TIDMIRR
RNS Number : 3085D
IronRidge Resources Limited
27 October 2020
27 October 2020
Final Phase Two Drilling Results Received
Additional High-Grade Gold Intersections
Ehuasso and Ebilassokro Targets
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 final high-grade drilling results from the second
phase drilling programme at the Ebilassokro and Ehuasso targets,
both within the Zaranou Gold Project area ("Zaranou"). The license
borders with Ghana and is along strike from significant operating
gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo
(17Moz).
Figures and Tables referred to in this release can be viewed in
the PDF version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/3085D_1-2020-10-27.pdf
HIGHLIGHTS:
Ø Final high-grade reverse circulation ("RC") and aircore ("AC")
drilling results (from the previously reported 4m composites on 17
September 2020) received for the remaining 1m primary samples over
the Ehuasso target, including highlights reported at a 0.1g/t
cut-off and maximum 1m of internal dilution:
o 5m at 33.63g/t from 138m in hole ZARC0013
o 14m at 4.67g/t from 46m in hole ZARC0022
o 9m at 4.16g/t from 81m in hole ZARC0019
o 24m at 1.14g/t from 12m in hole ZAAC0427
o 7m at 3.44g/t from 52m in hole ZARC0016
o 4m at 5.77g/t from 56m in hole ZAAC0410
Ø Mineralisation continuity now confirmed over a 1.7km strike at
the Ehuasso Main target, with mineralisation open to the south-west
and at depth; follow-up Phase 3 infill RC drilling now
underway.
Ø Final AC drilling results (from the previously reported 4m
composites on 17 September 2020) received for 1m primary samples
over the Ebilassokro target, including highlights reported at a
0.1g/t cut-off and maximum 4m of internal dilution:
o 3m at 5.02g/t from 21m in hole ZAAC0491
o 4m at 2.06g/t from 44m in hole ZAAC0477
o 21m at 0.39g/t from 17m in hole ZAAC0543
o 17m at 0.2g/t from 20m in hole ZAAC0541
Ø All results now received for the second phase drill programme
where a total of 20,312m of AC in 404 holes and 2,077m of RC in 12
holes was completed.
Ø Third phase 50,000m RC and AC drilling programme now well
underway with three drill rigs active on site at the Ehuasso,
Ebilassokro, Yakassé, Mbasso and Coffee Bean targets.
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"Zaranou continues to deliver for the Company, with all second
phase drilling results now received for a total programme
consisting of 22,389m of combined AC and RC drilling.
"Ehuasso Main is our most advanced target area with
mineralisation continuity now defined in 160m spaced AC and RC
drill traverses over 1.7km strike and up to 70m of apparent
thickness, drilled to a maximum vertical depth of 100m which
remains open along strike and at depth.
"Drilling to date at Ehuasso has intersected both narrow
high-grade and broad low-grade intervals within both weathered and
fresh zones. Our early ounces strategy is to target weathered oxide
mineralisation, with initial observations suggesting it continues
to average depths of 50m and up to 90m, suggesting simple mining
and processing at low operational and capital costs.
"Encouraging results have also been returned at the Ebilassokro
target where heel to toe AC traverses along existing tracks have
intersected high-grade mineralisation including 5m at 270.5g/t at
surface within a high-priority soil anomaly exploration target.
"With only 12km of 47km of potential strike having been drill
tested to date, we have already uncovered three exciting target
zones - Ehuasso, Yakassé and Ebilassokro with additional targets
M'Basso and Coffee Bean/Super Pit - complementing an additional
untested 8km strike of hard-rock artisanal workings and 27km of
untested soil anomalies to deliver a pipeline of further
discoveries.
"The third phase 50,000m combined AC and RC programme is now
well underway with three drill rigs active on site."
High-Grade Gold Intersections
All 1m primary sample drill assay results from the previously
reported 4m composites on 17 September 2020, have now been received
for the remaining RC and AC drill holes completed at the Ehuasso
and Ebilassokro targets within the Zaranou license (refer Figure
1).
Highlight gold drill intersections at greater than 5 gram - m
eters for the remaining 1m sample results in RC and AC drilling at
the Ehuasso and Ebilassokro targets, are reported in Table 1,
Figure 2 and Figure 3 below. All intersections reported in Table 1
and Appendix 1 are at a 0.1g/t cut-off and maximum 1m of internal
dilution for the 1m primary samples.
All sampling was completed at the drill site and consisted of
initial 4m composites submitted for analysis, of which all
composites greater than 0.1g/t gold are re-submitted for analysis
at 1m intervals from retained primary samples at the project site.
ALS laboratory completed sample preparation in Côte d'Ivoire and
sample analysis in Burkina Faso, with results passing internal and
laboratory QA/QC protocols, providing confidence in reported
results. All AC and RC drilling to date has been completed at -55
to -60 degrees dip.
Final 1m primary RC and AC results for the remaining Phase 2
programme at the Ehuasso and Ebilassokro targets continue to
confirm mineralisation potential at both targets. The newly
reported 1m primary sample results reaffirm previously reported 4m
composite results within the target areas and provide greater
resolution to 1m sample intervals within mineralised intervals,
whilst managing assay costs. (refer Figure 2 and Figure 3 ).
Cross sections for reported drill results at Ehuasso and
Ebilassokro are included in Appendix 2.
Drilling results to date for the first and second phase
programmes for a combined total of 27,760m AC in 555 holes and
3,670m RC in 22 holes has defined the 1.7km long by up to 70m wide
(apparent thickness) Ehuasso Main target within roughly 160m spaced
AC-RC traverses. Additional high-priority targets exist at the
Tiemele Pit and within the surrounding Ehuasso target area. Drill
highlights at greater than 5 gram meters for phases one and two and
shown in Figure 4 .
Drilling Programme
The third phase 50,000m combined AC and RC drilling programme is
progressing well with three drill rigs currently on site and
drilling at the Ehuasso Main, Ebilassokro and Coffee Bean targets
(refer Figure 1 ).
Drilling is planned to continue up to the end of Q4 2020 over
the Ehuasso, Ebilassokro, Coffee Bean, M'Basso and Yakassé targets
with results reported as they become available (refer Figure 1
).
Competent Person Statement
Information in this announcement 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.
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 Tel: +61 7 3303 0610
Vincent Mascolo (Chief Executive Officer)
Karl Schlobohm (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +4 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited Tel: +44 (0) 1483 413
Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry WilkinsonMatthew McHale
Dominic Barretto
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.
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. The Company's most advanced project is the
Zaranou gold project which includes high-grade gold drilling
intersections along 8km strike including 6m @ 6.44g/t gold from
132m, 6m @ 15.11g/t gold from 26m, 4m @ 5.16g/t gold from 110m and
22m @ 3.39g/t gold from 8m within a broader 47km long gold
anomalous structure.
Ghana
The Cape Coast Lithium portfolio covers some 684km(2) and
includes the newly discovered Ewoyaa Lithium Project with a maiden
Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category including 4.5Mt @ 1.39% Li(2) O in
the indicated category (reported in accordance with the JORC Code)
. 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
tenure package is also 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.
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.
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.
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