TIDMIRR
RNS Number : 9314J
IronRidge Resources Limited
10 December 2018
10 December 2018
Drilling Commenced and Airborne Geophysics Completed
Cape Coast Lithium Portfolio Update
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to provide an update of activities at the
Cape Coast Lithium portfolio in Ghana, West Africa.
HIGHLIGHTS:
Ø 3,000m Reverse Circulation ('RC') exploration drilling
programme commenced at the Abonko target and Ewoyaa Lithium Project
("Ewoyaa") northern extension zone where pegmatite mineralisation
remains open.
Ø 1,000m Diamond Drilling ('DD') programme planned on completion
of RC drilling for density, metallurgical test-work sampling,
geotechnical and RC drill hole twinning for resource estimation
sign-off at Ewoyaa.
Ø Ongoing pitting has demonstrated additional strike extensions
north and north-east of the Ewoyaa project.
Ø High-resolution helicopter magnetics and radiometrics
geophysical survey completed over the Saltpond license.
Ø Raw data from geophysical survey now being processed for final
deliverables to use for pegmatite exploration and targeting.
Ø Pitting ongoing at the Hweda target over a coincident
geophysics and geochemical lithium anomaly.
Ø Geological mapping ongoing over the historical Egyasimanku
Hill deposit (1.48Mt @ 1.66% Li2O, non-JORC compliant).
Reference to figures relate to the PDF version of this release
visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/9314J_1-2018-12-10.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
CEO & Managing Director of IronRidge, said:
"We are pleased with the progress of field activities at the
Cape Coast Lithium portfolio.
"We are advancing on multiple fronts including exploration and
resource drilling, implementing metallurgical sampling and
test-work programmes, and advancing regional exploration
programmes.
"Ongoing pitting has confirmed significant strike extensions at
Ewoyaa which has the potential to deliver additional pegmatite
volumes and will be drill tested as part of this programme.
"Drilling is currently underway to test the Abonko target and
strike extensions at the Ewoyaa project. The airborne geophysical
survey just completed will dovetail into our existing datasets and
provide an additional layer to assist in regional exploration".
Ewoyaa & Abonko Project Update
RC Drilling has commenced on a 3,000m exploration programme to
test the Abonko target and step out resource drilling to test the
northern extensions at Ewoyaa where mineralisation remains open. On
completion of the RC drilling programme, the multi-purpose rig will
be changed over for diamond drilling; likely in Q1 2019 (refer
Figure 1).
A 1,000m metallurgical diamond drill core programme has been
planned over Ewoyaa with drill pad construction completed, and
drilling to commence after completion of the RC drilling programme.
The metallurgical drill holes will be twinned with selected
existing RC drill holes to meet several objectives including: RC
drill hole twinning and density measurements for resource
estimation, metallurgical test-work samples, and geotechnical
measurements for future mining studies.
Ongoing exploration pitting along strike of the Ewoyaa north
extension and north-east zone which has uncovered significant
additional strike extensions of spodumene bearing pegmatites will
be drill tested as part of the Ewoyaa RC drilling programme (refer
Figure 2).
Drill pad construction at Ewoyaa and Abonko has exposed new
outcrops of spodumene bearing pegmatites (refer Figure 3).
Helicopter Geophysics:
New Resolution Geophysics ('NRG') of South Africa have completed
the acquisition of 1,350 line kilometres of ultra-high resolution
helicopter borne geophysics including magnetics and radiometrics
over the Saltpond license (refer Figure 4). The raw data will now
be processed by Southern Geoscience Consultants of Perth to
generate final datasets and maps. The survey was designed to adjoin
the existing survey over the Barari license and will assist in the
ongoing targeting of new pegmatite targets within the portfolio in
conjunction with the regional Laser-induced Breakdown Spectroscopy
("LIBS") geochemical data (refer Figure 5).
Field teams are continuing to pit the Hweda LIBS anomaly (refer
to RNS released on 7 August 2018), with visible pegmatites reported
in pitting.
Field mapping teams are continuing to cut access lines onto the
historical Egyasimanku Hill deposit (1.48Mt @ 1.66% Li2O, non-JORC
compliant) to define and map pegmatite extents in outcrop and
historical trenches. Soil sampling on a 100m x 100m grid for LIBS
and portable x-ray fluorescence ("pXRF") analysis is also
underway.
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 Executive Tel: +61 7 3303 0610
Officer)
Karl Schlobohm (Company Secretary)
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470
0470
Nominated Adviser and Broker
Jeff Keating
Charlie Bouverat
Yellow Jersey PR Limited Tel: +44 (0) 7544
Felicity Winkles 275882
Harriet Jackson
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., 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, Africa focussed minerals
exploration company with a lithium pegmatite discovery in Ghana,
extensive grassroots gold portfolio in Cote d'Ivoire and a
potential new gold province discovery in Chad. The Company holds
legacy iron ore assets in Gabon and a bauxite resource in
Australia. IronRidge's strategy is to create and sustain
shareholder value through the discovery and development of
significant and globally demanded commodities.
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 deposit, estimated to be in
the order of 1.48Mt at 1.67% Li(2) O and surrounding tenements. The
portfolio covers some 684km(2) with the newly discovered Ewoyaa
project including drill intersections of 128m @ 1.21% Li(2) O from
3m and 111m @ 1.35% Li(2) O from 37m, and a further identified 20km
strike of pegmatite vein swarms. The tenure package is also highly
prospective for tin, tantalum, niobium, caesium and gold, which
occur as accessory minerals within the pegmatites and host
formations.
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.
Trenching results at Dorothe, including 84m @ 1.66g/t Au (including
6m @ 5.49g/t & 8m @ 6.23g/t), 4m @ 18.77g/t Au (including 2m @
36.2g/t), 32m @ 2.02g/t Au (including 18m @ 3.22g/t), 24m @ 2.53g/t
Au (including 6m @ 4.1g/t (including 2m @ 6.2g/t) and 2m @
6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m,
have defined significant gold mineralised quartz veining zones over
a 3km by 1km area including the steep dipping 'Main Vein' and
shallow dipping 'Sheeted Vein' zones.
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 3,187km(2) and 1,172km(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.
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.
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.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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