TIDMIRR
RNS Number : 9704V
IronRidge Resources Limited
09 November 2017
9 November 2017
High-Grade Lithium Pegmatite Trenching and Rock Chip Sampling
Results
Multiple Targets Identified by Airborne Geophysics
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that multiple high-grade lithium
pegmatite trenching and rock chip sampling results have been
received for the Ewoyaa and Abonku prospects, within the Mankessim
license area. Numerous target areas have been identified within its
recently acquired high-resolution airborne geophysical survey in
Ghana, West Africa.
HIGHLIGHTS:
Ø Multiple trenching intersections returned over the Ewoyaa and
Abonku prospects including 65m at 1.1% Li(2) O, 25m @ 1.62% Li(2)
O, 18m @ 1.67% Li(2) O and 4.5m @ 2.2% Li(2) O.
Ø Multiple high-grade rock-chip samples returned over the Ewoyaa
and Abonku prospects including 2.95% Li(2) O, 2.61% Li(2) O and
2.35% Li(2) O.
Ø Previously reported due diligence trenching and rock chip
sampling over Ewoyaa returned results of 100m @ 1.57% Li(2) O
(including 40m @ 1.93% Li(2) O and 15m @ 2.18% Li(2) O), 10m @
2.41% Li(2) O, 25m @ 2.29% Li(2) O and 25m @ 2.14% Li(2) O.
Ø Numerous target areas defined in the recently acquired
high-resolution airborne survey with similar geophysical responses
to known lithium pegmatite mineralisation.
Ø In-country management team strengthened with the recruitment
of a Ghanaian Senior Geologist.
Ø Reverse Circulation ('RC') and Diamond Drilling ('DD')
programme planned and preferred drilling contractor secured;
drilling to commence on receipt of necessary in-country
approvals.
Ø Mineralogical characterisation study commenced to define major
lithium bearing phases.
Ø High-grade lithium pegmatite 'spodumene' project located in
favourable jurisdiction, within 90km trucking distance of the deep
water port of Takoradi and 100km of the capital Accra.
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/9704V_1-2017-11-8.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
IronRidge Chief Executive Officer said:
"The Ghana lithium pegmatite project continues to deliver
encouraging results; multiple high-grade and broad trenching
intersections further define the coarse, spodumene bearing Ewoyaa
and Abonku prospects.
"The recently acquired ultra-high resolution helicopter borne
magnetics and radiometrics survey has identified multiple potential
lithium pegmatite targets with geophysical responses similar to
known mineralisation.
"We have strengthened our in-country management team with the
recruitment of a Ghanaian Senior Geologist in preparation for the
initial drilling programme.
"The Cape Coast Lithium Project continues to tick the boxes;
scale and grade potential, favourable mineralogy, excellent
jurisdiction of Ghana with a supportive Government looking to
diversify its mining sector and an ideally located project within
90km of the Takoradi Port."
Trenching and Rock Chip Sampling Results
The Company has continued to carefully map and sample the Ewoyaa
and Abonku pegmatite prospects within the Mankessim license area.
Trenching has proved an effective tool for mapping the limits of
the pegmatites where thick vegetation and weathering mask the
underlying lithology.
Although spodumene bearing pegmatites can be visually confirmed
in trench walls, their average grade is not consistently
representative of fresh rock grades at depth due to the leaching
effects of tropical weathering. Where less weathered, the Company
has sampled trenches to confirm the presence of lithium and gain an
understanding of average grade.
In addition to previously reported due diligence trenching and
rock chip sampling over the Ewoyaa Prospect (100m @ 1.57% Li(2) O
including 40m @ 1.93% Li(2) O and 15m @ 2.18% Li(2) O, 10m @ 2.41%
Li(2) O, 25m @ 2.29% Li(2) O and 25m @ 2.14% Li(2) O, announced 23
May 2017) the following trenching results are reported. Sample
preparation and analyses were completed by SGS laboratories in
Ghana and South Africa respectively.
At Abonku high-grade outcropping pegmatites have been observed
with rock chip sampling results up to 2.95% Li(2) O. Coarse
spodumene crystals up to 1/2 m in length have been observed in
outcrop.
In addition to the high-grade trench intervals, the following
high-grade rock-chip sampling results are reported:
Helicopter Geophysical Survey
The Company recently completed and received deliverables from an
ultra-high resolution, 50m line spaced helicopter magnetics and
radiometrics survey flown over the Mankessim and Apam license
areas. From the known lithium pegmatites mapped and sampled to date
at Ewoyaa, Abonku and Egyasimanku Hill, coincident radiometrics
thorium lows, potassium highs and topographic high features appear
to largely map known mineralisation. Preliminary review of the
survey results has identified multiple additional target areas for
field follow-up.
Next Steps
The company will continue to better define the surface
mineralisation footprints through mapping and pitting over the
Ewoyaa and Abonku prospects in preparation for the initial RC-DD
drill programme designed to test the Ewoyaa prospect.
The Company has also commenced initial mineralogical
characterisation studies on a suite of surface samples utilising
optical microscopy, scanning electron microscopy ('SEM') and X-Ray
Diffraction ('XRD') to define the major Li bearing phases.
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.
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
Charlie Bouverat
Yellow Jersey PR Limited Tel: +44 (0)
Charles Goodwin 7544 275882
Harriet Jackson
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 earn in 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
MSCOKFDPABDDFDK
(END) Dow Jones Newswires
November 09, 2017 02:00 ET (07:00 GMT)
Atlantic Lithium (LSE:ALL)
Historical Stock Chart
From Apr 2024 to May 2024
Atlantic Lithium (LSE:ALL)
Historical Stock Chart
From May 2023 to May 2024