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IronRidge Resources Limited Expansion of Strategic Gold Portfolio
UK Regulatory (RNS & others)
RNS Number : 4102T
IronRidge Resources Limited
05 January 2017
05 January 2017
Expansion Of Strategic Gold Portfolio
In Ivory Coast, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is excited to announce the right to acquire an additional three (3) highly prospective gold license applications that complement and enhance existing projects over Province Scale gold mineralised structures within Ivory Coast, West Africa.
-- Access rights secured via Earn-In Agreements to three (3) applications covering a total of 1,200km(2)
-- Acquisition complements and enhances existing 2,310km(2) portfolio in Ivory Coast for a total 3,510km(2) land package over highly prospective and gold mineralised regional structures
-- Strategic acquisition secures north and south strike extensions, with artisanal workings along the existing Kineta North license where over 8km strike of extensive artisanal workings have been defined and remain open along strike
-- Portfolio located on secondary structures off the Province Scale Wa-Lawra shear along strike from multi-million ounce gold projects and represents a potential 'Company making' asset in its own right
-- Easily accessed via extensive bitumen road networks
-- Ivory Coast underexplored and highly prospective gold-rich terrain of the West African Birimian Greenstone sequence
-- Diversified economy and pro-mining investment framework
Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
"This strategic acquisition further consolidates and enhances our extensive gold portfolio along the Wa-Lawra shear in the North East of the gold-rich and pro-mining jurisdiction of Ivory Coast.
"We see enormous potential in the Ivory Coast and the portfolio presents a spectacular strategic opportunity that entails exploration potential along significant and proven gold bearing structures within close proximity to infrastructure.
"This strengthens the Company's broader strategy of securing large project sites within highly prospective yet underexplored terrains with proven gold potential in supportive jurisdictions."
Figures and tables referred to in this announcement can be accessed by clicking on the following link:
A full version of this release can be found on the Company's website (www.ironridgeresources.com.au)
The Company has secured, via Earn-In Agreements, access rights to three (3) additional applications covering a total of 1,200km(2) within the Ivory Coast. This further enhances and complements the Company's existing Ivory Coast gold portfolio for a total 3,510km(2) of highly prospective terrain.
The three (3) additional applications cover strike extensions with artisanal workings and favourable litho-structural targets to the north and south of the Kineta North license where over 8km strike of extensive artisanal hard-rock workings have been defined to date.
The applications and license represent a compelling, potential 'Company making' portfolio along significant and gold mineralised structures along the Wa-Lawra shear zone where 3.3Moz and 2.2Moz deposits have been defined to date. (Refer Figure 1, Newly acquired applications)
Gold mineralisation appears to occur along sheared mafic-granitic contacts and where porphyritic intrusives occur within the mafic units; potentially as a rheological contrast setting or directly associated with the porphyritic intrusives. (Refer Figure 2, Interpreted lithological and structural targets)
The Company has secured via Earn-In Agreements, access rights to nine (9) licenses and applications covering a total of 3,510km(2) within the Ivory Coast, West Africa. The tenement portfolio covers major shear zones and associated second and third order structures along proven, gold bearing shears.
Four principal gold bearing structures have been targeted:
-- Two significant splay structures off the Sassandra Shear Zone that effectively separates the older Archean Craton of the Leo Shield in Liberia from the younger intrusive and metasedimentary rocks of the West African Birimian Sequence to the east. Similar splay-off structures host the world-class Syama (7Moz) and Tongon (5Moz) gold mines to the north (Gboguhue and Vavoua Projects and Soubre Project).
-- The southern extension of the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz) structure into Ivory Coast (Bianouan Project).
-- The southern extensions of the North-South striking Wa (2.2Moz) - Konkera (3.3Moz) gold bearing structure (Bouna, Kineta North, Kineta and Marahui Projects).
-- An area of more thickly preserved metasedimentary rocks and underlying granitic intrusives (Bodite Project).
Refer Figure 3, Tenement portfolio.
The Vavoua license and Gboguhue application occur along a major splay structure off the Sassandra Shear Zone; a major crustal bounding fault between the Archean Leo Shield to the west and Birimian sequence to the east. Artisanal workings have been observed within the Vavoua license, representing likely extensions of the large scale gold artisanal workings 45km to the south-west along the same splay structure. Similar splay structures occurring to the north host the world-class Syama (7Moz) and Tongon (5Moz) gold mines. The Dugbe deposit (4.2Moz) occurs along a splay structure to the south, providing further evidence for the gold endowment of the region.
The Soubre application occurs along a similar splay structure and geological setting to the south of the Gboguhue-Vavoua project area. The structure represents a major bounding fault between the Birimian granitic intrusive complex and younger Birimian volcaniclastics and greenstone belts; an ideal setting for 'Structural Gold' type deposits within second and third order faults off the major shear structure.
The Bouna, Kineta, Kineta North and Marahui applications and license represents an exciting opportunity along the poorly explored southern extensions of the gold mineralised Wa (2.2Moz) - Konkera (3.3Moz) Wa-Lawra Shear zone. Extensive 'hard rock' artisanal workings and quartz veining has been defined within the license area over an 8km strike.
Refer Figure 4, Large-scale 'open pit' and Figure 5, Underground hard-rock artisanal workings and exploratory artisanal 'saprolite' workings.
The Bianouan license occurs at the south-western extension of the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz) structure where similar geological settings may occur.
The Bodite license is located wholly within Birimian metasediments, where a thicker package of turbidite sequence rocks are intruded by more fractionated granitic intrusives. Similar geological settings host the 13.3Moz Siguiri Mine and 8Moz Lefa Mine in Guinea where a thicker sedimentary sequence is preserved within the Birimian.
All projects are well serviced, with an extensive bitumen road network, well established cellular network and good high-voltage transmission line network.
The Company has entered into Agreements with two (2) local Ivoirian companies; Eburnea Gold Resources SARL and Kestrel Mining Exploration SARL, whereby IronRidge can acquire up to 100% of the projects through staged earn in arrangements and expenditure to Feasibility Study subject to each company retaining an NSR of 2.5% of which 40% may be acquired for between US$2.5million to US$3million at any time.
Completion of the Investment is subject to certain conditions being met by the Company; principally in relation to completion of satisfactory Due Diligence by IronRidge over the next two months.
The Board is delighted with the progress that the Company has made in 2016/2017 and looks forward to keeping shareholders updated as further news becomes available.
For any further information please contact:
IronRidge Resources Limited Vincent Mascolo (Chief Tel: +61 7 3303 Executive Officer) 0610 Nicholas Mather (Executive Tel: +61 7 3303 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: +44 (0) 7768 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.
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.
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.
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.
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.
The Company entered into a joint venture arrangement with Enchi ProCI SA of the Ivory Coast, West Africa, securing the first access to highly prospective multiple untested pegmatite occurrences. The project area covers some 400km(2) with further identified outcrops some 25km apart along the interpreted trend. The project well located within 75km of the capital Abidjan; excellent infrastructure, logistics and services support for potential rapid development.
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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