TIDMIRR
RNS Number : 2646C
IronRidge Resources Limited
12 April 2017
12 April 2017
Due Diligence on Enchi Proci Completed
Joint Venture Agreement Signed Ivory Coast, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that the partnership with Enchi
Proci SARL ('Enchi') for the Gboguhue license application is now
unconditional. This provides IronRidge with exclusive rights to a
further gold license application in Ivory Coast, West Africa;
consolidating the Company's footprint along a significant
mineralised structure and along strike from a growing 750Koz gold
resource held by an unrelated private company. The agreement was
first announced on 24(th) November 2016.
HIGHLIGHTS:
Ø Enchi satisfies all agreement terms to successfully ratify the
partnership with IronRidge.
Ø Access rights secured to 1 application covering 400km(2) .
Ø Comprehensive technical due diligence including 178 soil
samples and 9 rock chip samples across the project area
completed.
Ø 454ppb and 50ppb gold in soil anomalies defined at Gboguhue,
defining two target areas along strike from a growing resource base
of 700Koz (held by an unrelated private company) and extensive
artisanal workings.
Ø Addition of the Gboguhue application now further consolidates
the Company's position along this significant gold mineralised
structure.
Ø Ivory Coast represents an underexplored and highly prospective
gold rich terrain within the prolific West African Birimian
Greenstone sequence, with a diversified economy and pro-mining
investment framework.
Reference to figures and tables relate to the version of this
release on the Company's website (www.ironridgeresources.com.au) or
visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/2646C_-2017-4-12.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are very pleased to be partnering with Enchi and this
strategic acquisition further consolidates and enhances our
extensive gold portfolio along strike from a known and expanding
third-party resource of 750k ounces of gold.
This strengthens the Company's broader strategy of securing
large project footprints within highly prospective yet
underexplored terrains with proven gold potential in supportive
jurisdictions."
Application Area
The Enchi asset occurs in the West of the Country (Gboguhue
application), along strike from the recently announced Major Star
unconditional partnership.
The Gboguhue application occurs on a major splay-off structure
along strike from a significant new gold discovery and growing
maiden resource base of 700Koz held by an unrelated private
company.
The Company elected not to proceed with the Soubre gold
application held by Enchi.
Due Diligence Results
Results were received for technical and legal due diligence
programmes completed over the Gboguhue application area. Enchi
satisfied all agreement terms to ratify the partnership with the
Company.
A due-diligence field program including 178 soil samples, 9 rock
chip samples, Quality Assurance/Quality Control ('QA/QC') samples
and reconnaissance mapping was completed across the project
area.
Reconnaissance soil sampling traverses at 50m spacing and field
geological mapping returned point soil anomalies of 454ppb and
50ppb gold in the north-west of the application area and along
strike from a growing resource base of 700Koz gold held by an
unrelated private company in addition to several hard-rock
artisanal mining sites. Two target zones have been interpreted on
the basis of the reconnaissance field work for future
follow-up.
The unconditional partnership with Enchi on the Gboguhue
application, now further consolidates the Company's position along
this significant gold mineralised structure; providing exciting
exploration targets over two license applications with gold
intersected in auger sampling at Vavoua and gold returned in a
reconnaissance soil traverse at Gboguhue.
Next Steps
The Company and its joint venture partner will now lobby the
Ministry of Mines to convert the application areas to granted
mineral exploration licenses prior to commencement of field
programmes. Upon grant of the licenses, infill 200m x 50m auger
programmes are planned along the target zone and potentially
infilled to 100m line spacing to define either trenching or drill
targets.
Project Portfolio
The Company has secured via Earn-In Agreements, access rights to
eight (8) licenses and applications covering a total of 3,110km(2)
within the Ivory Coast, West Africa. The tenement portfolio covers
major shear zones and associated second and third order structures
along proven, gold bearing shears.
Four principal gold bearing structures have been targeted:
Ø Two significant splay structures off the Sassandra Shear Zone
that effectively separates the older Archean Craton of the Leo
Shield in Liberia from the younger intrusive and metasedimentary
rocks of the West African Birimian Sequence to the east. Similar
splay-off structures host the world-class Syama (7Moz) and Tongon
(5Moz) gold mines to the north (Gboguhue and Vavoua Projects).
Ø The southern extension of the hugely gold prolific Ahafo
(23Moz) - Bibiani (7Moz) - Chirano (5Moz) structure into Ivory
Coast (Bianouan Project).
Ø The southern extensions of the North-South striking Wa
(2.2Moz) - Konkera (3.3Moz) gold bearing structure (Bouna, Kineta
North, Kineta and Marahui Projects).
Ø An area of more thickly preserved metasedimentary rocks and
underlying granitic intrusives (Bodite Project).
All projects are well serviced, with an extensive bitumen road
network, well-established cellular network and good high-voltage
transmission line network.
Commercial Terms of JVA
The Company has entered into the Joint Venture Agreement ("JVA")
with Enchi Proci SARL ("Enchi"), whereby IronRidge can acquire up
to 100% of the projects through staged earn in arrangements and
following staged expenditure to Feasibility Study. The Enchi asset
will be transferred to a special purpose vehicle ("SPV") for the
joint venture following which Enchi will be issued 30% of the share
capital of the SPV. In the event that Enchi's shareholding becomes
diluted below 5% of the issued share capital for the SPV then it is
entitled to retain an NSR of 2.5% of which 50% may be acquired by
IronRidge for US$2.5million at any time.
The Board is delighted with the progress that the Company has
made in 2017 and looks forward to keeping shareholders updated as
further news becomes available.
For any 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
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 Chief Executive Officer 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.
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 strike 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
in Ivory Coast, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,110km(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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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