TIDMIRR
RNS Number : 5302Z
IronRidge Resources Limited
03 September 2018
3 September 2018
Management Team Strengthened
Chief Operating Officer Appointed
Additional Geologists Join Team
Issue of Options and Performance Shares
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce the strengthening of its senior
management team, as it secures key executives and senior managers
for the next phase of the Company's project and corporate
development.
HIGHLIGHTS:
Ø Chief Executive Officer - Vincent Mascolo commits to a further
three years with an option for a further two years.
Ø Chief Operating Officer - Len Kolff appointed to the new role
of COO under a three year contract.
Ø Côte d'Ivoire - Full time Exploration Manager appointed -
Moctar Keita with 20 years' experience.
Ø Ghana - Full time Exploration Manager appointed - Iwan
Williams with 25 years' experience.
Ø Australia - Principal Geologist appointed - Steve
Cancio-Newton with 20 years' experience.
Commenting on the Company's latest progress, Neil Herbert,
Chairman of IronRidge Resources, said:
"IronRidge continues to strengthen its management team as it
makes its transition from explorer to developer.
"We are delighted to have secured the continued services of
Vincent and Len, who have both been paramount in the development of
the Company to date. We believe they will continue to make a
significant contribution to the Company's efforts to both
strengthen and rapidly develop its project inventory.
"The Board is also pleased to have appointed a number of
high-calibre individuals, Moctar, Iwan and Steven; who each have
extensive experience in the mining and exploration sectors. These
highly valuable additions to the team will prove vital to the
success of each of our project initiatives.
"The Company looks forward to keeping shareholders and investors
updated as it advances its project portfolio."
The Company's CEO, Vincent Mascolo and newly appointed COO, Len
Kolff, are known to the market as both have been employed by the
Company for a number of years. Further information on the Company's
new appointments is outlined below.
Moctar Keita - Exploration Manager for Côte d'Ivoire
Moctar Keita is an exploration geologist with over 20 years'
experience in the mining and exploration sectors. He has a wide
variety of practical experience and expertise in exploration
geology prospecting for precious metals (gold and PGEs), base
metals and iron.
Moctar has excellent knowledge and practical experience in
geological surveying and mapping, in addition to comprehensive
computer processing and data management skills. During his career
to date, Moctar has gained an in-depth knowledge of programme
evaluation and quality improvement studies and techniques, and has
skills and experience in logistics and planning for remote area
operations. He is experienced in running exploration programmes
throughout North Africa, and has compiled comprehensive and
informative reports for senior management and other agencies.
Moctar has also worked in both North and West Africa, mainly in
Mauritania and Gabon, as well as in the Middle East and Central
Africa. He is fluent in English and French and he also has a good
understanding of Arabic.
Moctar will work closely with Vincent and Len to administer the
Company's diverse and extensive lithium and gold portfolios in Cote
d'Ivoire. His immediate focus will be on the Company's rapidly
advancing Kineta and Vavoua projects as they move towards initial
drill planning and aeromagnetics respectively.
Iwan Williams - Exploration Manager for Ghana
The Company's Board and management team is delighted to have
appointed Iwan Williams as IronRidge's Exploration Manager for
Ghana (see the Company's announcement dated 2 August 2018). Iwan
has extensive Southern and West African experience across a broad
suite of commodities including iron, manganese, gold, porphyry
copper, nickel, chromite and PGM's. Iwan has extensive studies
experience, having participated in the delivery of multiple project
studies including resource definition, mine design criteria,
baseline environmental and social studies and metallurgical
test-work programmes. He has extensive experience working in
Africa, having spent 23 years of his 28-year geological career in
Africa. Iwan graduated from the University of Liverpool.
Iwan will work closely with existing Management to administer
the Company's extensive project portfolio in Ghana. Iwan's
immediate focus will be on the Company's rapidly advancing Cape
Coast lithium project as it moves towards initial drill
planning.
