TIDMIRR
RNS Number : 6108H
IronRidge Resources Limited
09 June 2017
09 June 2017
Due Diligence on Enchi Proci Lithium Project Completed
Joint Venture Agreements Signed and Applications Registered
Ivory Coast, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that the joint venture earn in
arrangements with Enchi Proci SARL ('Enchi') for the Adzope license
application is now unconditional. Additionally the Company is
pleased to announce that 2 of its wholly owned applications have
now been registered on the cadastral map. This provides IronRidge
with exclusive rights to a prospective lithium license portfolio
covering 1,177km(2) in Ivory Coast, West Africa, complementing the
Company's exciting lithium portfolio in neighbouring Ghana.
The conditional agreement with Enchi was first announced on
13(th) September 2016 and the Company's wholly owned applications
were first announced on 25(th) November 2016.
HIGHLIGHTS:
Ø Enchi satisfies all earn in agreement terms to successfully
ratify the partnership with IronRidge.
Ø Access rights secured to one application through the
partnership covering 400km(2) .
Ø Access rights secured to two wholly owned applications
covering a further 777km(2) for a total 1,177km(2) prospective
lithium portfolio in Ivory Coast.
Ø Technical due diligence programme including 54 rock chip
samples completed across the project area.
Ø 1,177km(2) Ivory Coast exploration portfolio complements the
Company's advanced and exciting 314km(2) high-grade lithium
exploration portfolio in Ghana.
Ø Project well positioned within 75km of the capital Abidjan;
excellent infrastructure, logistics and services support for
potential rapid development.
Ø Global demand for lithium is increasing at an unprecedented
rate.
Ø Ivory Coast represents an underexplored and potentially highly
prospective lithium rich terrain, 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/6108H_-2017-6-9.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"The addition of these strategic and highly prospective licences
to our lithium portfolio dovetail nicely into our exciting and
advancing Lithium projects in Ghana, where we see enormous
potential in the stored energy space and beyond.
"The formula is right with revolutionary power initiatives
expanding in Africa and globally; pro-mining jurisdictions,
excellent proximity and infrastructure imply the potential for
rapid development and first quartile costings."
Lithium Project Portfolio
The Company has secured through partnership and its wholly owned
local subsidiary (Khaleesi Resources SARL), access rights to three
applications covering a total of 1,177km(2) for lithium and
associated minerals within the Ivory Coast.
The tenement portfolio covers highly prospective fractionated
granitic intrusive centres with historical lithium and
columbite-tantalum occurrences and confirmed outcropping
pegmatites.
The applications constitute part of a broader West African
Lithium strategy with the high-grade spodumene bearing pegmatite
portfolio in Ghana (refer announcement 23 May 2017) for a total
1,491km(2) landholding over highly prospective and proven lithium
bearing pegmatite terrains. See Figure 1 (New applications and
tenement portfolio over regional geology).
All projects are well serviced, with an extensive bitumen road
network, well established cellular network and high-voltage
transmission line network. Drive time from Abidjan to the project
area takes approximately 1 1/2 hours.
Due diligence including reconnaissance field mapping and
submission of 54 rock chip samples returned low level Li anomalism
with results up to 67ppm Li (0.014% Li(2) O). Despite the low level
Li results returned, experience from surface rock-chip sampling in
Ghana and associated low level Li anomalism with inadequate sample
size collected in tropical weathering climates, coupled with weakly
Li anomalous trends observed in pegmatites at Adzope and historic
reference to Li occurrences provides sufficient confidence to
explore the portfolio further.
Next Steps
The Company and its joint venture partner will now lobby the
Ministry of Mines to accelerate the conversion of application areas
to granted mineral exploration licenses prior to commencement of
field programmes. Upon grant of the licenses, reconnaissance
mapping and bulk surface rock-chip sampling will be carried out to
define key target areas and pending results, a high resolution
airborne magnetics and radiometrics survey may be flown.
Commercial Terms of JVA
The Company entered into an Agreement with Enchi of Côte
d'Ivoire, West Africa, under which IronRidge can acquire up to 100%
of the projects through staged earn-in arrangements and expenditure
to Feasibility Study within a 4-year period. Enchi will retain a
Net Smelter Return Royalty of 2% capped at US$2m with IRR having
the right to acquire the royalty prior to the Feasibility Study for
US$1.5m. IronRidge shall be responsible for maintaining the
properties during this agreement and up to the completion of the
Feasibility Study.
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
Caroline Rowe
Tel: +44 (0)
Yellow Jersey PR Limited 7544 275882
Charles Goodwin
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 has farm-in and joint venture arrangements with
Obotan Minerals Limited, Merlink Resources Limited and Barari
Developments Limited of Ghana, West Africa, securing the first
access rights to apply for the ownership of 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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