Zaranou Continues to Deliver High Grade Continuity

RNS Number : 2822Z

IronRidge Resources Limited

17 September 2020

 

17 September 2020

Additional High-Grade Drilling Results Received

Ehuasso and Ebilassokro Targets Enhanced

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 additional 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/2822Z_1-2020-9-17.pdf

HIGHLIGHTS:

Ø New high-grade 4m composite reverse circulation ("RC") drilling results received for the final second phase drill holes completed over the Ehuasso target, including at the Ehuasso Main target, reported at a 0.1g/t cut-off and maximum 4m of internal dilution, including highlights:

o  16m at 10g/t from 44m in hole ZARC0022

o  40m at 1.29g/t from 80m in hole ZARC0019

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 Additional high-grade air-core ("AC") results (from the previously reported 4m composites on 30 July 2020) received for 1m primary samples over the Ehuasso target, reported at a 0.1g/t cut-off and maximum 4m of internal dilution, including highlights:

o  6m at 9.08g/t from 53m in hole ZAAC0436

o  2m at 20.43g/t from 58m in hole ZAAC0432

o  24m at 1.14g/t from 12m in hole ZAAC0427

o  7m at 3.16g/t from 1m in hole ZAAC0294

o  4m at 2.11g/t from 28m in hole ZAAC0438

o  6m at 1.37g/t from 28m in hole ZAAC0435

Ø Further new AC drill intersections reported at the Ebilassokro exploration target in 4m composite samples along the second reconnaissance drill traverse, reported at a 0.1g/t cut-off and maximum 4m of internal dilution, including highlights:

o  4m at 6.13g/t from 52m in hole ZAAC0460

o  24m at 0.32g/t from 16m in hole ZAAC0491

o  8m at 0.88g/t from 16m in hole ZAAC0491

Ø Third phase 50,000m RC and AC drilling programme now underway with two drill rigs active on site and a third rig planned to arrive within four weeks.

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

"As expected, Zaranou continues to deliver outstanding drilling results and the Board's confidence in a significant project grows on each drill hole and gold mineralised intersection.

"With only 12km of 47km of potential strike having been drill tested to date, we have already uncovered three exciting target zones - Ehuasso, Yakasse and Ebilassokro with additional targets M'Basso and Coffee Bean/Super Pit - complementing an additional untested 8km strike of hard-rock artisanal workings to deliver a pipeline of further discoveries.

"Ehuasso is the most advanced target area with mineralisation continuity now defined in 160m spaced AC drill traverses over 1.7km strike and up to 70m of apparent thickness, drilled to a maximum vertical depth of 100m and remaining open along strike and at depth.

"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.

"Our longer-term strategy is to extend a resource at depth within fresh material where initial RC results have intersected high-grade mineralisation.

"The third phase 50,000m combined AC and RC programme is now well underway with two drill rigs active on site and a third rig planned to arrive shortly."

High-Grade Gold Intersections

All 4m composite drill assay results 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 ).

New gold drill intersections at greater than 5 gram - m etres for the remaining 4m composite results in RC drilling at the Ehuasso target and AC drilling at the Ebilassokro target, as well as 1m primary AC results received over the Ehuasso target are reported in Table 1 below. All intersections are reported in Table 1 and Appendix 1 at a 0.1g/t cut-off and maximum 4m of internal dilution for the 4m composites and 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.

The new 4m composite results in remaining RC holes over the Ehuasso target provide further significant intersections within the Ehuasso Main target including 40m at 1.29g/t from 80m (including 4m at 9.9g/t) in hole ZARC0019 and new high-grade intersections at the Ehuasso target, including 16m at 10g/t from 44m (including 4m at 25.1g/t) in hole ZARC0022 (refer Figure 2 and Figure 3 ). The broad and high-grade results provide further confidence in strike and depth continuity at the Ehuasso Main target and also define new high-grade targets.

The newly reported 4m composite RC intervals provide confidence in continuity of mineralisation within the Ehuasso Main target zone and confirm mineralisation over 1.7km of strike and up to 70m apparent width, which remains open along strike to the south-west and at depth (refer Figure 2 and Figure 3 ).

Primary 1m samples from previously reported 4m composites over the Ehuasso target (refer RNS of 30 July 2020) have returned broad and high-grade gold intersections within the Ehuasso Main target including highlights of 6m at 9.08g/t from 53m in hole ZAAC0436, 2m at 20.43g/t from 58m in hole ZAAC0432 and 24m at 1.14g/t from 12m in hole ZAAC0427 (refer Figure 2 ).

The newly reported 1m primary sample results reaffirm previously reported 4m composite results within the Ehuasso target and provide greater resolution to 1m sample intervals within mineralised intervals, whilst managing assay costs.

The new 4m composite results in remaining reconnaissance AC holes over the Ebilassokro target provide further encouraging results including 4m at 6.13g/t from 52m in hole ZAAC0460 and 24m at 0.32g/t from 16m in hole ZAAC0543 (refer Figure 4 ).

The newly reported results at Ebilassokro complement previously reported results (refer RNS of 5 August 2020 ) with highlights of 5m at 270.5g/t; and justify further step out exploration AC drill traverses along the target.

Additional cross sections for reported drill results at Ehuasso are included in Appendix 2.

Drilling Programme

The third phase 50,000m combined AC and RC drilling programme is progressing well with two drill rigs currently on site and drilling at the Ehuasso Main and Ebilassokro targets, with a third rig due to arrive on site within the coming weeks.

Drilling is planned to continue over the Ehuasso, Ebilassokro, Coffee Bean, M'Basso and Yakassé targets up to the end of Q4 2020 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 Vincent Mascolo (Chief Executive Officer) Karl Schlobohm (Company Secretary) www.ironridgeresources.com.au	Tel: [phone]
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: [phone]
SI Capital Limited Company Broker Nick Emerson Jon Levinson	Tel: [phone] Tel: [phone]
Yellow Jersey PR Limited Henry Wilkinson Matthew McHale Dominic Barretto	Tel: [phone]

Cont….

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 3,584km² 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. 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 684km² and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li₂O in the inferred and indicated category including 4.5Mt @ 1.39% Li₂O 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% Li₂O 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 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.

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 3,396km² 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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