TIDMIRR
RNS Number : 3896W
IronRidge Resources Limited
14 November 2017
14 November 2017
JV Agreement with Gail Exploration in Côte d'Ivoire and
Successful Completion of Due Diligence
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce that it has signed a Joint
Venture Agreement ('JVA') with Gail Exploration SA ('Gail'), a
local Ivorian exploration company.
The Agreement grants IronRidge exclusive rights over a granted
license prospective for gold (the 'Project') in Côte d'Ivoire, West
Africa. The signing of the Heads of terms in respect of the JVA was
announced on 24 November 2016.
HIGHLIGHTS:
Ø Gail executes an earn-in agreement following successful
completion of due diligence by IronRidge
Ø Company secures access rights to a granted license covering
385km(2)
Ø High-grade rock chip sampling results of up to 46.4g/t gold;
hard-rock artisanal workings defined over 1.2km strike length
within the newly acquired license, occurring within a broader 12km
strike target corridor of anomalous gold rock chips and artisanal
workings
Ø Contiguous to 3 existing applications previously secured by
the Company and providing access to over 70km strike of highly
prospective geology
Ø Good access via sealed bitumen road and well-established
infrastructure, electricity and communications
Ø Côte d'Ivoire 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/3896W_-2017-11-14.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"Securing the Gail license has been one of the key strategic
priorities for the Company. It represents a valuable addition in
consolidating our position along the prospective Wa-Lawra (2.2Moz
Au) - Konkera (3.3Moz Au) shear corridor.
We are pleased to have secured and finalised this agreement, as
we see enormous potential in this area and consider it as a
spectacular strategic opportunity for the company. We look forward
to successfully working with Gail to commence field work on this
granted license.
We believe that Côte d'Ivoire represents a hugely prospective
and supportive jurisdiction with pro-mining investment
framework."
License Area
The Gail Kineta North license covers 365km(2) within the
Company's established Bouna-Kineta-Marahui project portfolio in the
north-east of the Country. Securing the Kineta North license
represents an important step in consolidating the company's'
position along this prospective structural corridor with
significant artisanal gold workings and high-grade gold rock chip
results.
Due Diligence Results
Technical and legal due diligence programmes were successfully
completed. Comprehensive field programmes including reconnaissance
mapping, inspecting of artisanal workings and rock chip sampling
were completed across the license area. All samples were submitted
for analysis by ALS laboratory in Ghana.
Significant artisanal workings including pitting and underground
workings were observed within the license area and are visible on
google Earth imagery. Multiple rock chip samples collected from
within artisanal pits and from underground workings returned
high-grade gold results including 46.4g/t gold, 32.4g/t gold and
15g/t gold from underground workings (see Figure 2).
Reconnaissance mapping, the presence of artisanal workings and
rock chip sampling results have identified a high-priority, 12km
strike length target corridor across the Kineta North license and
Kineta license application. Within this zone, a high-priority,
high-grade gold 1.2km long rock chipping and artisanal mining
target has been identified for follow-up (see Figure 2).
Project Portfolio
The Company has secured, via earn-in Agreements, access rights
to nine (9) licenses and applications prospective for gold covering
a total of approximately 3,475km(2) within Côte d'Ivoire, 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 Côte
d'Ivoire (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 JVA with Gail Exploration SA,
whereby IronRidge can acquire up to 100% of the projects through
staged earn-in arrangements and staged expenditure to Feasibility
Study, subject to Gail retaining a Net Smelter Royalty, ("NSR") of
2.5%, of which 40% may be acquired for US$2million at any time.
IronRidge shall be responsible for maintaining the properties
during this agreement and up to the completion of the Feasibility
Study.
The Board is 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)
Julia Kalcheva 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 IRR's 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.
Côte d'Ivoire
The Company entered into conditional joint venture arrangements
in Côte d'Ivoire, 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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