Steve Cancio-Newton - Principal Geologist based in Brisbane
Steve Cancio-Newton has over 20 years' experience in managing
greenfields, brownfields and near-mine exploration in gold and base
metals. Steve brings with him a wealth of experience across
multiple commodities and deposit settings within both the major and
junior sectors of the resources industry. Steve also has extensive
experience with lithium pegmatite and gold exploration and project
studies, and he has worked throughout West Africa and Australia in
both grassroots exploration and brownfields locations.
Steve will work closely with Vincent and Len to administer the
Company's diverse and extensive lithium, gold, bauxite, titanium
and iron ore project pipeline through Ghana, Chad, Ivory Coast,
Gabon and Australia.
Issue of Share Options and Performance Rights
As part of the above appointments, contract extensions and other
personnel initiatives, the Company will immediately allot the
following unlisted options and performance rights to various
non-Board employees:
Unlisted Options
Number of Options Strike Price Term to Expiry
6,750,000 40 pence 2 years from issue
5,000,000 60 pence 3 years from issue
6,000,000 90 pence 3 years from issue
Unlisted Performance Rights
Number of Performance Rights Maturity Price Term to Expiry
225,000 30 pence 3 years from issue
225,000 40 pence 3 years from issue
225,000 50 pence 3 years from issue
225,000 60 pence 3 years from issue
225,000 70 pence 3 years from issue
225,000 80 pence 3 years from issue
225,000 90 pence 3 years from issue
225,000 GBP1.00 3 years from issue
500,000 GBP1.25 3 years from issue
750,000 GBP1.50 3 years from issue
1,000,000 GBP2.00 3 years from issue
Achievement of the Maturity Price milestone triggers the vesting
of the Performance Rights to fully paid ordinary shares. The
Maturity Price is based on a 30 Trading Day VWAP metric for each
tranche of Rights.
As a result of the renewed contractual arrangements for the CEO,
Mr Vincent Mascolo, the Company intends to allot the following
unlisted Options and Performance Rights as detailed below, subject
to the approval of shareholders at the Company's upcoming 2018 AGM.
Mr Mascolo's renewed contract is on similar terms to that of his
expiring arrangements. The proposed issue of Options and
Performance Rights to Vincent Mascolo replaces a long-term
incentive award agreed between Mr Mascolo and the Company on its
admission to trading on AIM on 12 February 2015.
Unlisted Options
Number of Options Strike Price Term to Expiry
4,000,000 40 pence 2 years from issue
5,000,000 60 pence 3 years from issue
6,000,000 90 pence 3 years from issue
Unlisted Performance Rights
Number of Performance Rights Maturity Price Term to Expiry
450,000 30 pence 3 years from issue
450,000 40 pence 3 years from issue
450,000 50 pence 3 years from issue
450,000 60 pence 3 years from issue
450,000 70 pence 3 years from issue
450,000 80 pence 3 years from issue
450,000 90 pence 3 years from issue
450,000 GBP1.00 3 years from issue
1,000,000 GBP1.25 3 years from issue
1,500,000 GBP1.50 3 years from issue
2,000,000 GBP2.00 3 years from issue
The Maturity Price milestone triggers the vesting of the
Performance Rights to fully paid ordinary shares and is based on a
30 Trading Day VWAP metric for each tranche of Rights.
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Tel: +61 7 3303 0610
Officer)
Karl Schlobohm (Company Secretary)
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470
0470
Nominated Adviser and Broker
Jeff Keating
Charlie Bouverat
Yellow Jersey PR Limited Tel: +44 (0) 7544
Charles Goodwin 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 highly prospective hard rock lithium pegmatite tenure. The
portfolio covers some 645km(2) which includes the Ewoyaa Project
with high grade drilling intersections including 121m @ 1.35% Li2O
and 135m @ 1.21% Li2O as well as the first access rights to acquire
the historical Egyasimanku Hill spodumene rich lithium deposit,
estimated to be in the order of 1.48Mt at 1.67% Li(2) O (non JORC)
and surrounding tenements. Tenure package is also highly
prospective for tin, tantalum, niobium, caesium 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.
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END
MSCGMGGLKFVGRZG
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