IronRidge Resources Limited Zaranou Continues to Deliver High Grade Results (3085D)

TIDMIRR

RNS Number : 3085D

IronRidge Resources Limited

27 October 2020

27 October 2020

Final Phase Two Drilling Results Received

Additional High-Grade Gold Intersections

Ehuasso and Ebilassokro Targets

Zaranou Gold Project

Côte d'Ivoire, West Africa

IronRidge Resources Limited (AIM: IRR, "IronRidge" or the "Company"), the African focussed minerals exploration company, is pleased to report final high-grade drilling results from the second phase drilling programme at the Ebilassokro and Ehuasso targets, both within the Zaranou Gold Project area ("Zaranou"). The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).

Figures and Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/3085D_1-2020-10-27.pdf

HIGHLIGHTS:

Ø Final high-grade reverse circulation ("RC") and aircore ("AC") drilling results (from the previously reported 4m composites on 17 September 2020) received for the remaining 1m primary samples over the Ehuasso target, including highlights reported at a 0.1g/t cut-off and maximum 1m of internal dilution:

o 5m at 33.63g/t from 138m in hole ZARC0013

o 14m at 4.67g/t from 46m in hole ZARC0022

o 9m at 4.16g/t from 81m in hole ZARC0019

o 24m at 1.14g/t from 12m in hole ZAAC0427

o 7m at 3.44g/t from 52m in hole ZARC0016

o 4m at 5.77g/t from 56m in hole ZAAC0410

Ø Mineralisation continuity now confirmed over a 1.7km strike at the Ehuasso Main target, with mineralisation open to the south-west and at depth; follow-up Phase 3 infill RC drilling now underway.

Ø Final AC drilling results (from the previously reported 4m composites on 17 September 2020) received for 1m primary samples over the Ebilassokro target, including highlights reported at a 0.1g/t cut-off and maximum 4m of internal dilution:

o 3m at 5.02g/t from 21m in hole ZAAC0491

o 4m at 2.06g/t from 44m in hole ZAAC0477

o 21m at 0.39g/t from 17m in hole ZAAC0543

o 17m at 0.2g/t from 20m in hole ZAAC0541

Ø All results now received for the second phase drill programme where a total of 20,312m of AC in 404 holes and 2,077m of RC in 12 holes was completed.

Ø Third phase 50,000m RC and AC drilling programme now well underway with three drill rigs active on site at the Ehuasso, Ebilassokro, Yakassé, Mbasso and Coffee Bean targets.

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

"Zaranou continues to deliver for the Company, with all second phase drilling results now received for a total programme consisting of 22,389m of combined AC and RC drilling.

"Ehuasso Main is our most advanced target area with mineralisation continuity now defined in 160m spaced AC and RC drill traverses over 1.7km strike and up to 70m of apparent thickness, drilled to a maximum vertical depth of 100m which remains open along strike and at depth.

"Drilling to date at Ehuasso has intersected both narrow high-grade and broad low-grade intervals within both weathered and fresh zones. Our early ounces strategy is to target weathered oxide mineralisation, with initial observations suggesting it continues to average depths of 50m and up to 90m, suggesting simple mining and processing at low operational and capital costs.

"Encouraging results have also been returned at the Ebilassokro target where heel to toe AC traverses along existing tracks have intersected high-grade mineralisation including 5m at 270.5g/t at surface within a high-priority soil anomaly exploration target.

"With only 12km of 47km of potential strike having been drill tested to date, we have already uncovered three exciting target zones - Ehuasso, Yakassé and Ebilassokro with additional targets M'Basso and Coffee Bean/Super Pit - complementing an additional untested 8km strike of hard-rock artisanal workings and 27km of untested soil anomalies to deliver a pipeline of further discoveries.

"The third phase 50,000m combined AC and RC programme is now well underway with three drill rigs active on site."

High-Grade Gold Intersections

All 1m primary sample drill assay results from the previously reported 4m composites on 17 September 2020, have now been received for the remaining RC and AC drill holes completed at the Ehuasso and Ebilassokro targets within the Zaranou license (refer Figure 1).

Highlight gold drill intersections at greater than 5 gram - m eters for the remaining 1m sample results in RC and AC drilling at the Ehuasso and Ebilassokro targets, are reported in Table 1, Figure 2 and Figure 3 below. All intersections reported in Table 1 and Appendix 1 are at a 0.1g/t cut-off and maximum 1m of internal dilution for the 1m primary samples.

All sampling was completed at the drill site and consisted of initial 4m composites submitted for analysis, of which all composites greater than 0.1g/t gold are re-submitted for analysis at 1m intervals from retained primary samples at the project site. ALS laboratory completed sample preparation in Côte d'Ivoire and sample analysis in Burkina Faso, with results passing internal and laboratory QA/QC protocols, providing confidence in reported results. All AC and RC drilling to date has been completed at -55 to -60 degrees dip.

Final 1m primary RC and AC results for the remaining Phase 2 programme at the Ehuasso and Ebilassokro targets continue to confirm mineralisation potential at both targets. The newly reported 1m primary sample results reaffirm previously reported 4m composite results within the target areas and provide greater resolution to 1m sample intervals within mineralised intervals, whilst managing assay costs. (refer Figure 2 and Figure 3 ).

Cross sections for reported drill results at Ehuasso and Ebilassokro are included in Appendix 2.

Drilling results to date for the first and second phase programmes for a combined total of 27,760m AC in 555 holes and 3,670m RC in 22 holes has defined the 1.7km long by up to 70m wide (apparent thickness) Ehuasso Main target within roughly 160m spaced AC-RC traverses. Additional high-priority targets exist at the Tiemele Pit and within the surrounding Ehuasso target area. Drill highlights at greater than 5 gram meters for phases one and two and shown in Figure 4 .

Drilling Programme

The third phase 50,000m combined AC and RC drilling programme is progressing well with three drill rigs currently on site and drilling at the Ehuasso Main, Ebilassokro and Coffee Bean targets (refer Figure 1 ).

Drilling is planned to continue up to the end of Q4 2020 over the Ehuasso, Ebilassokro, Coffee Bean, M'Basso and Yakassé targets with results reported as they become available (refer Figure 1 ).

Competent Person Statement

Information in this announcement relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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 WilkinsonMatthew McHale 
  Dominic Barretto 
 
 

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.

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 27, 2020 03:00 ET (07:00 GMT)