IronRidge Resources Limited Corporate Update - Directors Dealings (4499C)

TIDMIRR

RNS Number : 4499C

IronRidge Resources Limited

19 October 2020

19 October 2020

IronRidge Resources Limited

(AIM: IRR)

Directors Dealings

The Board of IronRidge Resources Limited (IronRidge or the Company) wishes to advise of the following Directors Dealings as a result of off-market transactions which occurred today:

IronRidge Resources Chairman Mr Neil Herbert acquired 200,000 shares at a price of 15p each as a result of an off-market transfer for a total consideration of GBP30,000.

IronRidge Resources Managing Director Mr Vincent Mascolo acquired 200,000 shares at a price of 15p each as a result of an off-market transfer for a total consideration of GBP30,000.

Following the transaction, Messrs Herbert and Mascolo hold the following interests in the Company's shares:

 
     Director         Previous      Shares Acquired   Current Shareholding     Current 
                     Shareholding                                             % Ownership 
 
 Neil Herbert           1,677,143           200,000              1,877,143          0.46% 
                   --------------  ----------------  ---------------------  ------------- 
 Vincent Mascolo       15,000,000           200,000             15,200,000          4.72% 
                   --------------  ----------------  ---------------------  ------------- 
 

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

ACQUISITION OF ORDINARY SHARES

 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                                   1. Vincent Mascolo 
                                               2. Neil Herbert 
     ---------------------------------  ------------------------------------- 
 2.   Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status:                        1. Director and CEO 
                                               2. Non-Executive Chairman 
     ---------------------------------  ------------------------------------- 
 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       D epositary Interests of 
       instrument, type of instrument:    no par value ( O rdinary 
       Identification code:               Shares) 
                                          ISIN: AU0000XINEX3 
     ---------------------------------  ------------------------------------- 
 b)   Nature of the transaction:         Subscription for Ordinary 
                                          Shares 
     ---------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s):             Price(s)       Volume(s) 
                                                1. 15p         1. 200,000 
                                                 2. 15p         2. 200,000 
                                                         ----------------- 
     ---------------------------------  ------------------------------------- 
 d)   Aggregated information:            Single transaction as in 
       Aggregated volume:                 4 c) above Price(s)       Volume(s) 
       Price:                                   1. 15p         1. 200,000 
                                                 2. 15p         2. 200,000 
                                                         ----------------- 
     ---------------------------------  ------------------------------------- 
 e)   Date of the transaction:           19 October 2020 
     ---------------------------------  ------------------------------------- 
 f)   Place of the transaction:          Outside of a trading venue 
     ---------------------------------  ------------------------------------- 
 

For any further information please contact:

 
 
IronRidge Resources Limited                     Tel: [phone] 
 Vincent Mascolo (Chief Executive Officer) 
 Karl Schlobohm (Company Secretary) 
 www.ironridgeresources.com.au 
 
SP Angel Corporate Finance LLP                  Tel: [phone] 
 Nominated Adviser 
 Jeff Keating 
 Charlie Bouverat 
 
SI Capital Limited                              Tel: [phone] 
 Company Broker                                  500 
 Nick Emerson                                    Tel: [phone] 
 Jon Levinson 
 
Yellow Jersey PR Limited                        Tel: [phone] 
 Henry Wilkinson 
 Dominic BarrettoMatthew McHale 
 
 

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 3,584km(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. 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 684km(2) and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the inferred and indicated category including 4.5Mt @ 1.39% Li(2) O 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% Li(2) O 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 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.

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 3,396km(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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October 19, 2020 02:45 ET (06:45 GMT)