TIDMIRR
RNS Number : 8498Z
IronRidge Resources Limited
15 January 2020
15 January 2020
Exceptional First Pass Drilling Results
Multiple Broad and High-Grade Gold Drill Intersections
Zaranou Gold Project
Côte d'Ivoire, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company'), the African focussed minerals exploration company, is
delighted to report that multiple high-grade and broad gold
intersections have been returned from initial drilling assay
results received from the Zaranou Gold Project 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).
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/8498Z_1-2020-1-15.pdf
HIGHLIGHTS:
o Multiple high-grade and broad gold drilling intersections
returned from initial assay results received for the maiden
exploration drill programme completed at the Zaranou Gold
Project.
o Highlight Aircore ('AC') drill intersections reported at a
0.2g/t cut-off and maximum 2m of internal dilution including:
-- 6m @ 15.11g/t gold from 26m, including 2m @ 36g/t and 2m
@9.29g/t
-- 22m @ 3.39g/t gold from 8m, including 4m @ 13.55g/t and 4m @
3.96g/t
-- 2m @ 23g/t gold from 40m
-- 6m @ 6.72g/t gold from surface, including 2m @ 15g/t and 2m @
3.72g/t
-- 18m @ 0.31g/t gold from 32m, including 2m @ 0.58g/t
-- 10m @ 0.33g/t gold from 40m
-- 2m @ 5.26g/t gold from 18m
-- 2m @ 4.53g/t gold from 40m
o All drill intersections are open along strike and down-dip and
replicate or improve on previously announced channel and rock-chip
sampling results within the high-priority 8km long target zone with
intensive artisanal mining (refer RNS of 23 July 2019).
o Gold mineralisation spatially associated with deformation
zones including multiple meter-scale quartz-carbonate-manganese
veins up to 30m apparent thickness and strongly crenulated phyllite
zones which are broadly coincident with artisanal workings along
strike.
o Maiden exploration drill programme now completed for a total
of 7,448m of AC in 151 holes and 1,593m of Reverse Circulation
('RC') in 10 holes along seven drill traverses.
o Assay results reported herewith represent 3,489m of AC
drilling for 82 holes received to date. Additional AC and RC
drilling assay results pending for remaining meterage.
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"Assay results received to date are exceptional for a first-pass
exploration drill programme and indicate potential for a
significant gold discovery, notwithstanding that only such a small
portion of the large target footprint has been drill tested to
date.
"Achieving the broad and high-grade gold intersections returned
to date as part of a first pass exploration drill programme is a
significant result and demonstrates the exploration potential of
the Zaranou Gold Project.
"Field work to date has identified over 8km strike length and up
to 1.2km width of coincident hard-rock artisanal workings, surface
sampling results up to 69.6g/t gold and geophysical anomalies which
remains open along strike and has now been drilled along broad
spaced AC traverses with initial exceptional results up to 6m @
15.11g/t and 22m @ 3.39g/t gold.
"This all sits within a broader 40km long alluvial artisanal
mining corridor with coincident major geophysical contacts and
historical drill collars located in the southern extent; indicating
the scale of potential mineralisation.
"Drilling results received to date compare favourably with
historically reported results from 2008 including 2.2g/t over 21
meters (including 5.7 g/t over 5 meters) in a limited rotary air
blast ('RAB') drilling program.
"Gold mineralisation in drilling is spatially associated with
veining and deformation zones which occur along strike of hard-rock
artisanal workings; and provides further confidence in continuity
of mineralisation within the 8km strike high-priority target
zone.
"An additional 1,000m of AC drilling was completed as some
traverses were extended and holes drilled deeper than planned due
to a thicker weathering profile than estimated."
Initial Drill Results
Initial drilling results have returned multiple high-grade and
broad gold intersections at a 0.2g/t gold cut-off and maximum 2m of
internal dilution, with highlights including:
o 6m @ 15.11g/t gold from 26m, including 2m @ 36g/t and 2m
@9.29g/t
o 22m @ 3.39g/t gold from 8m, including 4m @ 13.55g/t and 4m @
3.96g/t
o 2m @ 23g/t gold from 40m
o 6m @ 6.72g/t gold from surface, including 2m @ 15g/t and 2m @
3.72g/t
o 18m @ 0.31g/t gold from 32m, including 2m @ 0.58g/t
o 10m @ 0.33g/t gold from 40m
o 2m @ 5.26g/t gold from 18m
o 2m @ 4.53g/t gold from 40m
Initial assay results have been returned for AC traverses Line
3, Line 5 and Line 6 with all drill intersections reported in Table
1 and Figure 1 through to Figure 4 below. All samples were analysed
by ALS laboratory in West Africa and passed internal QA/QC
protocols providing confidence in reported results.
