TIDMIRR
RNS Number : 8820M
IronRidge Resources Limited
19 September 2019
19 September 2019
Exploration Update - Côte d'Ivoire Gold Portfolio
High-Grade Air-Core Drilling Results
And Portfolio Update
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company'), the African focussed minerals exploration company, is
pleased to report that it has received high-grade aircore ("AC")
drilling results for its Bianouan gold license in Côte d'Ivoire,
which borders with Ghana and is along the same strike from
significant operating gold mines including Chirano (5Moz), Bibiani
(5.5Moz) and Ahafo (17Moz). In addition, the Company provides an
update on its wider exploration activities across its gold
portfolio in Côte d'Ivoire, West Africa.
HIGHLIGHTS:
Ø High-grade AC drilling results received from the Bianouan
license at a 0.15g/t gold cut-off with maximum 2m of internal
dilution, including:
o 12m @ 5.87g/t gold from 10m, including 2m @ 33.8g/t gold
o 8m @ 1.29g/t gold from 8m, including 2m @ 3.17g/t gold
o 1m @ 3.13g/t Au from 32m at end of hole
Ø Airborne magnetics geophysical survey completed over the
Zaranou gold license in the south-east of the Country adjacent the
border with Ghana
Ø Zaranou drone survey resumed and generating high-resolution
digital terrain model and imagery to assist in targeting and drill
planning
Ø 3,000 hole auger geochemical drilling programme commenced over
high-priority geophysical anomalies within the Vavoua gold
portfolio in the central-west of the Country and along strike from
the 1.73Moz (JORC compliant, third party owned) and growing Abujar
resource; 463m for 90 holes drilled to date
Ø Regional geochemical soil sampling programme commenced over
the Kineta west license area in the north-east of the Country;
along the same structure that hosts Centamin Plc's 3.3Moz Konkera
resource and Azumah Resources Limited's 2.1Moz Wa-Lawra resource;
sampling and mapping ongoing
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"We are pleased to be advancing our extensive gold portfolio in
Côte d'Ivoire on multiple fronts, with drilling, regional
geophysical and regional geochemical surveys ongoing
concurrently.
"We have intersected high-grade air-core AC drilling results at
the Bianouan license, including 12m @ 5.87g/t (including 2m @
33.8g/t gold) and 8m @ 1.29g/t gold. We are now reviewing these
positive results from Bianouan to implement an updated exploration
plan for 2019/2020.
"We have completed an airborne magnetics survey over the Zaranou
license which will form an integral exploration data set for
ongoing geological and structural interpretation and further drill
targeting.
"The in-house drone survey over Zaranou is delivering exciting
imagery of hard-rock artisanal workings and likely drill targets;
high-resolution digital elevation models and imagery will be used
for structural interpretation, targeting and environmental and
social baseline monitoring in due course.
"Field teams are currently completing a regional auger drilling
programme at the Vavoua licenses and a regional soil sampling
programme at the Kineta license and we will update the market on
the progress and results of these programmes in due course."
Air-Core Drilling Results
Results have been received for 115 AC drill holes for 3,903m of
drilling completed over the Bianouan and Bodite licenses (refer RNS
of 1 July 2019).
A total of 1,415m of AC drilling for 28 holes to an average of
50m depth was completed at Bianouan. Drilling was designed to test
coincident soils, auger and trenching gold geochemical anomalies at
depth. At Bodite a total of 2,488m for 37 AC holes was drilled to
an average depth of 30m to test the highest priority soil
geochemical anomaly. A total of 2,123 samples including quality
assurance/quality control ("QAQC") samples were submitted to ALS
laboratory for assay and have passed internal QAQC checks.
High-grade results including 12m @ 5.87g/t gold (including 2m @
33.8g/t gold), 8m @ 1.29g/t gold (including 2m @ 3.17g/t gold) and
1m @ 3.13g/t gold at end of hole were returned at Bianouan. Results
are reported at 0.15g/t gold cut-off with maximum 2m of internal
dilution (refer Figure 1 & Table 1)
http://www.rns-pdf.londonstockexchange.com/rns/8820M_1-2019-9-18.pdf
Figure 1: Air-Core drilling cross-section (insert) at Bianouan
license with AC fence drill locations in relation to auger anomaly
over topography background image.
