TIDMIRR
RNS Number : 8267M
IronRidge Resources Limited
02 May 2018
2 May 2018
Licenses Granted and Field Work Commenced
Project Update, Côte d'Ivoire, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to provide an update on its gold and lithium
portfolio in Côte d'Ivoire, where four licenses have been granted,
interim exploration programmes have been completed and new
fieldwork has commenced including auger drilling.
HIGHLIGHTS:
Ø Four licenses granted at Marahui, Vavoua South, Vavoua North
and Adzope within the Kineta and Vavoua gold project and Adzope
lithium portfolios respectively.
Ø Soil sampling on a 400m x 50m and infill 200m x 50m grid
completed at the Kineta North gold license artisanal corridor for a
total of 3,307 samples; assay results expected during Q2 2018.
Ø 665m of trenching, 19 pits and 2,730 regional soil samples
were completed at the Bianouan gold license over previously
reported soil anomalies; assay results expected during Q2 2018.
Ø Auger drilling, pitting and extensional soil sampling
programme commenced at the renewed Bodite gold license for a total
of 1,169 auger holes.
Ø Geochemical loam and stream sediment sampling programme and
mapping commenced over the Adzope lithium license.
Ø Permitting underway to commence regional geophysical
aeromagnetics survey over the highly prospective Vavoua gold
portfolio.
Ø Côte d'Ivoire represents an underexplored and highly
prospective gold and lithium rich terrain, with a diversified
economy and pro-mining investment framework.
Reference to figures and tables relate to the PDF version of
this release visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/8267M_-2018-5-2.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are pleased to have four licenses granted in Côte d'Ivoire,
which will allow us to accelerate exploration across our gold and
lithium portfolios in the country.
We are securing the necessary permits to commence an airborne
magnetics survey across the Vavoua gold portfolio in the west of
the country and adjacent to a 700,000oz (JORC compliant) gold
resource held by an unrelated party.
At the Kineta gold portfolio in the north-east of the country,
the addition of the Marahui license is significant as we continue
to consolidate our position across this prospective gold bearing
structure.
The extensive knowledge gained from our Ghana lithium portolfio
will greatly assist in the rapid and cost effective lithium
exploration in Côte d'Ivoire.
We expect to receive news flow from our Ivory Coast projects as
well as from our Chadian and Ghanaian projects in the near future
and we look forward to keeping shareholders updated."
Licenses Granted in Côte d'Ivoire
The Company has received confirmation of the grant of the
Marahui, Vavoua South and Vavoua North exploration licenses into
the Company's wholly owned local subsidiaries via the Eburnea Gold
Resources SARL , Bluefin SARL and Major Star SARL Joint Ventures
(first announced via RNS on 20 April 2017, 18 April 2017 and 28
March 2017 respectively).
The Marahui license is located within the Kineta portfolio of
projects in the north-east of the country, enabling the Company to
commence fieldwork along a highly prospective artisanal mining
corridor traced over a 8km strike. Whilst the Vavoua North and
South licenses are located within the Vavoua portfolio of projects
in the west of the Country, and directly along the strike from the
700,000Oz and growing Abujar gold project held by an unrelated
company.
The Company has received confirmation for the grant of the
Adzope lithium reconnaissance permit (first announced via RNS on 13
September 2016), allowing regional exploration programmes to
commence.
The Company along with its Joint Venture partner Major Star
SARL, have successfully renewed the Bianouan and Bodite licenses,
including an approximate 30% statutory surface area reduction to
287km(2) and 273km(2) respectively.
Field Exploration Programmes Advancing; Results Expected Q2
2018
Staged follow-up field exploration programmes have been
completed over the Kineta North license and Bianouan license with
assay results expected during the second quarter 2018.
At the gold prospective Kineta North license, a total of 3,307
soil samples on a 400m x 50m and infill 200m x 50m grid were
completed over a prospective 12km long striking corridor. The
north-northeast striking corridor is characterised by interspersed
artisanal workings occurring within sheared mafic schists between
large granitic domes along favourable structures (refer Figure
2).
At the gold prospective Bianouan license, 665m of trenching and
19 pits were completed as a follow-up of soil anomalies defined as
announced on 7 June 2017. Additionally, 2,730 regional soil samples
on a broader 100m x 800-1600m grid were completed along interpreted
strike extensions of the currently defined anomalous trends (refer
Figure 3).
Field Exploration Programmes Underway
Field programmes have commenced over the renewed Bodite gold
license and recently granted Adzope lithium reconnaissance license.
Permitting is underway to commence a regional aeromagnetics survey
over the recently granted and gold prospective Vavoua North and
Vavoua South licenses as well as the Gboguhue application.
Concurrently, the Company is planning exploration programmes over
the recently granted Marahui gold license within the Kineta
portfolio.
At the Bodite gold license, the Company has implemented a
comprehensive follow-up exploration programme, including auger
drilling along the highest priority gold anomalous soils trend,
pitting of high-grade 'bulls-eye' soil anomalies and extensional
regional soil sampling across target trends.
A total of 1,169 auger drill holes on a 50m x 200/400/800m grid
over a 9km long gold in soil trend defined during the first phase
sampling is planned (first announced via RNS on 7 August 2017).
Concurrently, the Company has planned 4 pits outside of the auger
drilling corridor to test individual highly anomalous soil
results.
Beyond the extents of the previously reported results, the
Company has planned an extensional soil sampling programme
consisting of 462 sample points on a 100m x 800m grid to test for
possible strike extensions of the auger drilling target corridor,
as well as regional roadside soil sampling of 383 points to infill
and test lower priority areas remaining within the license area
(refer Figure 4).
At the Adzope lithium license, the Company has recently
implemented a regional drainage geochemical sampling and mapping
programme including loam and stream sediment sampling. A total of
3,359 loam samples and 519 stream sediment samples are planned
across the license area, with all samples to be assayed using the
recently commissioned PRESS and handheld Z300 lithium analyser
based in the Ghana field office. The programme is designed to
highlight anomalous Li-Be drainages to focus follow-up mapping and
soil sampling programmes within the most prospective zones of the
license.
The Board is pleased with the progress that the Company has made
to date and looks forward to keeping shareholders updated as
further news becomes available.
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)
Charles Goodwin 7544 275882
Harriet Jackson
Katie Bairsto
Follow us on Twitter: @aim_irr
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 Member 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 900km(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
Kalaka 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, Barari Developments
Limited and Joy Transporters 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 645km(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 3,235km(2) and 1,177km(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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