TIDMIRR
RNS Number : 6406X
IronRidge Resources Limited
23 February 2017
23 February 2017
Project Update, Chad, Central Africa
IronRidge Resources Limited (AIM: IRR or 'IronRidge') and Tekton
Minerals Pte Ltd (combined the 'Company') are pleased to provide an
exploration update on its project portfolio in Chad, Central
Africa.
HIGHLIGHTS:
-- 4km trenching programme commenced at the Dorothe gold
prospect to test the broader 3x1km mineralised zone defined by
extensive artisanal workings
-- Regional geological interpretation completed over Ouaddaï
South region by SRK Consulting (UK) Ltd, defining potential
structural and lithological controls on known mineralisation;
multiple targets defined
-- Reconnaissance rock chip sampling at Nabagay returns results
of 34.1g/t, 3.76g/t, 2.53g/t and 1.9g/t gold over a newly defined
target from the regional structural interpretation
-- Reconnaissance soil sampling defines potential strike
extensions and repeated structures at the high-grade Am Ouchar gold
prospect
-- The Company is reviewing and prioritising follow-up field
programmes subsequent to the completion of the trenching programme
at Dorothe
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer said:
"High-grade gold rock-chip results up to 34.1g/t gold have been
received from a new target area that was defined via regional
geological interpretation completed by independent consultants, SRK
Consulting (UK)."
"The structural interpretation has been vindicated by a
grass-roots gold anomalies without the presence of artisanal
workings and provides a valuable platform for future exploration
growth."
"A major 4km trenching programme utilising an excavator has
commenced at Dorothe to assess the grade, width and strike
potential of the extensive artisanal workings mapped over a 3x1km
area."
"Reconnaissance soils have defined potential strike extensions
and structural repetitions to the high-grade Am Ouchar prospect,
where previous trenching has returned significant results including
20m @ 6.8g/t, 16m @ 4.7g/t and 12m @ 5.7g/t gold."
Chad Project Portfolio
The Company secured exploration rights over 1,400km(2) of gold
mineralised, province-scale geological structures through the
Tekton Minerals Pte Ltd partnership (announced 21 September
2016).
Work to date has indicated the potential for multi-million-ounce
gold discoveries within the Ouaddaï South Province. Multiple
high-priority gold targets have been defined within the Dorothe,
Echbara and Am Ouchar licences.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 1 | Tenement portfolio
Dorothe Gold Project Update
Tekton field teams are currently on site commencing a major
trenching programme over the Dorothe prospect. An approximate 4km
of phased trenching has been planned (pending excavation rates and
geological observations) over the broader 3x1km zone of artisanal
workings. The trenching is currently underway and a 20-tonne
excavator is on site.
Dorothe is characterised by two significant zones of
mineralisation; the north-south striking 'Main Vein Swarm' defined
over a 1km strike with potential extensions to 3km, and the
north-east trending 'Artisanal Pitting Zone' over a 3x1km area.
Previous sampling by Tekton has focussed on the Main Vein Swarm
with significant trenching results over sub-vertical quartz veins
including 14.12g/t over 4m, 16m @ 3.1g/t, 6m @ 9.5g/t and 1m @
63.2g/t Au.
The Artisanal Pitting Zone has only been assessed by rock chip
sampling of shallowly dipping quartz veins where over 40% of rock
chips to date have returned grades over 0.5 g/t Au with grades up
to 103g/t, 99.6g/t and 94.5g/t Au.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 1 | Previous trenching and rock chip sampling results and
the orientation soil sampling line recently completed over the
Dorothe prospect
The Company has commenced an approximate 4km phased trenching
programme (dependent on advancement rates and visible results), and
a 20 tonne excavator is currently on site. The programme has been
designed to test the 3x1km Artisanal Pitting Zone and average grade
of this material at surface.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 2 | Planned phased trenching programme (red = 1(st)
priority, green = 2(nd) priority, blue = 3(rd) priority) over the
Dorothe prospect and excavator currently at site on the
southernmost trench
An orientation soil sampling line was completed over Dorothe to
ascertain gold anomalism in soils and any associated geochemical
signature that could be used for future exploration geochemistry
surveys (see figure 1). Results show up to 400ppb gold in soils
over the Dorothe prospect, and with a coincident lead (Pb) and
tellurium-(Te) geochemical anomaly. On the basis of the anomalous
geochemical signature in soils and the regional
structural-lithological deposit model, the Company is assessing the
potential for a regional soil and/or auger geochemical
programme.
