Australia Monogorilby and May Queen Project update

RNS Number : 4144X

IronRidge Resources Limited

24 November 2017

 

24 November 2017

High-Grade Bauxite Discovered at Koko.

Monogorilby Bauxite and May Queen Gold Project Update,

Queensland, Australia.

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleased to provide a project update for its wholly owned Monogorilby bauxite and May Queen gold projects in Queensland, Australia.

Ongoing mapping and rock chip sampling discovered additional high-grade bauxite targets within the Monogorilby project area, as well as confirming historic gold extensions to the May Queen gold project.

HIGHLIGHTS:

Ø High-grade bauxite mineralisation discovered in rock chip sampling at the Koko target area, approximately 25km north-west of the Monogorilby JORC compliant Inferred mineral resource (54.9Mt @ 37.5% total alumina)

Ø Multiple high-grade rock-chip results up to 43 - 52.8% available alumina and 2 - 5.4% reactive silica returned

Ø Two new bauxite target areas defined at Koko covering approximately 1.2km and 1.8km strike lengths and 200m to 300m widths respectively

Ø High-grade bauxite confirmed at Monogorilby West with multiple rock-chip results up to 42.6 - 48.7% available alumina and 1.4 - 3.1% reactive silica returned

Ø Historical gold target extensions confirmed at May Queen with rock-chip results up to 0.67g/t gold in reconnaissance mapping at the 'Bat Cave' target

Ø Additional untested magnetic anomalies occur directly south-east of the May Queen projects - Bat Cave trend, buried under Jurassic sandstone cover

Reference to figures and tables relate to the version of this release on the Company's website (www.ironridgeresources.com.au) or visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/4144X_-2017-11-24.pdf 

Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:

"We are very pleased with the results of the Company's ongoing mapping and sampling activity at Monogorilby and May Queen projects.

Discovering additional bauxite mineralisation adjacent to the Monogorilby Resource adds to the value of the project. The high alumina grades returned, coupled with low reactive silica results across the Koko targets, are encouraging.

We are also pleased to confirm additional extensions to the May Queen gold trend at the Bat Cave target, with reconnaissance mapping and rock chip sampling returning anomalous gold results."

 

Monogorilby Bauxite

Ongoing mapping and rock-chip sampling across the Company's wholly owned Monogorilby Bauxite portfolio has discovered additional high-grade bauxite mineralisation at surface within two new areas, collectively called the Koko targets.

The Koko Exploration Permit, (EPM 26123) was originally pegged on the basis of coincident topographic high-features and prospective lithologies, more amenable to bauxitisation. Careful review of available datasets, including regional airborne radiometrics imagery, topography and geology, highlighted the Koko area as having similar responses to known bauxite mineralisation at Monogorilby where the Company has defined a JORC compliant resource of 54.9Mt at 37.5% total alumina and 8.5% total silica (refer announcement of 29 July 2016).

Subsequent field reconnaissance mapping and sampling has returned multiple high-grade bauxite results up to 43 - 52.8% available alumina and 2 - 5.4% reactive silica over two distinct topographic features within the Koko, and within 25km of the currently defined resource footprint. The two target areas cover approximately 1.2km and 1.8km strike and 200m to 300m width respectively.

Additional high-grade rock-chip sampling results up to 42.6 - 48.7% available alumina and 1.4 - 3.1% reactive silica were returned over the known target of Monogorilby West; within 5km of the currently defined resource footprint.

All rock-chip sampling results greater than 37.5% total alumina are listed in Table 1 below.

May Queen Gold

The ongoing review of historic work completed over the May Queen prospect highlighted the Bat Cave target and workings, approximately 1km south-east of May Queen with historic reported peak rock chip values of 3.16g/t and 22.2g/t gold. Reconnaissance field mapping and rock-chip sampling confirmed the Bat Cave target and returned anomalous results including 0.673g/t gold.

Reconnaissance field traverses were completed over the magnetic anomalies directly south and south-east of May Queen (see field mapping locations on figure 2 as black dots over the magnetic features). However, no outcropping material of the prospective Carboniferous and Permian lithologies was observed with all areas completely obscured by later Jurassic sandstone cover estimated to be 5 to 10m thick.

The magnetic targets remain untested, and given the association of discrete magnetic anomalies with known mineralisation at May Queen and in close proximity to Bat Cave, they remain a valid target for further testing.   

The Board is pleased with the progress that the Company has made in 2017 and looks forward to keeping shareholders updated as further news becomes available.

For any further information please contact:

IronRidge Resources Limited
Vincent Mascolo (Chief Executive Officer)	Tel: [phone]
Nicholas Mather (Executive Chairman)	Tel: [phone]
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Broker
Jeff Keating Charlie Bouverat Yellow Jersey PR Limited Julia Kalcheva Harriet Jackson Katie Bairsto	Tel: [phone]

Competent Person Statement:

Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Executive Chairman of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather 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 mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland, Australia. IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.

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 3,396km² 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.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,000km² 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 Ade licenses, which host multiple, large scale gold projects. Initial trenching results at Dorothe, including 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining over a confirmed 1km strike at an average of 2m and up to 5m true width, across multiple stacked vein zones over a 250m wide zone, with new hard-rock artisanal workings potentially extending strike to >3km.

Ghana

The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited and Barari Developments Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium resource, estimated to be in the order of 1.48Mt at 1.67% Li₂O and surrounding tenements. The portfolio covers some 314km² with a further identified 20km strike of pegmatite vein swarms. Tenure package is also highly prospective for tin, tantalum, niobium and gold, which occur as accessory minerals within the pegmatites and host formations.

Côte d'Ivoire

The Company entered into conditional joint venture arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,110km² and 400km² 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.

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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