining projects).
Ø Three separate pegmatite outcrop and boulder float zones
mapped over 480m, 350m and 320m strike lengths with 20m to 50m
widths open to the south-west.
Ø Historic 1.48Mt at 1.66% Li(2) O (non JORC) Egyasimanku Hill
Lithium resource defined by the Ghana Geological survey in
1962.
Ø Mapping and sampling ongoing; additional pegmatite targets
identified in satellite imagery with very coarse grained and
crowded spodumene pegmatites observed; significant potential to
grow resource in both size and grade.
Ø High resolution magnetics and radiometrics helicopter
geophysical survey commissioned.
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/0107I_-2017-6-14.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are very excited to have located the historical Egyasimanku
Hill resource which further vindicates our rigorous and exhaustive
research criteria.
IronRidge is targeting the establishment of an integrated
lithium business based on a range of high-grade resources
throughout Southern Ghana.
We are very pleased with the development of our Ghana lithium
project portfolio and look forward to keeping shareholders and
investors updated as more news becomes available."
Project Update
Since announcing the unconditional agreement with Obotan on
23(rd) May 2017, IronRidge has moved quickly to define the likely
location of the historic lithium resource on Egyasimanku Hill.
Ongoing line cutting at 50m spacing through the thick vegetation
has provided access onto Egyasimanku Hill and encountered large
pegmatite outcrops with coarsely crystalline visible spodumene in
addition to historical trenching and panel sampling sites.
Multiple pegmatite outcrops and boulder float zones have
identified three pegmatite targets over 480m, 350m and 320m strike
lengths and over 20m to 50m widths that remain open to the
south-west. Additional pegmatite target zones have been identified
in satellite imagery along similar trends within the poorly
explored and thickly vegetated Egyasimanku Hill area.
An ultra-high resolution, 50m line spacing helicopter airborne
magnetics and radiometrics survey has been commissioned over the
Cape Coast Project area to help further outline existing targets
and define new pegmatite targets. The survey is expected to
commence within the coming weeks on receipt of required
permits.
Line cutting is continuing along the pegmatite target corridors
identified within Egyasimanku Hill. Ongoing mapping has identified
additional pegmatite outcrops to the south-west of the identified
pegmatite trends and lithium resource.
Access Rights to Egyasimanku Hill
Through the Joint Venture Agreement with Obotan Minerals, the
Company has secured prospecting access rights with the first right
to apply for the historic Egyasimanku Hill lithium resource. The
deposit was drilled by the Ghana Geological Survey during 1962 and
a resource estimate of 1.48Mt at 1.66% Li(2) O reported (non
JORC).
The Egyasimanku Hill Lithium deposit occurs within the Yenku
Forest Reserve, a designated forested area set aside for the local
population. Access rights for minerals prospecting and exploration
has been granted by the Forestry Commission of Ghana.
The Board is very pleased with the progress that the Company has
made in 2017 and looks forward to keeping shareholders updated as
further news becomes available.
Market Abuse Regulation (MAR) Disclosure
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
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
Caroline Rowe
Yellow Jersey PR Limited Tel: +44 (0)
Charles Goodwin 7544 275882
Harriet Jackson
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.),
the Executive Chairman of the Company. Mr Mather is a Fellow of the
Australasian Institute of Mining and Metallurgy who has in excess
of 25 years' experience in mineral exploration and is a Qualified
Person under the AIM Rules. Mr Mather 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 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.
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 1,000km(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
Ade licenses, which host multiple, large scale 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 over a 250m wide zone with new hard-rock artisanal workings
potentially extending strike to >3km.
Ghana
The Company entered into conditional 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 conditional joint venture arrangements
in Ivory Coast, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,110km(2) and 400km(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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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