IronRidge Resources Limited Director Dealing (4932J)

TIDMIRR

RNS Number : 4932J

IronRidge Resources Limited

05 December 2018

5 December 2018

IronRidge Resources Limited

(AIM: IRR)

Director Dealing

IronRidge Resources Limited ("IronRidge" or the "Company") has been informed today that Mr Nicholas Mather, a Non-Executive Director of the Company, has sold 907,678 shares of no par value ("Shares") today (5 December 2018) at a price of 19.52 pence per share to attend personal financial circumstances within his other business interests. Following the sale, Mr Mather maintains an interest in 2,290,314 Shares representing 0.74% of the issued share capital of the Company, and 2,250,000 60p options in the Company (expiring on 3 May 2019).

Mr Mather remains committed to contributing to the ongoing growth and success of the Company as a Non-Executive member of the Board.

Market Abuse Regulation (MAR) Disclosure

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                      Nicholas Mather 
     -----------------------------------------  -------------------------------- 
 2.   Reason for the notification 
     --------------------------------------------------------------------------- 
 a)   Position/status:                           Non-Executive Director 
     -----------------------------------------  -------------------------------- 
 b)   Initial notification/Amendment:            Initial notification 
     -----------------------------------------  -------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------- 
 a)   Name:                                      IronRidge Resources Limited 
     -----------------------------------------  -------------------------------- 
 b)   LEI:                                       213800H1JY3J7BB6BN06 
     -----------------------------------------  -------------------------------- 
 4.   Details of the transaction(s): section to be repeated for (i) 
       each type of instrument; (ii) each type of transaction; (iii) 
       each date; and (iv) each place where transactions have been 
       conducted 
     --------------------------------------------------------------------------- 
 a)   Description of the financial instrument,   Ordinary Shares of no par value 
       type of instrument: 
       Identification code:                       AU0000XINEX3 
     -----------------------------------------  -------------------------------- 
 b)   Nature of the transaction:                 Sale of shares 
     -----------------------------------------  -------------------------------- 
 c)   Price(s) and volume(s):                    Sale Price(s)   Volume(s) 
                                                   19.52P     907,678 
                                                             ---------- 
     -----------------------------------------  -------------------------------- 
 d)   Aggregated information:                    Single transaction as in 4 
       Aggregated volume:                         c) above 
       Price:                                      Price(s)          Volume(s) 
                                                                    ---------- 
                                                   19.52             907,678 
                                                    (GBP177,178.5) 
     -----------------------------------------  -------------------------------- 
 e)   Date of the transaction:                   5 December 2018 
                                                  11:30 AEST 
     -----------------------------------------  -------------------------------- 
 f)   Place of the transaction:                  Outside of a trading venue 
                                                  (off-market transfer) 
     -----------------------------------------  -------------------------------- 
 

For any further information please contact:

 
IronRidge Resources Limited 
Vincent Mascolo (Chief Executive  Tel: [phone] 
 Officer) 
Nicholas Mather (Non Executive    Tel: [phone] 
 Director) 
 
SP Angel Corporate Finance LLP    Tel: [phone] 
                                   0470 
Nominated Adviser and Broker 
Jeff Keating 
 Charlie Bouverat 
 
 Yellow Jersey PR Limited           Tel: [phone] 
 Charles Goodwin                    275882 
 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.

Ghana

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% Li(2) O and surrounding tenements. The portfolio covers some 684km(2) with the newly discovered Ewoyaa project including drill intersections of 128m @ 1.21% Li(2) O from 3m and 111m @ 1.35% Li(2) O from 37m, and a further identified 20km strike of pegmatite vein swarms. The tenure package is also highly 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 900km(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 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.

Côte d'Ivoire

The Company entered into conditional joint venture arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,187km(2) and 1,172km(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.

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.

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.

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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December 05, 2018 02:02 ET (07:02 GMT)