TIDMIRR
RNS Number : 5432M
IronRidge Resources Limited
31 July 2017
31 July 2017
Lithium Project Update, Ghana West Africa
Broad Spodumene Rich Lithium Pegmatites in Trenching
Aeromagnetic Survey Completed
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that ongoing trenching and
mapping at the Barari license, Ewoyaa and Abunko Projects,
continues to intersect wide spodumene dominant lithium pegmatites
within the Cape Coast Lithium Project area, Ghana, West Africa. The
Company is working towards a maiden drill programme later this
year.
The ultra-high resolution helicopter borne magnetics and
radiometrics survey has now been completed with 3,804 line
kilometres flown over the Barari and Apam license areas.
Preliminary data from the survey indicates a strong correlation
between mapped lithium pegmatites to date and radiometrics
response. Multiple additional pegmatite targets are evident within
the preliminary data.
HIGHLIGHTS:
Ø Ongoing trenching at the Ewoyaa and Abunko targets continues
to intersect broad, visible lithium spodumene bearing pegmatite
intervals over 75m, 65m, 34m and 33m in new trenching.
Ø Mapping and trenching results define multiple 250m long by up
to 70m wide visible spodumene bearing lithium pegmatites within a
broader 1.4km long pegmatite corridor at the Ewoyaa East
prospect.
Ø Previously reported due diligence trenching and rock chip
sampling over this target returned results of 100m @ 1.57% Li(2) O
(including 40m @ 1.93% Li(2) O and 15m @ 2.18% Li(2) O), 10m @
2.41% Li(2) O, 25m @ 2.29% Li(2) O and 25m @ 2.14% Li(2) O.
Ø New area of spodumene pegmatites mapped and trenched within
the adjacent Abunko Prospect with 27m and 15m widths of visible
spodumene bearing pegmatites intersected in trenching to date.
Ø Ultra-high resolution helicopter borne magnetics and
radiometrics survey completed with 3,804 line kilometers flown over
the Barari and Apam licenses.
Ø Project well located within 100km of Accra and 5km of coast,
well serviced by Takoradi-Accra highway and high-tension powerlines
running through the license areas; all within stable, pro-mining
jurisdiction of Ghana.
Ø Company targeting maiden drilling programme during late
2017.
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/5432M_-2017-7-31.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are excited with the rapid exploration progress and positive
results we are generating on our lithium projects in Ghana.
"IronRidge has defined a blueprint for rapid and successful
identification which we intend to apply to other areas.
"With the demand for lithium and the renewable and stored energy
space continuing to grow at an unprecedented pace, IronRidge is
ideally positioned to take advantage of the current and expanding
global initiatives.
"We are very pleased with the rapid development of our Ghana
lithium project portfolio and look forward to keeping shareholders
and investors updated as more news becomes available."
Mapping and Trenching Update
Ongoing mapping and trenching at the Ewoyaa and Abunko prospects
located within the Barari license continues to intersect wide
spodumene bearing lithium pegmatite intervals. Visual and assay
results to date from mapping and trenching have defined a 1.4km
long pegmatite target corridor with multiple 250m long and up to
70m wide visible spodumene bearing pegmatites within the Ewoyaa
Prospect.
Previously reported trenching and bulk surface rock chip
sampling by IronRidge returned high-grade lithium results including
100m at 1.57% Li(2) O (including 40m @ 1.93% Li(2) O and 15m @
2.18% Li(2) O), 10m @ 2.41% Li(2) O, 25m @ 2.29% Li(2) O and 25m @
2.14% Li(2) O) at the Ewoyaa Prospect. This combined with the
ongoing visual confirmation of coarse spodumene crystals in new
trenching and outcrops provides confidence in a high-grade lithium
pegmatite target.
Step out line cutting and mapping has discovered a new spodumene
bearing pegmatite field at the Abunko Prospect 1km to the east of
the Ewoyaa target. Initial trenching has returned 27m and 15m
pegmatite intersections with coarse, visible spodumene crystals
evident. Field teams will continue to map and trench the three
pegmatite targets defined within the Abunko Prospect with spodumene
bearing pegmatite outcrops mapped over 100m to 300m strike lengths
and 20m to 50m widths.
The Company will continue trenching at the Ewoyaa target as a
priority to confirm continuity and width between the current trench
intersections prior to drill testing planned for late 2017.
Helicopter Geophysical Survey Update
The ultra-high resolution helicopter borne magnetics and
radiometrics survey announced on 14(th) June 2017 has now been
completed with 3,804 line kilometres flown over the Barari and Apam
licenses. The survey area was flown by geophysical contractor New
Resolution Geophysics (NRG) from South Africa.
Now that the survey has been completed, final processed
deliverables are expected from Western Australia based geophysical
consulting firm Southern Geoscience Consultants (SGC) within 4 to 5
weeks.
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.
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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