IronRidge Resources Limited Infill Gold Soil Results Received (2179N)

TIDMIRR

RNS Number : 2179N

IronRidge Resources Limited

07 August 2017

7 August 2017

Infill Gold Soil Results Received

Significant Gold Soil Anomalies Confirmed

Bodite Gold Project, Ivory Coast West Africa

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleased to announce that infill soil sampling results have been received and that significant gold in soil anomalies are confirmed, further enhancing the prospectivity of the Bodite Project in Ivory Coast, West Africa.

The 200m infill soil sampling programme consisted of 1,510 samples collected at 50m spacing along the infill lines. The programme represents the follow-up of targets identified within the initial 400m spaced soil sampling programme announced on 7(th) June 2017.

HIGHLIGHTS:

Ø Multiple >50ppb and up to 3.9g/t gold soil anomalies confirmed within 200m x 50m infill soil sampling programme.

Ø Most significant Central anomalous target zone covers 3km strike length.

Ø Seven higher tenor >50ppb up to 3.9g/t gold anomalies over 400m to 1km strike occur within Central Zone Target.

Ø Anomalies occur within favourable structural settings providing additional confidence in their significance.

Ø Further soil anomalies defined along strike from the Central Zone warrant follow-up.

Ø Trenching and detailed infill auger follow-up planning underway to test highest-priority soil anomalies.

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

"We are excited with the rapid exploration progress and positive results we are generating on our gold projects in Ivory Coast.

"The infill results confirm and further enhance our priority soil anomaly targets for trenching and auger follow-up, as we move closer towards initial drilling.

"We are pleased with the development of our Ivory Coast gold projects and look forward to keeping shareholders and investors updated as more news becomes available."

Infill Soil Sampling

Infill soil sampling along 200m spaced lines at 50m sample centres has been completed and assay results received over the Bodite project area. A total of 112 line kilometres was traversed and 1,510 soil samples collected at 50m spacing along the infill lines. The programme represents the follow-up of targets identified within the initial 400m spaced soil sampling programme announced on 7(th) June 2017.

A total of 1,510 samples, including QA/QC samples were collected over the project area and submitted for fire assay. Infill soil sampling has further enhanced five broad anomalous target zones with the most significant being the Central Target Zone (see Figure 1).

Figure 1 | 200m infill soil sampling results and anomalies defined; inset: license area and soil anomaly grid location, Bodite Project.

Seven additional discrete, higher tenor (>50ppb to >200ppb Au), with individual results up to 3.9g/t gold in soil anomalies have been defined within the Central Target Zone (see Figure 2).

Soil anomalies defined occur along the contact zone between mixed chloritic schists and quartzites within a broader metasediment package. It is interpreted that secondary splay-off shear structures occur along this contact zone where there is a competency contrast between the main metasedimentary units (see Figure 1). Soil anomalies appear to occur within favourable structural settings providing additional confidence in their significance.

http://www.rns-pdf.londonstockexchange.com/rns/2179N_-2017-8-6.pdf

Figure 2 | Soil anomalies detail (red dashed outline) with assay results within the Central Zone target (white dashed outline) over greyscale topography image and main drainage (blue dashed lines).

Trenching and detailed infill auger follow-up planning including community consultation is now underway to test the highest-priority soil anomalies prior to potential drill planning.

The Board is very pleased with the progress that the Company has made in 2017 and looks forward to keeping shareholders updated as further news becomes available.

http://www.rns-pdf.londonstockexchange.com/rns/2179N_-2017-8-6.pdf

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 
 Caroline Rowe 
 
 Yellow Jersey PR Limited      Tel: [phone] 
 Charles Goodwin               788 221 
 Katie Bairsto 
 

Competent Person Statement:

Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Executive Chairman of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather 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 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.

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.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,000km(2) 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 Ade licenses, which host multiple, large scale 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 over a 250m wide zone with new hard-rock artisanal workings potentially extending strike to >3km.

Ghana

The Company entered into conditional 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 conditional joint venture arrangements in Ivory Coast, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,110km(2) and 400km(2) 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.

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.

This information is provided by RNS

The company news service from the London Stock Exchange

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August 07, 2017 02:00 ET (06:00 GMT)