Exploration Update - Cote d'Ivoire Gold Project

RNS Number : 3465G

IronRidge Resources Limited

23 July 2019

 

23 July 2019

Exploration Update

Multiple High-Grade Gold Results

Zaranou License, Côte d'Ivoire

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company'), the African focussed minerals exploration company, is pleased to announce that high-grade gold results have been returned from its Zaranou gold license in Côte d'Ivoire, West Africa. In addition, the Company provides an update on its planned exploration activities at the Zaranou gold licence for Q3 2019.

HIGHLIGHTS:

Ø Multiple high-grade gold results returned from 324 reconnaissance channel and rock-chip samples collected over primary 'hard-rock' artisanal mining sites at the Zaranou license.

Ø 9.8km strike length high-priority target zone defined with coincident high-grade gold results, extensive hard-rock artisanal mining sites and favourable geology.

Ø High-grade channel sampling results including:

o  6m @ 3.67g/t gold, inclusive 1m @ 15.8g/t gold

o  3m @ 4.13g/t gold, inclusive 1m @ 11.2g/t gold

o  4m @ 2.39g/t gold.

Ø High-grade rock-chip sampling results including:

o  69.6g/t, 48.8g/t, 25.3g/t and 20.5g/t gold.

Ø Initial observations indicate mineralisation occurs both within quartz veins and the host rock schists over broad zones; scale potential inferred.

Ø New results provide confidence in historical reporting of:

o  Mining activity during the 1930's with quartz vein zones between 2m to 60m thick, and over 300m in length with evidence of gold mineralisation extending 10m into pyritic schists either side of the veins and averaging 1.5g/t to 12g/t Au.

o  Previous exploration results returned during the late 1990's and 2008 including a best result of 2.2g/t over 21 meters (including 5.7 g/t over 5 meters) in a limited rotary air blast ("RAB") drilling program.

Ø In-house fixed wing drone survey commenced to generate high-resolution topography and aerial imagery base maps.

Ø Planning underway for aircore ('AC') drilling programme and regional soil sampling to commence after the wet season.

References to figures and tables relate to this release visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/3465G_1-2019-7-23.pdf 

Commenting on the Company's latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:

"Receiving consistent and high-grade channel and rock-chip sampling results from an early stage reconnaissance programme over the Zaranou license area reinforces the significant exploration potential of this project and the strategy to aggressively advance the targets.

"The returned results demonstrate that a high-priority target zone is developing over a 9.8km strike length at average 800m width which remains open along strike in both directions, with coincident hard-rock artisanal workings, high-grade channel and rock-chip sampling results and favourable geology.

"Importantly, mineralisation has been recorded both within quartz veins and the host schist lithology; indicating scale potential and bulk mineable widths.

"These newly reported results validate historical reported results including broad mineralised quartz vein zones averaging 1.5g/t to 12g/t gold and mineralised pyrite alteration zones extending a further 10m into the host rock.

"Likewise, historical results including 21m @ 2.2g/t gold in RAB including 5.7 g/t over 5 meters provides additional conviction in an important project.

"Despite the wet season, which is currently underway and is expected to last until September, field teams are completing a high-resolution drone survey and follow-up field mapping, whilst also planning AC drilling and soil geochemical programmes which will commence in the dry season in October."

Reconnaissance Sampling Results

Field teams completed detailed face mapping and channel sampling on over 15 large scale and 130 small scale artisanal pits for a total of 145 primary 'hard-rock' artisanal mining pits within the central portion of the Zaranou license (refer to Figure 1).

A total of 324 samples including 114m* of channel sampling and Quality Assurance / Quality Control ('QA/QC') samples were submitted to the lab for gold assay.

All samples were assayed at ALS laboratories in Ghana and passed internal QA/QC checks including certified standards, field duplicates and blanks; providing confidence in reported results.

Multiple high-grade channel sampling results including 6m @ 3.67g/t gold, 3m @ 4.13g/t gold and 4m @ 2.39g/t gold were returned as part of this reconnaissance programme. All results are reported in Table 1.

The results are significant as gold mineralisation was encountered in both schists and quartz veins, providing confidence in broader mineralised intervals within host rock amenable to bulk mining techniques.

Rock-chip sampling returned multiple high-grade results including 69.6g/t, 48.8g/t, 25.3g/t and 20.5g/t gold, with all rock-chip results reported in Table 2. Results are significant as both quartz veins and schists with disseminated weathered sulphides returned gold mineralisation, providing further confidence in broader mineralised widths.

The high-proportion of >1g/t gold results returning in both the channel and rock-chip sampling results, in addition to broad, low-level gold anomalism in channel sampling as part of a reconnaissance programme is noteworthy and highlights both prospectivity within the license area and the potential for bulk mineable widths (refer Tables 1 and 2, and Figure 2).  

Results have defined a 9.8km long and average 800m wide high-priority gold target zone with coincident hard-rock and alluvial artisanal workings, high-grade channel sampling and rock chip results including 6m @ 3.67g/t gold and up to 69.6g/t respectively, and favourable geology (refer to Figure 2).

Mineralisation remains open to the north-east and south-west within a 40km striking shear zone with coincident artisanal workings (refer Figure 3 and Figure 4).

Reported results provide confidence in unverified SEDAR and annual reports by Winslow Gold Corporation (TSX: WGS) and Etruscan Resources (TSX: EET) recovered online indicating mineralisation in quartz veins averaging 1.5g/t to 12g/t gold and extending 10m into pyritic schists either side of the veins, and a best RAB drilling result of 2.2g/t over 21 meters (including 5.7 g/t over 5 meters) within the license area (refer to RNS of 14 February 2019).

Next Steps:

At Zaranou, field teams have commenced an in-house fixed wing drone survey to generate detailed topography and aerial photography base maps. Concurrently field team are completing field mapping over the area of recently reported assay results to gain a better geological understanding (refer Figure 5).

The Company is planning infill AC drill hole fences to test for mineralisation width and continuity within high-priority zones highlighted in channel and rock-chip sampling assay results, as well as regional soil geochemistry sampling programmes within the south-western portion of the license area. This work is planned to commence at the onset of the dry season, expected during October 2019.

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: [phone]
Karl Schlobohm (Company Secretary)
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Broker
Jeff Keating Charlie Bouverat Yellow Jersey PR Limited Harriet Jackson Felicity Winkles	Tel: [phone]

 

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 900km² 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

In conjunction with the company's 100% owned assets, IronRidge has 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 3,584km² and 1,172km² 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.

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.

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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