TIDMIRR
RNS Number : 8241C
IronRidge Resources Limited
20 April 2017
20 April 2017
Due Diligence on Eburnea and Kestrel Completed
Joint Venture Agreements Signed Ivory Coast, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that the partnership with Eburnea
Gold Resources SARL ('EGR') and Kestrel Mining Exploration SARL
('KME') for the Marahui, Kineta and Bouna license applications is
now unconditional. This provides IronRidge with exclusive rights to
3 gold applications in Ivory Coast, West Africa and 75km strike
along a significant mineralised structure that hosts third party
3.3Moz and 2.2Moz projects. The agreement was first announced on
5(th) January 2017.
HIGHLIGHTS:
Ø EGR and KME satisfy all agreement terms to successfully ratify
the partnership with IronRidge.
Ø Access rights secured to 3 applications covering 1,200km(2)
.
Ø Technical due diligence programme including 199 soil samples,
67 rock chip samples and 37 auger drill holes across the project
areas completed.
Ø High-grade rock chip sample results received including
35.1g/t, 32g/t, 27.4g/t and 27.1g/t gold along a sheared contact
zone in the Marahui license application.
Ø Additional high-grade rock chip sample results received
including 20.1g/t and 6g/t gold in the Kineta application and
1.32g/t gold in the Bouna application.
Ø Artisanal workings mapped within each of the applications
further highlighting prospectivity.
Ø Addition of the Marahui-Kineta-Bouna applications now provides
the Company with over 75km strike of the highly prospective and
gold mineralised Konkera, Wa-Lawra Shear structure and its
associated splays.
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/8241C_-2017-4-20.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are delighted to confirm that we have secured exclusive
rights to a further licence application, which covers a 75km strike
of prospective ground along significant gold bearing
structures".
"Our enlarged gold portfolio is highly prospective and securing
these additional gold applications demonstrates our commitment to
the Ivory Coast and highlights the upside potential we see in this
Region. We look forward to providing further updates on our
progress as we look to strengthen our footprint in the Ivory
Coast."
Application Areas
The EGR and KME assets occur in the North-East of the Country
(Marahui, Kineta and Bouna applications), along strike from the
third party 3.3Moz Konkera and 2.2Moz Wa-Lawra deposits.
The license applications occur along a major north-south
trending shear and its associated splay-off structures, providing
the Company with exclusive access rights to a significant and
consolidated, highly prospective land package.
Due Diligence Results
Results were received for technical and legal due diligence
programmes completed over the Marahui, Kineta and Bouna application
areas. Both EGR and KME satisfied all agreement terms to ratify the
partnership with the Company.
A due-diligence field programme including 199 soil samples, 67
rock chip samples and 37 auger drill holes (including Quality
Assurance/Quality Control 'QA/QC' samples) and reconnaissance
mapping was completed across the project areas.
Prospective structural settings and/or areas of artisanal
workings were targeted by reconnaissance mapping, rock chip
sampling and auger or soil traverses to confirm or otherwise the
presence of gold mineralisation and the overall prospectivity of
the application areas.
Multiple, highly anomalous rock-chip assay results were received
over all three application areas, with results in the Marahui
application being the most significant. Highly anomalous rock chip
assay results including 35.1g/t, 32g/t, 27.4g/t and 27.3g/t gold
were received over a 400m x 100m, occurring along a sheared granite
and metasediment contact. Results along the southern Marahui
sheared contact define a potential 15km strike high-priority
exploration target zone along this contact.
Additional exploration target zones with anomalous rock chip
sample results and artisanal gold workings were defined within the
Kineta and Bouna applications (see Figure 2).
Artisanal mining activities at the Marahui South target area
were largely into surface laterite material, with some deeper
(<5m) pits exposing weathered and ferruginous veined
metasediments along the sheared contact zone. This provides
evidence that mineralisation is not limited to single, narrow
quartz veins but rather within fractured and micro-veined
metasediments with the potential to host larger mineralised widths
more amenable to bulk-mining and processing methods. The workings
are currently abandoned due to government intervention ceasing
operations.
Rock chip sampling in conjunction with identifying artisanal
mining sites (both active and abandoned) proved the most successful
at defining target zones along regional geology trends. Soil
sampling (completed at 50m sampling intervals) provided mixed
results due to a thick lateritic hard-cap masking geochemical
anomalism. No significant anomalism was reported within targeted
auger traverses in the Bouna application.
A 1km long soil traverse completed perpendicular to the sheared
granite-metasediment contact zone along the southern margin of the
Marahui application did however return anomalous results from 10ppb
and up to 88ppb gold over a 300m width and along strike from highly
anomalous rock chip results, providing further support for the
high-priority target zone.
The unconditional partnership with EGR and KME on the three
application areas, provides the Company with over 75km strike of
prospective ground with highly anomalous due-diligence sampling
results and exciting exploration targets along a proven gold
bearing structure that hosts the 3.3Moz Konkera and 2.2Moz Wa-Lawra
deposits to the north.
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, initial auger programmes
are planned along the southern target zones to define either
trenching or drill targets.
Project Portfolio
The Company has secured via Earn-In Agreements, access rights to
nine (9) licenses and applications covering a total of 3,510km(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.
Ø 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, third party Syama (7Moz)
and Tongon (5Moz) gold mines to the north (Gboguhue, Vavoua, Vavoua
South Projects).
Ø Southern extension into Ivory Coast of a hugely gold prolific
structure that hosts third party Ahafo (23Moz), Bibiani (7Moz) and
Chirano (5Moz) gold mines in Ghana (Bianouan Project).
Ø Southern extensions of a North-South striking gold bearing
structure that hosts third party Konkera (3.3Moz) and Wa (2.2Moz)
deposits (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 Agreements with two (2) local
Ivoirian companies; Eburnea Gold Resources SARL and Kestrel Mining
Exploration SARL, whereby IronRidge can acquire up to 100% of the
projects through staged earn in arrangements and expenditure to
Feasibility Study subject to each company retaining an NSR of 2.5%
of which 40% may be acquired for US$3million 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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