TIDMIRR
RNS Number : 2417D
IronRidge Resources Limited
08 October 2018
8 October 2018
Additional High-Grade Lithium Drilling Results
Broad Lithium Pegmatite Intersections
Ewoyaa Project, Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce additional high-grade lithium
drilling results from the Ewoyaa Project in Ghana, West Africa.
HIGHLIGHTS:
Ø Additional results received for a further 2,206m of drilling
(13 drill holes) of a total 8,090m first phase reverse circulation
('RC') drilling programme completed at the Ewoyaa Project.
Ø Results reported herewith are in addition to the 4,180m of
drilling results reported previously (refer to RNS 28 of August
2018).
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 GRC0048: 72m @ 1.27% Li(2) O from 24m including:
56m @ 1.5% Li(2) O from 28m (incl. 38m @ 1.65% Li(2) O from
36m)
o GRC0049: 67m @ 1.21% Li(2) O from 70m including:
41m @ 1.2% Li(2) 0 from 70m (incl. 5m @ 1.57% Li(2) O from 82m
and 8m @ 1.4% Li(2) O from 100m)
18m @ 1.47% Li(2) O from 114m (incl. 7m @ 1.69% Li(2) O from
114m)
o GRC0051: 36m @ 1.04% Li(2) O from 64m including:
14m @ 1.47% Li(2) O from 64m (incl. 11m @ 1.59% Li(2) 0 from
67m)
8m @ 1.11% Li(2) O from 92m
o GRC0050: 20m @ 1.41% Li(2) O from 70m including:
13m @ 1.51% Li(2) O from 73m
o GRC0052: 16m @ 1.08% Li(2) O from 45m including:
7m @ 1.34% Li(2) O from 46m
o GRC0047: 26m @ 0.64% Li(2) O from 76m including:
8m @ 1.33% Li(2) O from 77m
o GRC0056: 18m @ 0.78% Li(2) O from 31m and 15m @ 0.86% Li(2) O
from 61m including:
11m @ 0.94% Li(2) O from 38m
4m @ 1.7% Li(2) O from 62m (incl. 3m @ 1.89% Li(2) O from
63m)
Ø North Extension is showing good continuity of grade and width
from the Central Zone, with mineralisation open to the north and
west.
Ø Additional results are pending for the remaining holes within
the North Extension and North-East Zone.
Ø Pitting programme commenced around the North Extension to test
for strike and width extensions.
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 and, 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/2417D_1-2018-10-8.pdf
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"Ongoing positive drilling results including 72m @ 1.27% and 67m
@ 1.21% Li(2) O as well as high-grade intersections including 38m @
1.65% Li(2) O continues to confirm Ewoyaa as a significant
discovery and provides the Company with 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."
"Essential infrastructure including roads and power, within
100km trucking distance of an operational deep-sea port and a
well-trained local workforce is a significant advantage for the
project with potential for a low capital and operational intensity
start-up."
"Results received to date indicate the development of a broad,
continuous high-grade zone within the Central and North Extension
zones which remains open to the north, with additional drilling
results pending."
"Field teams have commenced a pitting programme to further
define the Ewoyaa pegmatite footprint along the North Extension
ahead of drilling programmes."
"Planning is underway for a metallurgical diamond drilling
programme, which is planned to commence post receipt of the
remaining 1,704m of drilling results."
"Field teams are finalising the regional soils programme across
the Cape Coast Lithium Portfolio and rapid analysis using our
handheld LIBS lithium analyser to define exploration targets ahead
of pitting and drilling."
"The Ewoyaa Project occurs within one of nine lithium licenses
the Company holds in Ghana and represents the most advanced
exploration project in the portfolio."
Additional Drilling Results
Additional assay results have been received for a further 2,206m
of drilling completed as part of the initial 8,090m RC drill
programme completed at the Ewoyaa Project (refer to RNS on 29 May
2018 and 28 August 2018). All samples were analysed by SGS Canada
Inc. 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 to Figure 1 and Table 1) including
highlights of:
-- GRC0048: 72m @ 1.27% Li(2) O from 24m including 56m @ 1.5%
Li(2) O from 28m (incl. 38m @ 1.65% Li(2) O from 36m)
-- GRC0049: 67m @ 1.21% Li(2) O from 70m including 41m @ 1.2%
Li(2) 0 from 70m (incl. 5m @ 1.57% Li(2) O from 82m and 8m @ 1.4%
Li(2) O from 100m), and 18m @ 1.47% Li(2) O from 114m (incl. 7m @
1.69% Li(2) O from 114m)
-- GRC0051: 36m @ 1.04% Li(2) O from 64m including 14m @ 1.47%
Li(2) O from 64m (incl. 11m @ 1.59% Li(2) 0 from 67m), and 8m @
1.11% Li(2) O from 92m
-- GRC0050: 20m @ 1.41% Li(2) O from 70m including 13m @ 1.51% Li(2) O from 73m
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 to RNS on 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 to RNS on 29 May 2018 and 28 August
2018, Figure 2 and Figure 3).
Additional results received continue to confirm the developing
broad, continuous, high-grade lithium mineralised zone within the
Central and North Extension zones, which remains open to the north
and north-east.
Additionally, the mineralised pegmatite intersected within the
northern-most drill section of the North Extension zone remains
open to the north (refer Figure 4).
All drill intersections reported to date are included in
Appendix 1 (refer to Table 2 and Figure 6).
Proximity to Essential Infrastructure
The Ewoyaa Project is strategically located within 1km distance
of a bitumen highway, in close proximity to grid power, within
100km of the Takoradi deep sea port and within 100km of the capital
city of Accra (refer to Figure 4 and Figure 5).
The proximity of known lithium bearing pegmatites to essential
infrastructure including road, power and operational deep-sea port,
in addition to a well-trained local workforce and stable,
pro-mining jurisdiction of Ghana is a significant advantage for the
potential rapid, low capital and operational intensity of the
project.
Exploration Upside
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 to RNS on 9
November 2017).
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 to RNS on 7 August 2018).
Results are pending for the remainder of 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 1,704m of drilling will be
reported as soon as they are received from 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 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.
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 deposit, estimated to be in
the order of 1.48Mt at 1.67% Li(2) O and surrounding tenements. The
portfolio covers some 684km(2) with the newly discovered Ewoyaa
project including drill intersections of 128m @ 1.21% Li(2) O from
3m and 111m @ 1.35% Li(2) O from 37m, and a further identified 20km
strike of pegmatite vein swarms. Tenure package is also highly
prospective for tin, tantalum, niobium, caesium and gold, which
occur as accessory minerals within the pegmatites and host
formations.
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.
Trenching results at Dorothe, including 84m @ 1.66g/t Au (including
6m @ 5.49g/t & 8m @ 6.23g/t), 4m @ 18.77g/t Au (including 2m @
36.2g/t), 32m @ 2.02g/t Au (including 18m @ 3.22g/t), 24m @ 2.53g/t
Au (including 6m @ 4.1g/t (including 2m @ 6.2g/t) and 2m @
6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m,
have defined significant gold mineralised quartz veining zones over
a 3km by 1km area including the steep dipping 'Main Vein' and
shallow dipping 'Sheeted Vein' zones.
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 3,187km(2) and 1,172km(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.
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.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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