IronRidge Resources Limited Acquisition of lithium pegmatite applications (0903Q)

TIDMIRR

RNS Number : 0903Q

IronRidge Resources Limited

25 November 2016

25 November 2016

Highly Prospective Lithium Tenement Applications

Secured in Ivory Coast, West Africa

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleased to announce the acquisition of three highly prospective lithium pegmatite applications within the Ivory Coast, West Africa.

HIGHLIGHTS:

-- Access rights secured via direct application to three tenements covering a total of 938km(2)

   --      Multiple untested pegmatite occurrences identified throughout the applications 

-- Pegmatite hosted mineralisation with potential lithium rich spodumene mineralogy; simple process flow-sheet envisioned

-- Project well positioned within 75km of the capital Abidjan; excellent infrastructure, logistics and services support for potential rapid development

   --      Global demand for lithium is increasing at an unprecedented rate 
   --      Pro-mining investment framework 

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

"These applications further consolidate our West African lithium portfolio and strategy.

"We see enormous potential in supplying the growing energy industry with lithium, and securing the Ivory Coast lithium package directly complements our recent lithium acquisitions in West Africa.

"The assets present a strategic opportunity that consolidates and covers resource scale potential, potential simple mineralogy and proximity to infrastructure in a mining-friendly jurisdiction.

Project Portfolio

The Company has secured through its wholly owned (100%) local subsidiary, access rights to three additional applications covering a total of 938km(2) for lithium and associated minerals within the Ivory Coast.

The tenement portfolio, in addition to the existing Ench Proci JV area (400km(2) ) covers highly prospective fractionated granitic intrusive centres with historical lithium and columbite-tantalum occurrences and confirmed outcropping pegmatites.

The license and applications constitute part of a broader West African Lithium strategy with additional hard rock lithium pegmatite projects in Ghana (announced on 20 October 2016) for a total 1,652km(2) landholding over highly prospective and proven pegmatite terrains.

http://www.rns-pdf.londonstockexchange.com/rns/0903Q_-2016-11-24.pdf

Figure 1 | New applications and tenement portfolio over regional geology.

License applications have been submitted through Khaleesi Resources SARL, a wholly owned local subsidiary of IronRidge Resources Limited.

All projects are well serviced, with an extensive bitumen road network, well established cellular network and good high-voltage transmission line network. Drive time from Abidjan to the project area takes approximately 1 1/2 hours.

http://www.rns-pdf.londonstockexchange.com/rns/0903Q_1-2016-11-24.pdf

Figure 2 | Lithium license applications and existing joint Venture area, directly north of Abidjan

The Board is delighted with the progress that the Company has made in 2016 and looks forward to keeping shareholders updated as further news becomes available.

For any further information please contact:

 
IronRidge Resources Limited 
Vincent Mascolo (Chief       Tel: [phone] 
 Executive Officer)           0610 
Nicholas Mather (Executive   Tel: [phone] 
 Chairman)                    0610 
 
SP Angel Corporate Finance   Tel: +44 (0)20 
 LLP                          3470 0470 
Nominated Adviser and 
 Broker 
Jeff Keating 
 
 Yellow Jersey PR Limited 
 Dominic Barretto              Tel: [phone] 
 Charles Goodwin               537 739 
 Harriet Jackson 
 

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 IRRs 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.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,400km(2) of highly prospective gold and other mineral projects in Chad, Central Africa. Under the terms of the agreement, IronRidge will acquire an initial 60% of Tekton, including its projects and team, to advance the Dorothe, Echbara and Am Ouchar licenses, which host multiple, potentially nation-building 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 up to 200m wide with new hard-rock artisanal workings potentially extending strike to >3km.

Ghana

The Company entered into joint venture 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% Li(2) O and surrounding tenements. The portfolio covers some 314km(2) 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.

Ivory Coast

The Company entered into a joint venture arrangement with Enchi ProCI SA of the Ivory Coast, West Africa, securing access rights to highly prospective multiple untested pegmatite occurrences. The project area covers 400km(2) with further identified outcrops some 25km apart along the interpreted trend. The project is well located within 75km of the capital Abidjan; excellent infrastructure, logistics and services support for potential rapid development. Additionally the Company has secured access rights to a highly prospective gold portfolio covering 2,310km(2) of Birimian geology and along strike from significant gold deposits.

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.

The Board of Directors is represented by mining industry professionals with a broad range of corporate, exploration, production, contracting and capital markets experience. The Company was admitted on 12 February 2015 (Ticker Code IRR) and currently has 236,612,203 shares and 14,770,000 unlisted options on issue.

This information is provided by RNS

The company news service from the London Stock Exchange

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November 25, 2016 02:00 ET (07:00 GMT)