TIDMIRR
RNS Number : 9536Y
IronRidge Resources Limited
28 August 2018
28 August 2018
High-Grade Lithium Pegmatite Drilling Results
Broad, Continuous Mineralised Zones
Ewoyaa Project, Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce high-grade lithium drilling
results from the Ewoyaa Project in Ghana, West Africa.
HIGHLIGHTS:
Ø Initial assay results received for 4,180m of a total 8,090m
first phase reverse circulation ('RC') drilling programme completed
at the Ewoyaa Project including the North Extension.
Ø Multiple broad, high-grade drill intersections returned at a
0.5% Li(2) O cut-off and maximum 10m of internal dilution
including:
o GRC0004: 128m @ 1.21% Li(2) O from 3m including:
70m @ 1.53% Li(2) O from 13m (incl. 5m @ 2.57% Li(2) O from
38m)
16m @ 1.36% Li(2) O from 115m
o GRC0027: 111m @ 1.35% Li(2) O from 37m including:
65m @ 1.58% Li(2) O from 40m (incl. 32m @ 1.72% Li(2) O from
57m)
20m @ 1.51% Li(2) O from 124m (incl. 5m @ 1.94% Li(2) O from
131m)
o GRC0015: 35m @ 1.49% Li(2) O from 3m including:
13m @ 1.75% Li(2) O from 7m
6m @ 2.35% Li(2) O from 26m
o GRC0014: 15m @ 2.01% Li(2) O from 23m including:
10m @ 2.6% Li(2) O from 24m (incl. 3m @ 3.29% Li(2) O from
29m)
o GRC0018: 21m @ 1.11% Li(2) O from surface including:
3m @ 1.66% Li(2) O from 4m
11m @ 1.37% Li(2) O from 10m
Ø Broad, high-grade lithium mineralised zone remains open to the
North Extension and North-East Zone with additional drilling
results pending.
Ø Regional exploration programmes ongoing; field teams
finalising Laser Induced Breakdown Spectroscopy ('LIBS') soil
sampling programmes.
Ø Ideal infrastructure support; projects located within 100km of
the operating Takoradi deep-sea port, within 100km of the capital
Accra, within 1km of a bitumen highway and below 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/9536Y_1-2018-8-28.pdf
Commenting on the Company's latest progress, Len Kolff, Chief
Geologist of IronRidge, said:
"The initial drilling results represent a significant milestone
for the Cape Coast Lithium portfolio, with broad, continuous and
high-grade lithium pegmatite intersections returned."
"Long drill intersections of 128m @ 1.21% and 111m @ 1.35% Li2O
as well as very high-grade intersections up to 3m @ 3.29% Li(2) O
is a fantastic result for a first phase drill programme; confirming
Ewoyaa as a significant discovery and providing confidence for
further exploration success within the portfolio."
"High grades over significant intervals and proximity to
essential infrastructure coupled with the pro-mining and stable
jurisdiction of Ghana bodes well for the future development of the
Cape Coast Lithium portfolio."
"Results received to date indicate the development of a broad,
continuous high-grade zone within the Central and Northern
Extension zones which remains open to the north and potentially
north-east, with additional drilling results pending."
"We will continue to advance the regional soil sampling
programme and rapid analysis using our handheld LIBS lithium
analyser whilst in parallel reviewing new drilling results as they
are reported and commence planning for resource and exploration
drilling programmes."
"I am very proud of our Ghanaian exploration team; predominantly
recruited and trained from within the local community and now at
the forefront of lithium exploration in Ghana."
Initial Drilling Results
Assay results have been received for the first 4,180m of
drilling completed as part of the initial 8,090m RC drill programme
completed at the Ewoyaa Project (refer RNS 29 May 2018). All
samples were analysed by SGS Canada Inc. with check analysis
completed by ALS Brisbane. Results have passed internal quality
assurance and quality control ("QAQC") checks including certified
standards, blanks and duplicates.
Multiple high-grade, continuous broad lithium mineralised
intersections were returned at a 0.5% Li(2) O cut-off and maximum
10m of internal dilution (refer Figure 1 and Table 1) including
highlights of:
-- Hole GRC0004: 128m @ 1.21% Li(2) O (incl. 70m @ 1.53% Li2O
from 13m (incl. 5m @ 2.57% Li(2) O from 38m) and 16m @ 1.36% Li(2)
O from 115m),
-- Hole GRC0027: 111m @ 1.35% Li(2) O from 37m (incl. 65m @
1.58% Li(2) O from 40m (incl. 32m @ 1.72% Li(2) O from 57m) and 20m
@ 1.51% Li(2) O from 124m (incl. 5m @ 1.94% Li(2) O from 131m)
and
-- Hole GRC0015: 35m @ 1.49% Li(2) O from 3m (incl. 13m @ 1.75%
Li(2) O from 7m and 6m @ 2.35% Li(2) O from 26m) and
-- Hole GRC0014: 15m @ 2.01% Li(2) O from 23m (incl. 10m @ 2.6%
Li(2) O from 24m (incl. 3m @ 3.29% Li(2) O from 29m).
Very coarse spodumene crystal fragments are clearly visible in
the RC drill chips for the reported intervals. This observation,
coupled with the initial mineralogical characterisation study
completed (refer RNS 17 January 2018), indicates spodumene is the
dominant lithium mineral phase; the preferred feedstock from
hard-rock pegmatite projects which bodes well for a simple process
flow-sheet design.
Drill intersections received to date indicate that the Ewoyaa
deposit consists of steeply east dipping to sub-vertical pegmatite
dykes with interpreted true widths between 20m up to 80m where in
the Central zone they appear to widen at surface on the basis of
trench intersections (refer RNS 29 May 2018, Figure 2 and Figure
3).
Results received to date highlight a developing broad,
continuous, high-grade lithium mineralised zone within the Central
and North Extension zones, which remains open to the north and
potentially to the north-east. Additionally, the pegmatite
intersected within the northern-most drill section of the North
Extension zone remains open to the north (refer Figure 4).
Additional targets including the Abonko pegmatites and
Substation Pegmatite occur within close proximity of the Ewoyaa
Project. Previous reported exploration has returned results
including 25m @ 1.62% Li(2) O in trenching and up to 2.95% Li(2) O
in rock chip sampling at the Abonko target (refer RNS 9 November
2017).
The Ewoyaa Project is strategically located within 1km distance
of a bitumen highway, close proximity of grid power, within 100km
of the Takoradi deep sea port and 100km of the capital city of
Accra (refer Figure 4 and Figure 5).
The regional Laser Induced Breakdown Spectroscopy ('LIBS') and
portable X-ray fluorescence, ("pXRF") soils programme is
progressing steadily across the granted tenements within the Cape
Coast portfolio. To date in excess of 12,460 soil samples have been
collected across the granted licenses, with LIBS and pXRF analysis
ongoing within our dedicated lab at the Mankessim office/residence
(refer RNS 7 August 2018).
Results are still pending for the North Extension and North-East
Zone where visual logging of RC drill chips indicates the presence
of coarse spodumene crystal fragments within drilled pegmatite
intervals.
Assay results for the remaining 3,910m of drilling will be
reported as soon as they are reported by the laboratory and have
passed internal QAQC review.
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 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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