TIDMIRR
RNS Number : 2179N
IronRidge Resources Limited
07 August 2017
7 August 2017
Infill Gold Soil Results Received
Significant Gold Soil Anomalies Confirmed
Bodite Gold Project, Ivory Coast West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that infill soil sampling results
have been received and that significant gold in soil anomalies are
confirmed, further enhancing the prospectivity of the Bodite
Project in Ivory Coast, West Africa.
The 200m infill soil sampling programme consisted of 1,510
samples collected at 50m spacing along the infill lines. The
programme represents the follow-up of targets identified within the
initial 400m spaced soil sampling programme announced on 7(th) June
2017.
HIGHLIGHTS:
Ø Multiple >50ppb and up to 3.9g/t gold soil anomalies
confirmed within 200m x 50m infill soil sampling programme.
Ø Most significant Central anomalous target zone covers 3km
strike length.
Ø Seven higher tenor >50ppb up to 3.9g/t gold anomalies over
400m to 1km strike occur within Central Zone Target.
Ø Anomalies occur within favourable structural settings
providing additional confidence in their significance.
Ø Further soil anomalies defined along strike from the Central
Zone warrant follow-up.
Ø Trenching and detailed infill auger follow-up planning
underway to test highest-priority soil anomalies.
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are excited with the rapid exploration progress and positive
results we are generating on our gold projects in Ivory Coast.
"The infill results confirm and further enhance our priority
soil anomaly targets for trenching and auger follow-up, as we move
closer towards initial drilling.
"We are pleased with the development of our Ivory Coast gold
projects and look forward to keeping shareholders and investors
updated as more news becomes available."
Infill Soil Sampling
Infill soil sampling along 200m spaced lines at 50m sample
centres has been completed and assay results received over the
Bodite project area. A total of 112 line kilometres was traversed
and 1,510 soil samples collected at 50m spacing along the infill
lines. The programme represents the follow-up of targets identified
within the initial 400m spaced soil sampling programme announced on
7(th) June 2017.
A total of 1,510 samples, including QA/QC samples were collected
over the project area and submitted for fire assay. Infill soil
sampling has further enhanced five broad anomalous target zones
with the most significant being the Central Target Zone (see Figure
1).
Figure 1 | 200m infill soil sampling results and anomalies
defined; inset: license area and soil anomaly grid location, Bodite
Project.
Seven additional discrete, higher tenor (>50ppb to >200ppb
Au), with individual results up to 3.9g/t gold in soil anomalies
have been defined within the Central Target Zone (see Figure
2).
Soil anomalies defined occur along the contact zone between
mixed chloritic schists and quartzites within a broader
metasediment package. It is interpreted that secondary splay-off
shear structures occur along this contact zone where there is a
competency contrast between the main metasedimentary units (see
Figure 1). Soil anomalies appear to occur within favourable
structural settings providing additional confidence in their
significance.
http://www.rns-pdf.londonstockexchange.com/rns/2179N_-2017-8-6.pdf
Figure 2 | Soil anomalies detail (red dashed outline) with assay
results within the Central Zone target (white dashed outline) over
greyscale topography image and main drainage (blue dashed
lines).
Trenching and detailed infill auger follow-up planning including
community consultation is now underway to test the highest-priority
soil anomalies prior to potential drill planning.
The Board is very pleased with the progress that the Company has
made in 2017 and looks forward to keeping shareholders updated as
further news becomes available.
http://www.rns-pdf.londonstockexchange.com/rns/2179N_-2017-8-6.pdf
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
Yellow Jersey PR Limited Tel: +44 (0)7747
Charles Goodwin 788 221
Katie Bairsto
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.
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 1,000km(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
Ade licenses, which host multiple, large scale 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 over a 250m wide zone 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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