TIDMIRR
RNS Number : 2947X
IronRidge Resources Limited
23 November 2017
23 November 2017
Commencement of works update, Chad, Central Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce commencement of the 2017/2018
field programme at the Company's wholly-owned Dorothe Project in
Chad, Central Africa. A 30 tonne excavator was mobilised to site on
14(th) November and is expected to arrive on site this week with
trenching expected to continue until Q1, 2018.
The aim of the Dorothe trenching programme is to define grade,
width and strike continuity of surface mineralised zones
intersected to date within the Dorothe project over a 1.8km x 1km
area at 200m trench spacing. Results from the trenching programmes
will assist in designing a maiden drill programme.
HIGHLIGHTS:
Ø New artisanal workings expose additional mineralised zones at
Dorothe
Ø Excavator mobilised from N'Djamena for the 8km trenching
programme at Dorothe
Ø Trenching to test strike continuity from previous trenching
results and for possible extensions concealed below recent cover
sediments
Ø Field teams at site commencing regional soil sampling
programme at Dorothe
Ø Regional infill soil sampling planned at Echbara
Ø Aeromagnetics survey and detailed structural mapping planned
at the Dorothe prospect and Am Ouchar prospect
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/2947X_-2017-11-23.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are excited to commence the 2017/2018 field programme with
trenching at Dorothe. The aim of this season's field programme is
to complete an extensive trenching work at approximately 200m
infill line spacing, over an approximate 1.8km x 1km area within
the Dorothe Prospect.
"Regional soils and mapping programmes over the portfolio, as
well as detailed structural mapping at Dorothe and Am Ouchar, will
help us to prioritise prospects as we move towards maiden drill
programmes.
Dorothe represents an exciting, high-grade gold target with
significant scale potential. It is one of multiple gold targets
within the Company's Chad portfolio."
Project Update
Field teams have mobilised to site to commence regional soils
and mapping programmes across the Dorothe and Echbara licenses to
dovetail into the previous season's soil traverses. This will
provide full coverage across both licenses at 800m x 50m spaced
sampling and identify any new artisanal workings.
An excavator has been mobilised from N'Djamena to the Dorothe
camp and an 8km infill and extension trenching programme planned
over the Dorothe Prospect. The trenching is designed to test for
extensions and strike continuity from previous season's trench
intersections (announced 21 September 2017) within the Dorothe
Artisanal Pitting Zone (DAPZ) as well as testing below a large area
of sediment cover potentially concealing mineralisation below.
Trenching will also test for strike extensions of the Dorothe Main
Vein zone (DMV) southwards, where artisanal workings occur
approximately 1km south of the Dorothe prospect (see figure 1).
During the intervening wet season shut down, artisanal miners
have identified new mineralised zones within the Dorothe prospect,
and opened new workings over 25m strike and up to 10m vertical
depth. The new workings coincide with reported intersections in
previous trenching. Surface mineralised samples are rich in galena
and secondary copper minerals.
The Board is 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
Charlie Bouverat
Yellow Jersey PR Limited Tel: +44 (0)
Julia Kalcheva 7544 275882
Harriet Jackson
Katie Bairsto
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 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.
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 earn-in 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.
Côte d'Ivoire
The Company entered into conditional joint venture arrangements
in Côte d'Ivoire, 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
END
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