IronRidge Resources Limited Zaranou Delivers Further High Grade Gold Results (5181S)

TIDMIRR

RNS Number : 5181S

IronRidge Resources Limited

09 July 2020

9 July 2020

Multiple High-Grade Gold Results Confirm Continuity

Initial Drilling Results from Second Phase Programme

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 initial high-grade drilling results from the second phase drilling programme currently underway at the Ehuasso target ("Ehuasso"), 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).

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

http://www.rns-pdf.londonstockexchange.com/rns/5181S_1-2020-7-9.pdf

HIGHLIGHTS:

Ø Multiple high-grade and broad low-grade initial results received from the second phase drilling programme currently underway at the Ehuasso target within the Zaranou Gold Project area .

Ø Results received to date represent 5,910m of air-core drilling ('AC') from a planned 15,000m combined AC-reverse circulation ('RC') programme at the Ehuasso target with drilling ongoing.

Ø High-grade and broad low-grade 4m composite results reported at a 0.1g/t cut-off and maximum 4m of internal dilution including highlights:

o 4m at 17.9g/t from 44m in hole ZAAC0164

o 8m at 4.69g/t from 12m including 4m at 8.5g/t in hole ZAAC0217

o 12m at 2.65g/t from 32m including 4m at 5.7g/t & 4m @ 2g/t in hole ZAAC0261

o 4m at 7.63g/t from 44m in hole ZAAC0207

o 8m at 3.8g/t from surface including 4m @ 6.1g/t in hole ZAAC0294

o 16m at 1.87g/t from 48m in hole ZAAC0259

o 4m at 5.47g/t from surface in hole ZAAC0199

o 24m at 0.47g/t from 20m in hole ZAAC0200

o 4m at 2.58g/t from surface in hole ZAAC0261

Ø Mineralisation continuity now confirmed in drilling over multiple growing targets over 500m long and up to 100m wide; all open along strike and at depth.

Ø Drilling ongoing with two drill rigs currently on site at the main Ehuasso grid and Ebilassokro exploration target; both within the broader 47km long Zaranou shear zone.

Commenting on the Company's latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:

"We are pleased to report high-grade drilling intersections from initial results received and along strike from the first phase programme intersections .

"Mineralisation continuity over multiple areas of 500m strike and up to 100m width has been successfully confirmed in multiple targets in the newly reported results at Ehuasso; targets remain open in both directions with additional results pending.

"Blade refusal depths up to a maximum of 89m and an average 50m downhole depth in the reported results substantiate first phase drilling observations, confirming deep weathering profiles in the Ehuasso target area and the potential for extensive oxide mineralisation targets; significant as it indicates potential for low capital intensity mining operations.

"Drilling remains ongoing with our national team in-place and two drill rigs currently active at the Ehuasso main grid and Ebilassokro exploration target within the broader 47km strike Zaranou shear zone, whilst strict COVID-19 measures continue to be implemented.

"We look forward to releasing additional results as they become available."

New Drilling Intersections at the Ehuasso Target

Initial drilling results have been received and reviewed from the second phase AC drilling programme currently underway over the Ehuasso target. A total of 5,910m in 124 holes is reported herewith from the enlarged overall 15,000m second phase AC and RC programme (refer RNS of 2 July 2020 ). All AC drilling to date has been completed at -55 degree dip.

Multiple high-grade and broad low-grade intersections are reported within the AC results received to date, with highlights at greater than 5-gram meters reported in Table 1 below, and all intersections received to date reported in Appendix 1 for 4m composites at a 0.1g/t cut-off and maximum 4m of internal dilution.

All sampling was completed at the drill site and consisted of 4m composites submitted to ALS laboratory for sample preparation in Côte d'Ivoire, and analysis in Burkina Faso. All results passed internal and laboratory QA/QC protocols providing confidence in reported results. All 4m composites reported at greater than 0.1g/t gold have been submitted for re-analysis at 1m intervals from retained primary samples at the drill site.

Table 1: Highlight Phase 2 AC drill intersections at >5-gram meters received to date for 4m composites reported at a 0.1g/t cut-off and maximum 4m of internal dilution

When plotted up, newly reported intersections from the Second Phase programme confirm mineralisation continuity with the First Phase reported results (refer RNS of 3 February 2020 ) between the 160m spaced AC traverses.

Mineralisation has been confirmed within multiple target areas over 500m strike length and up to 100m width in results received to date (areas highlighted in dashed red lines on Figure 1 ), whilst targets remain open along strike with additional results pending from the remainder of the Second Phase programme now underway (refer Figure 1 ).

AC drilling has reached downhole depths up to 89m in the newly reported results and an average downhole depth of 50m. This represents a deep weathering profile which typically supports a more thickly developed oxide gold profile.

Type cross-sections are shown in Figure 2 for section ZAR_05920 in the west and Figure 3 for central section ZAR_07360. All remaining cross-sections are shown in Appendix 2 .

Drilling Programme

The second phase AC and RC drilling programme is progressing well with two rigs now active on the Ehuasso and Ebilassokro targets. Approximately 5,000m of AC and RC drilling is remaining for completion of the Second Phase programme, with additional results reported as soon as they become available and have been reviewed.

The Board is delighted with the progress that the Company has made in 2020 to date and looks forward to reporting through a busy upcoming period.

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 Wilkinson 
 Dominic BarrettoMatthew McHale 
 
 

Competent Person Statement

Information in this report 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.

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.

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 Cape Coast lithium portfolio in Ghana is an emerging lithium province with a 14.5Mt at 1.31% Li(2) O maiden Mineral Resource estimate (reported in accordance with the JORC Code) in Indicated and Inferred status at the Ewoyaa and Abonko deposits. 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 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.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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July 09, 2020 02:00 ET (06:00 GMT)