TIDMIRR
RNS Number : 9920X
IronRidge Resources Limited
16 August 2018
16 August 2018
High-Grade Gold Trenching Results Received
Large Coherent Gold Targets Defined
Dorothe Prospect, Chad, Central Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to announce multiple high-grade gold
trenching results from extensional and infill trenching at the
Dorothe prospect in Chad, Central Africa.
HIGHLIGHTS:
Ø Multiple high-grade gold trenching results received for the
200m infill and extensional trenching programme including (at a 10
gram x meter cut-off):
o 4m @ 18.77g/t including (2m @ 36.2g/t gold) *
o 32m @ 2.02g/t including 18m @ 3.22g/t
o 12m @ 2.53g/t including 6m @ 4.1g/t (including 2m @ 6.2g/t)
and 2m @ 6.14g/t
o 12m @ 2.32g/t including 4m @ 3.3g/t (including 2m @
8.09g/t)
o 4m @ 4.25g/t including 2m @ 6.24g/t
o 16m @ 1.04g/t including 2m @ 3.98g/t
o 4m @ 4.04g/t
o 6m @ 2.20g/t including 2m @ 4.84g/t
o 2m @ 6.18 g/t
o 8m @ 1.40g/t including 2m @ 4.07g/t
o 4m @ 2.59g/t
Ø Results received to date have defined five large, coherent
gold targets over 500m to 1.2km strike length and 100m to 200m
widths from trenching; with targets still open along strike.
Ø 6,608m of results received to date for an overall 9,360m of
trenching completed, of which 8,984m have been sent to laboratory
for assay during the last field season.
Ø Two dominant mineralisation settings have been interpreted
from improved geological understanding; steeply east dipping 'Main
Vein' target and shallow west dipping 'Sheeted Vein' targets.
Ø Additional results pending for 2,376m of trenching completed
to the west of the 'Main Vein Swarm' and the remainder of Trench
29.
Ø Trenching programme has confirmed the extension of
mineralisation below cover and the continuity of anomalous
intervals between previously reported wider spaced trenches;
providing confidence in the continuity and scale of the
mineralising system at Dorothe.
Ø Field work to recommence October 2018 with a ground geophysics
Induced Polarization ('IP') survey planned over Dorothe to further
define drilling targets at depth in conjunction with surface
trenching results.
Reference to figures and tables relate to the PDF version of
this release visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/9920X_1-2018-8-16.pdf
Commenting on the Company's latest progress, Len Kolff, Chief
Geologist of IronRidge, said:
"Results of the infill and extensional trenches received to date
have defined multiple, high-priority gold targets at the Dorothe
prospect."
"The results are highly encouraging, not only due to the widths
and grades intersected in 'fresh rock' but also because they
demonstrate continuity and scale of the target zones."
"Additionally, the Tekton Team has discovered gold
mineralisation and proven extensions from known mineralised zones
that extend 'blind' under cover sediments, vindicating the infill
trenching strategy and demonstrating further scale potential and
exploration upside."
"Detailed trench logging has enhanced our understanding of
structural, lithological and vein type controls on mineralisation;
providing further encouragement that we are dealing with a
potentially large mineralised system."
"We are re-mobilising teams in October to commence field
programmes including an IP survey in November over the Dorothe
prospect."
"The IP survey is designed to detect disseminated sulphides
potentially associated with gold mineralisation at depth and
highlight potential structural corridors along which mineralisation
occurs."
"This will provide an additional control on target definition
prior to drilling programme design whilst testing for down-dip
extensions of the surface mineralised footprints defined."
High-Grade Gold Trenching Results
A total of 9,360m of trenching was completed at the Dorothe
prospect during the 2017-2018 field season of which 8,984m was sent
to the laboratory for analysis. The trenching programme was
designed to infill and extend the previously reported trenching
results (refer AIM release of 23 November 2017) over the 3km x 1km
Dorothe target footprint to a nominal 200m trench line spacing.
Results have now been received for 6,608m of trenching,
representing the majority of the results along the eastern side of
the Main Vein target. Additional results are pending for
approximately 2,376m of trenching along the western side of the
'Main Vein' in addition to eastern extensions of Trench 29.
