TIDMIRR
RNS Number : 9563S
IronRidge Resources Limited
11 November 2019
11 November 2019
Large Magnetic Anomaly Discovered
Zaranou Gold Project
Côte d'Ivoire, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company'), the African focussed minerals exploration company, is
pleased to report that it has discovered a 2.8km long magnetic
anomaly, centralised within the zone of most intensive hard-rock
artisanal gold workings at the Zaranou gold license in Côte
d'Ivoire. The license borders with Ghana and is along strike from
significant operating gold mines including Chirano (5Moz), Bibiani
(5.5Moz) and Ahafo (17Moz).
HIGHLIGHTS:
-- 2.8km long by 800m wide magnetic anomaly discovered within the Zaranou license from recently completed airborne
geophysical magnetics survey
-- Magnetic anomaly occurs directly within a 16km long by 200m to 500m wide zone of intensive in-situ hard-rock
artisanal gold workings
-- Additional smaller 800m to 200m long magnetic anomalies occur along strike from the main anomaly and
predominantly within the zone of hard-rock artisanal workings
-- 40km long by 2.5km to 5km wide alluvial gold mining corridor coincident with regional magnetic contact zone; a
possible fault corridor
-- Field mapping, soil sampling and litho-structural interpretation on going
-- Drone survey on going and continues to generate high resolution imagery and topographic control to assist in
exploration drilling programmes and baseline studies
o Link to view drone survey 3D imagery
https://youtu.be/WsZl2ehkAI0
-- 6,500m drill programme and access planning underway with drilling targeted to commence December 2019
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"The discovery of the large 2.8km long distinct magnetic anomaly
is highly encouraging as it occurs centrally within the 16km long
zone of intensive hard-rock artisanal gold mining.
"It represents a direct drill target that is blind at surface
and provides a compelling geological and structural basis as to the
location of intensive hard-rock artisanal gold mining within the
license area.
"The 2.8km long distinct magnetic feature and associated smaller
scale anomalies in and around the 16km long zone of hard-rock
artisanal mining suggests rock type variation and competency
contrast interpreted as an intrusive body at depth; providing
favourable structural trap sites for gold mineralisation to
occur.
"Additionally, the airborne data shows a coincident magnetic
feature along the 40km long alluvial mining corridor, providing
confidence in the definition of multiple additional gold
targets.
"We are delighted with the discovery of the blind magnetic
anomaly and we are currently planning a maiden 6,500m drill
programme to test the mineralised structures using a combination of
both air-core ('AC') traverses and deeper targeted reverse
circulation ('RC') drill holes. This drill programme is expected to
commence in December 2019, and we look forward to updating the
market on our progress and drilling results."
Airborne Geophysics Survey
Southern Geoscience Consultants of Perth, Western Australia
completed raw data processing and generation of magnetics,
radiometrics and topography maps over the 396km(2) Zaranou license
in south-eastern Côte d'Ivoire (refer Figure 1 and Figure 2).
Xcalibur Airborne Geophysics (Pty) Ltd completed the license wide
airborne magnetic survey at 100m line spacing and 30m terrain
clearance (refer RNS of 19 September 2019).
The airborne magnetics defines a 40km long structural corridor
which has coincident alluvial gold workings along its entirety and
remains open to the north-east (refer Figure 1 and Figure 2).
http://www.rns-pdf.londonstockexchange.com/rns/9563S_1-2019-11-11.pdf
Figure 1: Regional geological setting over the Zaranou license
(green = metasediments, reds/pinks = intrusives and blue outline =
license boundary) with locations of alluvial (brown) and hard-rock
(red) artisanal gold workings and newly discovered magnetic anomaly
(pink).
http://www.rns-pdf.londonstockexchange.com/rns/9563S_1-2019-11-11.pdf
Figure 2: License wide Analytical Signal airborne geophysics
magnetics image showing magnetic anomaly discovery with zones of
alluvial (yellow) and hard rock (red) artisanal workings shown
A 2.8km long by 800m wide discrete magnetic anomaly, with
multiple smaller 200m to 800m long magnetic anomalies along strike,
occurs within the central portion of the alluvial mining corridor
and within a 16km long zone of intensive hard-rock artisanal gold
workings (refer Figure 3). Previously reported channel sampling
results within the zone of hard rock artisanal pits includes 6m @
3.67g/t gold and 3m @ 4.13g/t gold and rock chips results up to
69.6g/t gold (refer RNS of 23 July 2019 and Figure 3).
The presence of hard-rock artisanal workings is significant as
it demonstrates the presence of gold and, importantly, that the
gold is in-situ as opposed to alluvial workings where gold could
have travelled from its source. It also provides an insight into
the structural controls on mineralisation and important trends for
ongoing exploration work.
The magnetic anomaly is encouraging as it shows variation in the
magnetic signature of the rocks directly around where the hard-rock
artisanal gold workings occur. This could be an indication of rock
type variation and importantly rheological contrast providing
favourable structural trap sites for gold mineralisation to occur.
At this stage, it is unclear as to what is causing the magnetic
feature, however it may represent an intrusive body at depth.
http://www.rns-pdf.londonstockexchange.com/rns/9563S_1-2019-11-11.pdf
Figure 3: Central target zone showing magnetic anomaly relative
to hard-rock artisanal mining sites with previously reported
channel and rock chip sampling results over Total Magnetic
Intensity (1VD) image background
Next Steps
The Company is undertaking stakeholder consultations ahead of
access construction for a planned 6,500m wide spaced air-core
traverses and targeted reverse circulation drilling programme
across the highest priority targets planned to commence during
December 2019.
The Company is continuing with field mapping and
litho-structural interpretation of the airborne geophysical data
and has commenced broad spaced regional soil sampling in the
north-east and south-east of the license area.
The drone survey continues to generate high resolution imagery
and topographic control to assist in exploration drilling
programmes and baseline studies. To date the drone imagery has
provided a valuable insight into mineralised trends (refer RNS of
19 September 2019, and Figure 4) and provides a powerful tool to
review imagery in 3D as shown in the embedded link
https://youtu.be/WsZl2ehkAI0
http://www.rns-pdf.londonstockexchange.com/rns/9563S_1-2019-11-11.pdf
Figure 4: Digital Terrain model over central Zaranou license
area looking NE, showing due diligence assay results, primary
mineralisation trends in hard-rock artisanal workings over 2.7km
strike portion, extensive alluvial workings in drainage network
(area of view 10km(2) ; laterite road visible in central portion of
image).
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 Officer) Tel: +61 7 3303 0610
Karl Schlobohm (Company Secretary)
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited
Company Broker
Nick Emerson Tel: +44 (0) 1483 413 500
Jon Levinson Tel: +44 (0) 207 871 4038
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Harriet Jackson
Dominic Barretto
Emma Becirovic
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% Li2O and surrounding tenements. The
portfolio covers some 684km2 with the newly discovered Ewoyaa
project including drill intersections of 128m @ 1.21% Li2O from 3m
and 111m @ 1.35% Li2O 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.
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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