Echbara Gold Project Update
Follow-up trench re-sampling at the Echbara Project located 25km
west of Dorothe, has confirmed historic trenching results completed
by the UN Development Programme (UNDP) during the 1990's including
58m @ 1.29g/t and 28m @ 1.29g/t Au. The Echbara Project is defined
by a 2km long by >150m wide 100-300ppb soil anomaly. Re-sampling
of historic trenches within the 300ppb soil anomaly contour over 1m
intervals has returned verification sample results of 1.3g/t and
1.2g/t confirming historic results.
The Company is planning to re-open and sample historic trenches
across the strike extent of the 2km soil anomaly utilising the
excavator on completion of the Dorothe programme.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 3 | Historic UNDP trenching results, follow-up trench
re-sampling and planned trenching over the Echbara Project
Additionally, historic trenching results where available show
good grade continuity perpendicular to strike and along the
trenches, with mineralisation hosted within schists close to the
gneiss-dolomite contact. Significant veining does not appear to be
apparent with preliminary mineralogical studies suggesting gold is
finely disseminated with sulphides within the schists.
Figure 3 | Historic UNDP trenching results along trench T624
(where the verification samples were collected) showing good grade
continuity perpendicular to strike at the Echbara Project
In addition to the confirmation of historic trenching results at
Echbara, the regional geological interpretation has identified over
15km strike of prospective lithological contacts within proximity
of a large granitic intrusive body and through going structures;
interpreted to be important controls on mineralisation.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 4 | Echbara Project regional geological setting and
interpreted 15km strike of prospective contact zone and through
going structures within the Echbara license area
Nabagay License
The Nabagay license is located 25km north of the Dorothe
Project. Similar structural and lithological settings as observed
to host the Dorothe gold mineralisation, were interpreted within
the Nabagay license area. Subsequent reconnaissance mapping and
rock chip sampling has discovered auriferous quartz vein material
up to 34.1g/t Au within a new target area without any previous
occurrence data nor artisanal workings. This provides further
confidence in the preliminary geological interpretation and
potential controls on mineralisation as an effective targeting
tool. This also represents an exciting target area for follow-up
field work.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 5 | Recent rock-chip sampling results at Nabagay
targeting WNW structures within schists and emanating from granitic
intrusions (inset)
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 6 | Recent rock chip samples and reported gold grades
from targeted reconnaissance sampling at the Nabagay license
Am Ouchar Gold Project
The Am Ouchar Project is located 70km south-east of Dorothe. The
area has extensive artisanal workings and has significant historic
UNDP trenching results including 20m @ 6.8g/t, 16m @ 4.7g/t and 12m
@ 5.7g/t gold. Current mineralisation and artisanal workings are
defined over a 250m strike length. Follow-up trenching by Tekton
has confirmed historical results with assays including 2m @ 18g/t,
2m @ 14.2g/t and 2.3m @ 9.9g/t Au.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 7 | Historic UNDP trenching results and Tekton rock-chip
sampling at Am Ouchar on air photo background showing extensive
artisanal pitting
Subsequent soil sampling and portable XRF analysis with selected
follow-up laboratory gold analysis has extended the potential
strike length of mineralisation and defined additional 'stacked'
structures within the project area.
http://www.rns-pdf.londonstockexchange.com/rns/6406X_1-2017-2-23.pdf
Figure 6 | Soil sampling traverses around the Am Ouchar Project
with gold (Au), silver (Ag) and antimony (Sb) anomalism from pXRF
and laboratory analysis over geology (inset project location)
The Company is reviewing and prioritising follow-up programmes
and looks forward to updating the market as further news becomes
available.
For further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Tel: +61 7 3303
Executive Officer) 0610
Nicholas Mather (Executive Tel: +61 7 3303
Chairman) 0610
SP Angel Corporate Finance Tel: +44 (0)20
LLP 3470 0470
Nominated Adviser and
Broker
Jeff Keating
Yellow Jersey PR Limited Tel: +44 (0)
Charles Goodwin 7544 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.
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 1,400km(2) of
highly prospective gold and other mineral projects in Chad, Central
Africa. Under the terms of the agreement, IronRidge currently owns
6% and will acquire a total of 60% of Tekton, including its
projects and team, to advance the Dorothe, Echbara and Am Ouchar
licenses, which host multiple, potentially nation-building 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 up to 200m wide with new hard-rock artisanal
workings potentially extending strikea 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
with Enchi Proci SA, Major Star, Gail Resources, Eburnea and
Kestral Minerals of the Ivory Coast, West Africa; securing access
rights to highly prospective gold mineralised structures and
pegmatite occurrences covering a combined 3,510km(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.
The Board of Directors is represented by mining industry
professionals with a broad range of corporate, exploration,
production, contracting and capital markets experience. The Company
was admitted on 12 February 2015 (Ticker Code IRR) and currently
has 238,223,425 shares and 22,870,000 unlisted options on
issue.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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