Trenching was completed utilising a 30-tonne excavator to an
average depth of 2.5m into competent rock. Channel sampling was
completed along the trench floor on 2m intervals for an average 5kg
sample which was sent to ALS limited ("ALS") Ireland for gold
analysis by fire assay. All results passed internal QAQC checks
providing confidence in reported results.
High-grade trenching results including 4m @ 18.77g/t gold
(including 2m @ 36.2g/t, logged as transported material from the
Main Vein), 32m @ 2.02g/t gold (including 18m @ 3.22g/t) and 12m @
2.53g/t gold (including 6m @ 4.1g/t and 2m @ 6.14g/t) were received
for the second phase of trenching (refer Figure 1).
All newly received results are summarised in Table 1 at a 0.4g/t
gold cut-off and maximum 4m of internal dilution. All trenching
results over Dorothe from the 2017 and 2018 programmes are
highlighted in the appendix.
Gold Anomaly Footprints
Five coherent, large-scale gold anomalies have been interpreted
in trenching results received to date at the Dorothe prospect.
Results have defined five high-priority gold targets with trenching
results including 4m @ 18.77g/t gold (including 2m @ 36.2g/t), 32m
@ 2.02g/t gold (including 18m @ 3.22g/t) and 12m @ 2.53g/t gold
(including 6m @ 4.1g/t and 2m @ 6.14g/t).
Observations from geological trench logging, structural mapping
and airborne geophysics have confirmed previous interpretations
with two broad target types defined; steeply east dipping vein
mineralisation associated with the 'Main Vein' target (shown in
blue on Figure 1) and shallow west dipping 'Sheeted Vein' targets
(shown in red on Figure 1).
The 'Main Vein' target occurs along the lithological contact
between medium and coarse grained granitic gneiss units and
interpreted to represent a zone of rheological contrast; a
favourable structural setting for gold mineralisation to occur. The
Main Vein target includes stacked 0.5m to 2m thick steeply east
dipping discontinuous massive quartz veins within a zone over a
1.2km strike and up to 200m wide and remains open to the south.
The 'Sheeted Vein' targets occur as multiple shallow, on average
20 to 35-degree west dipping sheeted grey quartz and laminated
quartz veins and veinlets predominantly within the medium grained
gneiss unit. The interpreted target footprints occur over 500m to
1000m long and 100 to 200m wide zones with true mineralised sheeted
vein envelope thickness estimated between 30m to 100m (refer Figure
2).
All mineralised target zones and coarse grained granitic gneiss
units are aligned along an east-north-east trending fold axis
within the nose of a large-scale fold structure and adjacent to a
significant 'jog' or flexure within the major north-south Dorothe
Shear Zone (refer RNS release of 1 February 2018). This represents
a favourable structural setting for gold mineralisation and can be
seen to repeat further north at the Guerere and Kalaka artisanal
workings (refer RNS release of 24 April 2018).
Next Steps
The Company is awaiting the remaining trenching results to the
west of the Main Vein target and western extensions of Trench 29.
The Company is currently preparing for the 2018-2019 field season
which is targeted to commence October 2018 with a geophysical crew
mobilising to site for an IP survey November 2018.
The IP survey is designed to target disseminated sulphides
potentially associated with gold mineralisation at depth and
highlight potential structural corridors along which mineralisation
occurs. The results of the IP survey should provide an additional
control on target definition prior to drilling programme design
whilst testing for down-dip extensions of the surface mineralised
footprints defined. Results of the IP survey are expected in early
Q1 2019.
The Company has purchased a containerised sample preparation lab
to establish in N'Djamena and facilitate sample preparation and
improve sample turnaround time. The sample preparation lab will be
able to process rock and soil samples from the field programmes,
ready for air freight dispatch to the assay laboratory in a more
efficient manner.
The Board is pleased with the progress that the Company has made
to date and looks forward to keeping shareholders updated as
further news becomes available.
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Tel: +61 7 3303
Executive Officer) 0610
Karl Schlobohm (Company
Secretary)
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 Lennard Kolff (MEcon. Geo., BSc.
Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of
the Australian Institute of Geoscientists who has in excess of 20
years' experience in mineral exploration and is a Qualified Person
under the AIM Rules. Mr Kolff 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.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 900km(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
Kalaka 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, Barari Developments
Limited and Joy Transporters 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 645km(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 3,235km(2) and 1,177km(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.
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.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
DRLUNANRWUAWARR
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