TIDMIRR
RNS Number : 6399U
IronRidge Resources Limited
07 April 2021
7 April 2021
Drilling Commenced
Visible Gold in RC Drilling
Kineta North Gold License
Côte d'Ivoire, West Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to advise it has commenced drilling at the Kineta North
gold license in north-eastern Côte d'Ivoire, West Africa.
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/6399U_1-2021-4-7.pdf
HIGHLIGHTS:
Ø 2,500m exploration reverse circulation ("RC") drilling
programme commenced at the Kineta North gold license in Côte
d'Ivoire.
Ø Drilling is designed to test the Kineta North target where
previously reported soils defined a 2km long by 250m wide >30ppb
Au soil anomaly with coincident underground artisanal workings over
a 700m strike and previously reported rock-chip sampling results
including 15g/t, 32.4g/t and 46.4g/t gold (refer RNS of 30 July
2018).
Ø Drilling to test below previously reported trenching
intersections where multiple gold intersections were reported,
including 2m @ 4.04g/t gold and 6m @ 0.24g/t gold (refer RNS of 1
July 2019).
Ø Visible gold observed in quartz vein RC drill chips in first
hole completed; assays pending.
Ø Drilling programme estimated to be completed during Q2
2021.
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are pleased to have commenced drilling at the Kineta North
gold target where previous field work has defined a coincident
soils, trenching and artisanal workings target.
"Drilling is underway with visible gold observed within quartz
vein RC drill chips from the first hole completed with assays
pending.
"Drilling will focus on testing below a zone of surface and
underground artisanal workings over a 700m strike with rock chip
sampling results including 15g/t, 32,4g/t and 46.4g/t gold and
trenching results including 2m @ 4.04g/t.
"The Kineta portfolio covers a contiguous combined surface area
of 1,532km(2) within the north-east of Côte d'Ivoire and along the
same shear structure that hosts the 3.3Moz Konkera resource and
2.1Moz Wa-Lawra resource."
Drilling Commenced
Drilling has commenced at the Kineta North license where a
2,500m RC programme is currently underway and visible gold in
quartz vein material has been observed in RC drill chips from the
first hole and artisanal workings at the project area (refer Figure
1 and Figure 2 ).
The exploration RC drilling programme is designed to test a
coincident soils, trenching and artisanal workings anomaly over an
800m strike length with 4 drill fences in addition to a secondary
sub-parallel soil anomaly to the west (refer Figure 3).
The drilling programme is our first within the broader Kineta
portfolio which covers 1,532km(2) of contiguous ground holding
under application and granted in the north-east of the Country over
the prospective shear structure which hosts the 3.3Moz Konkera
resource and 2.1Moz Wa-Lawra deposits to the North (refer Figure 4
and Figure 5 ).
Details of the JV
As announced on 14 November 2017, the Company entered into the
Joint Venture Agreement ("JVA") with Gail Exploration SA, whereby
IronRidge can acquire up to 100% of the projects through staged
earn-in arrangements and staged expenditure to Feasibility Study,
subject to Gail retaining a Net Smelter Royalty, ("NSR") of 2.5%,
of which 40% may be acquired for US$2million at any time. IronRidge
shall be responsible for maintaining the property during this
agreement and up to the completion of the Feasibility Study.
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.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For any further information please contact:
IronRidge Resources Limited Tel: +61 2 8072 0640
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +44 (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 Côte 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 at 6.44g/t gold from
132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m
and 22m at 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 at 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 746km(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 at 1.66g/t Au
(including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au
(including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at
3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m
at 6.2g/t) and 2m at 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLEALLXELXFEEA
(END) Dow Jones Newswires
April 07, 2021 02:00 ET (06:00 GMT)
Atlantic Lithium (LSE:ALL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Atlantic Lithium (LSE:ALL)
Historical Stock Chart
From Apr 2023 to Apr 2024