TIDMIRR
RNS Number : 4436P
IronRidge Resources Limited
29 May 2018
29 May 2018
Multiple Broad Pegmatite Intersections in Drilling
Central Zone Ewoyaa Project, Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce multiple, broad visible pegmatite
intersections in reverse circulation drilling currently underway at
the Ewoyaa Project in Ghana, West Africa.
HIGHLIGHTS:
Ø Multiple, broad visible pegmatite intersections in Reverse
Circulation (RC) drilling currently underway at the Ewoyaa
Project.
Ø Broad, visible pegmatite intersections within first nine holes
drilled, including:
o Continuous 130m pegmatite interval from surface in hole
GRC0004
o 62m interval from 58m depth in hole GRC0007
o 40m interval from 128m depth in hole GRC0008
Ø Interpreted true pegmatite thickness between 20m to 60m
intersected over 140m vertical depth and >300m strike length in
current drilling within the central zone; open in all
directions.
Ø Pegmatite open at depth on each drill section and additional
three target zones to be tested over 1km strike within the current
drilling programme at the Ewoyaa project.
Ø Suspected spodumene mineralisation intersected in pegmatites
as well as potential lepidolite (lithium rich mica) mineralisation
encountered.
Ø Drilling samples from first 9 holes sent to the laboratory for
analysis; assays expected within the next two months.
Ø RC drilling ongoing with diamond core drilling planned on
completion of RC for preliminary metallurgical test-work.
Ø Ideal infrastructure support; projects located within 90km of
the operating Takoradi deep-sea port, within 100km of the capital
Accra and adjacent to the national highway and grid power.
Ø Highly supportive government; long mining history, strong
diversification drive and pro-renewable and stored energy space
initiatives.
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/4436P_-2018-5-29.pdf
Commenting on the Company's latest progress, Len Kolff, Chief
Geologist of IronRidge, said:
"130m of continuous visible pegmatite from surface in RC
drilling is a very significant drill intersection; notwithstanding
multiple additional visible pegmatite intersections including 62m
and 40m in the first nine holes drilled.
"True pegmatite widths have been interpreted between 20m to 60m,
with drilling having tested to 140m vertical depth and >300m
strike, and mineralisation open down dip and along strike.
"With assays pending within the next two months and the
high-grade surface trenching results reported previously including
100m @ 1.57% Li(2) 0 (incl. 40m @ 1.93% and 15m @ 2.18% Li(2) O),
we are eagerly awaiting the results.
"The proximity of the project to an operating port, the national
highway and grid power within the pro-mining jurisdiction of Ghana
is potentially a real positive."
Drilling Update, Ewoyaa Project
Multiple, broad visible pegmatite zones have been intersected in
the first nine reverse circulation (RC) holes completed over the
central zone of the Ewoyaa Project. The first phase 5,000m drilling
programme is ongoing, currently assessing the southern and northern
zones of the Ewoyaa Project and expected to be completed within the
coming months (see Figures 2, 6 and 7).
Significant visible pegmatite intervals have been observed in RC
drill chips, including a continuous pegmatite interval over 130m
from surface in hole GRC0004, a 62m interval from 58m depth in hole
GRC0007 and a 40m interval from 128m depth in hole GRC0008.
Multiple additional visible pegmatite intersections were recorded
with all visible intervals listed in Table 1 and shown in Figures
3, 4 and 5, assays pending.
An initial interpretation of the visual drilling results
suggests true pegmatite widths within the central zone of 20m to
60m to depths greater than 140m and over a minimum 300m strike,
with mineralisation open in all directions (see Figures 2,3, 4 and
5).
Samples from the first nine RC drill holes have been sent to SGS
Ghana for sample preparation and analysis in SGS South Africa.
Results are expected within one to two months.
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
Karl Schlobohm (Company
Secretary)
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
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geo., BSc.
Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of
the Australian Institute of Geoscientists (AIG) who has in excess
of 20 years' experience in mineral exploration and is a Qualified
Person under the AIM Rules. Mr Kolff 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.
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END
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