A total of three (3) AC drill traverses are reported herewith
from a total of seven (7) traverses drilled for the maiden drill
programme (refer Figure 1). All drill intersections are reported on
cross-sections in Figure 2, Figure 3 and Figure 4.
Drilling results received to date have confirmed strike and
depth continuity of gold mineralisation where tested on AC
traverses adjacent to hard-rock artisanal pits and shafts as well
as discovered new mineralised trends under shallow cover not
exposed by artisanals (refer Figure 2, Figure 3 and Figure 4). This
is significant as it demonstrates additional exploration potential
between currently defined gold trends.
New drilling results confirm previously reported channel
sampling results including 6m @ 3.67g/t, 3m @ 4.13g/t and 4m @
2.39g/t gold, and rock chip sampling results including 69.9g/t,
48.8g/t and 25.3g/t gold from within the artisanal pits, providing
confidence in further exploration potential along the 8km target
zone sampled to date (refer to RNS of 23 July 2019).
Gold mineralisation is spatially associated with deformation
zones which include meter-scale quartz-carbonate-manganese veins
which extend up to 30m apparent width in places, as well as
crenulated phyllite zones; potentially representing high-level
signatures of a shear zone (refer Figure 2, Figure 3 and Figure
4).
Disseminated sulphide (pyrite), manganese and magnetite have
been observed in drill chips within quartz-carbonate veining and
the host lithology within the deformation zones.
Drilling results to date confirm interpreted target trends, with
high-grade drilling results up to 6m @ 15.11g/t and 22m @ 3.39g/t
gold along strike from mapped hard-rock artisanal pits and shafts.
This provides further confidence in the overall prospectivity
within the 16km long by 500m to 1.2km wide zone of intensive
hard-rock artisanal mining, which itself occurs within a larger
40km long striking zone of coincident artisanal alluvial mining and
major aeromagnetic contact (refer Figure 1 and RNS of 11 November
2019).
Maiden Exploration Drill Programme
The Company has completed a maiden exploration drill programme
over approximately 8km strike of the overall 40km long exploration
target zone defined at the Zaranou Gold Project (refer RNS of 11
November 2019).
The first pass exploration drill programme consisted of 7,448m
of AC in 151 holes to an average depth of 50m and maximum of 90m,
and 1,593m of RC in 10 holes to an average depth of 160m and
maximum of 183m. Drilling was completed along seven (7) traverses
ranging from 500m to 850m long (refer Figure 1).
Drilling was designed to test below and along strike of
previously reported channel sampling results including 6m @
3.67g/t, 3m @ 4.13g/t and 4m @ 2.39g/t gold, and rock chip sampling
results including 69.9g/t, 48.8g/t and 25.3g/t gold from within the
artisanal pits (refer to RNS of 23 July 2019).
Drilling has provided a first pass test into approximately 8km
strike of intensive hard-rock artisanal pitting with coincident
sampling and geophysical anomalies and high-grade drilling results
returned including 6m @ 15.11g/t and 22m @ 3.39g/t. Pitting remains
open a further 5km along strike to the south-west and 3km along
strike to the north-east for a combined total 16km strike of
hard-rock artisanal pitting within a broader 40km long corridor of
alluvial mining; providing confidence in future drill success and
the definition of multiple additional targets (refer RNS of 6 June
2019).
Next Steps
Assay results are pending for remaining AC traverses, as well as
deeper RC holes, which will be announced when available. Once all
results are received and reviewed, the Company will plan follow-up
exploration and drill programmes.
Soil sampling along the north-eastern and south-western strike
extent of the coincident artisanal alluvial mining and geophysical
anomaly is ongoing.
The drone survey continues to generate high resolution imagery
and topographic control to assist in exploration programme design
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
The Board is delighted with the progress that the Company has
made in 2020 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
Henry Wilkinson
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% 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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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