At Bodite results returned broad, low level anomalism with best
results including 10m @ 0.3g/t (including 2m @ 0.59g/t gold) from
12m and 22m @ 0.21g/t gold from surface. Results also returned
narrow intervals including 2m @ 9.01g/t gold from 32m, 2m @ 2.74g/t
gold from 14m. All Bodite results are listed in Table 2.
The Company is reviewing the results to determine the next steps
at the Bianouan and Bodite licenses (refer Figure 2 for license
locations).
http://www.rns-pdf.londonstockexchange.com/rns/8820M_1-2019-9-18.pdf
Figure 2: Company tenure portfolio with areas reported on
highlighted.
Exploration Update:
Field programmes are gathering momentum in Côte d'Ivoire. At
Zaranou, Xcalibur Airborne Geophysics (Pty) Ltd have completed the
396km(2) license wide airborne magnetic survey at 100m line spacing
where previously reported channel sampling returned results
including 6m @ 3.67g/t gold and 3m @ 4.13g/t gold and rock chips
results up to 25.3g/t gold (refer RNS of 23 July 2019). Raw data is
now being processed by Southern Geoscience Consultants of Perth,
Western Australia to produce magnetics, radiometrics and topography
deliverables to assist in drill targeting.
Our in-house drone has successfully captured approximately
60km(2) of the highest-priority central portion of the license area
with high-resolution imagery, digital terrain model and point
cloud. These regional data sets will be used for geological and
structural interpretation, targeting and drill planning. Imagery
has highlighted over 2.7km strike length of sub-parallel coincident
hard-rock artisanal mining sites which remain open in both
directions and approximate primary gold mineralised structures
(refer Figure 3).
http://www.rns-pdf.londonstockexchange.com/rns/8820M_1-2019-9-18.pdf
Figure 3: Stills of Digital Terrain model over central Zaranou
license area looking NE, North and NW (top to bottom) showing due
diligence assay results, primary mineralisation trends in hard-rock
artisanal workings over 2.7km strike, extensive alluvial workings
in drainage network (area of view 10km(2) ; laterite road visible
in central portion of image).
At Vavoua a local drilling contractor has commenced auger
drilling over our highest priority coincident geochemical and
geophysical targets (refer RNS of 12 June 2019). A total of 3,000
holes of first stage regional geochemical auger drilling is planned
over Vavoua with 90 holes completed to date (refer Figure 4).
http://www.rns-pdf.londonstockexchange.com/rns/8820M_1-2019-9-18.pdf
Figure 4: Auger drilling team currently active on site within
the Vavoua portfolio (left) and phased auger programme (right) with
current area of focus over P1A (dark blue lines) and P1B (light
blue lines) auger grids.
At Kineta, field teams are currently undertaking regional
geochemical soil sampling along the western margin of the license
area where rock chip sampling returned up to 53g/t gold from a new
artisanal working site.
At Marahui, pulps from previous soil sampling programmes are
currently being evaluated using our in-house portable X-ray
fluorescence analyser for multi-element geochemical analysis.
Table 1: Air-Core drilling gold intersections for Bianouan at a
0.15g/t gold cut-off and maximum 2m of internal dilution.
Table 2: Air-Core drilling gold intersections for Bodite at a
0.15g/t gold cut-off and maximum 2m of internal dilution.
The Board is delighted with the progress that the Company has
made in 2019 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)20 3004
Harriet Jackson 9512
Felicity Winkles
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., 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, Africa focussed minerals
exploration company with a lithium pegmatite discovery in Ghana,
extensive grassroots gold portfolio in Cote d'Ivoire and a
potential new gold province discovery in Chad. The Company holds
legacy iron ore assets in Gabon and a bauxite resource in
Australia. IronRidge's strategy is to create and sustain
shareholder value through the discovery and development of
significant 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. The 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 earn-in arrangements in
Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,584km(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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