Zaranou Delivers Gold Continuity at Ehuasso Main

RNS Number : 5565W

IronRidge Resources Limited

19 August 2020

 

19 August 2020

Continuity Confirmed at Ehuasso Main Target

Additional Drilling Results Received

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 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/5565W_1-2020-8-19.pdf  

HIGHLIGHTS:

Ø Additional high-grade and broad low-grade air core ("AC") results received for 1m primary samples of previously announced 4m composite results over the Ehuasso target .

Ø New 4m composite results received for reverse circulation ("RC") drilling completed over the Ehuasso Main target, confirming continuity within the 160m spaced drill grid and further enhancing the target for follow-up infill drilling.

Ø High-grade and broad low-grade 1m primary AC sample results (from the previously reported 4m composites on 30 July 2020) reported at a 0.1g/t cut-off and maximum 1m of internal dilution, including highlights:

o  4m at 9.79g/t gold from 4m in hole ZAAC0227

o  38m at 0.53g/t gold from 2m in hole ZAAC0285

o  29m at 0.55g/t gold from 30m in hole ZAAC0284

o  8m at 1.48g/t gold from 32m in hole ZAAC0282

o  22m at 0.5g/t gold from 20m in hole ZAAC0280

o  1m at 9.11g/t gold from 23m in hole ZAAC0382

o  5m at 1.79g/t gold from 49m in hole ZAAC0230

o  2m at 3.19g/t gold from 30m in hole ZAAC0288

o  11m at 0.58g/t gold from 1m in hole ZAAC0282

o  5m at 1.18g/t gold from 0m in hole ZAAC0274

o  19m at 0.31g/t gold from 0m in hole ZAAC0281

Ø Broad 4m composite RC sample results reported at a 0.1g/t cut-off and maximum 1m of internal dilution, including highlights:

o  16m at 1.06g/t gold from 68m in hole ZARC0018

o  28m at 0.45g/t gold from 32m in hole ZARC0016

o  16m at 0.58g/t gold from 112m in hole ZARC0016

o  4m at 1.68g/t gold from 184m in hole ZARC0016

Ø RC drilling now completed for the second phase programme with a total of 2,077m in 12 holes drilled.

Ø Second phase drilling programme now completed with a total of 20,312m in 404 AC holes drilled and 2,077m in 12 RC holes drilled.

Ø Assays pending for remaining targeted Ehuasso RC drill holes including intervals with visible gold and Ebilassokro reconnaissance AC drilling.

Ø Planning and access construction now underway for the third phase RC and AC drill programme, with drilling planned to commence end Q3 2020.

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

"The additional results received for the AC 1m primary samples continue to confirm and provide better resolution at 1m intervals, for the previously announced 4m composites .

"The new 4m composite sample results received for additional RC holes drilled within the Ehuasso Main target are significant as they confirm mineralisation continuity along 1.4km of strike with mineralisation still open in both directions.

"Assay results are pending for the last four RC holes drilled within the Ehuasso target, including the visible gold observed in hole ZARC0019 within the Ehuasso Main target, and AC holes along the second reconnaissance drill line within the Ebilassokro target.

"The second phase drill programme has now been completed for a total of 22,389m drilled in 416 holes, with 20,312m in 404 AC holes and 2,077m in 12 RC holes along the Ehuasso and Ebilassokro targets.

"Field teams are now taking a well-earned break, whilst a relief crew is on site to commence site access construction for a planned third phase infill RC programme within the Ehuasso Main target and step-out AC exploration programme along the Ebilassokro, Ehuasso and Yakasse targets, to commence end Q3 2020."

High-Grade Gold Intersections

Assay results for primary 1m samples from previously reported 4m composites over the Ehuasso target (refer RNS of 30 July 2020) have returned high-grade and broad low-grade gold intersections. Additionally, new 4m composite results have been returned for RC drilling completed at the Ehuasso target, including results for the Ehuasso Main target zone (previously referred to as the Ghana-Man Pit zone; refer RNS of 30 July 2020).

Drill intersections at greater than 5-gram meters for the 1m primary AC results received over the Ehuasso target and 4m composite results in RC drilling at the Ehuasso Main target are reported in Table 1 below. All new intersections are reported in Table 1 and Appendix 1 at a 0.1g/t cut-off and maximum 1m of internal dilution for the 1m primary samples and 4m of internal dilution for the 4m composites.

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 newly reported 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 newly reported RC intervals provide confidence in continuity of mineralisation within the Ehuasso Main target zone (refer RNS of 30 July 2020 ) and confirm mineralisation over 1.4km of strike and up to 80m apparent width, which remains open along strike in both directions and at depth (refer Figure 2 and Figure 3 ).

Assay results are pending for hole ZARC0019 on section line ZAR_06880 within the Ehuasso Main target where visible gold was observed at depth below previously reported AC drill intersection of 31m at 0.57g/t gold from 28m in hole ZAAC0284 (refer RNS of 30 July 2020 ). Visible gold was observed in drill cuttings at a depth between 82m to 83m and 86m to 87m (refer Figure 4 and RNS of 5 August 2020 ).

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

Drilling Programme

The second phase drilling programme has now been completed with 22,389m drilled in 416 holes across the Ehuasso and Ebilassokro targets. The AC programme consisted of 20,312m in 404 holes over the Ehuasso and Ebilassokro targets, and the RC programme consisted of 2,077m in 12 holes over the Ehuasso targets. Remaining AC and RC results will be reported as soon as they become available and have been reviewed.

Field teams have now demobilised, while a small relief field team is currently on-site finalising 1m primary sampling, logging, collar surveys and preparing access for the third phase drill programme. The third phase drill programme is currently being finalised pending receipt of final results, however, where possible access has been planned and construction commenced to allow for drilling to resume in late Q3 2020.

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]

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.

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 3,396km² 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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