TIDMIRR
RNS Number : 7509N
IronRidge Resources Limited
26 September 2019
26 September 2019
Drilling and Exploration Update
Multiple New Pegmatite Zones Identified
Cape Coast Lithium Portfolio, Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company'), the African focussed minerals exploration company, is
pleased to provide a drilling and exploration update for its Cape
Coast Lithium portfolio in Ghana, West Africa.
HIGHLIGHTS:
Ø Reverse Circulation ('RC') drilling ongoing with over 8,000m
drilled to date of a planned 13,200m third phase programme
Ø Multiple visual spodumene bearing pegmatite zones intersected
in drilling at Ewoyaa North, Ewoyaa North-East and Abonko; assays
pending
Ø New coarse spodumene bearing pegmatite discovered in outcrop
and trenching at the Kaampakrom target 1km north of resource
drilling at Ewoyaa, with over 250m strike and possible extensions
to 500m; trenching underway and mineralisation open in both
directions
Ø Drill access and prospecting drill pads completed at the
Kaampakrom target; drilling imminent
Ø New pegmatite discovery at the Ndasiman target approximately
10km west of Ewoyaa; trenching defines 700m strike and up to 100m
apparent width
Ø New pegmatite discovery at the Krofo target approximately 3km
north-west of Ewoyaa; trenching defines 400m strike and up to 25m
apparent width
Ø Wet season environmental and social baseline draft report
received from Ghanaian consultancy NEMAS Consult; dry season
baseline studies to commence
Ø Targeting Maiden Mineral Resource Estimate for Q1 2020
Ø Lithium hydroxide conversion test-work at ANSTO underway
References to figures related to this release visible in PDF
format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/7509N_1-2019-9-26.pdf
Commenting on the Company's latest progress, Len Kolff, Chief
Operating Officer of IronRidge, said:
"Drilling is progressing well with approximately a third of the
planned RC and diamond programme remaining. We are pleased to
report that drilling has defined new pegmatite zones along the
known Ewoyaa deposit footprint, with visual spodumene in RC drill
chips and assays pending.
"Ongoing exploration activities; running concurrently with the
drill programme and bolstered by an additional dedicated geologist
has delivered multiple new pegmatite discoveries at Kaampakrom,
Ndasiman and Krofo.
"Target areas prioritised on the basis of the regional soils
programme including in-house Laser-Induced Breakdown Spectroscopy
('LIBS') and portable X-Ray Florescence ('pXRF') analysis
complemented by the regional airborne magnetics survey and
reconnaissance field mapping are delivering new pegmatite
discoveries; vindicating the methodology and highlighting multiple
new target areas.
"The Kaampakrom discovery is especially encouraging given the
coarse visible spodumene in outcrop and trenching, and close
proximity to the current drilling underway at Ewoyaa 1km away.
"The scale of the Ndasiman pegmatite discovery is promising,
with pegmatite exposed in trenching over 700m strike and up to 100m
apparent widths, with assays pending to confirm whether it is
lithium bearing.
"The Krofo discovery which is within 3km from the Ewoyaa deposit
footprint is encouraging and provides further prospectivity within
the Cape Coast pegmatite field for additional discoveries.
"The Ghana field team has done a great job in advancing the
resource drilling programme and the exploration pipeline through
diligent, staged field work where results demonstrate further
exploration upside within the Cape Coast lithium portfolio."
Drilling and Exploration Update:
The Company commenced the third phase drill programme with
Geodrill in early August 2019 (refer RNS of 8 August 2019). To date
approximately 8,000m has been drilled with one third of the
programme remaining (refer Figure 2). Drilling has intersected
multiple visible pegmatite intervals in RC drill chips with assays
pending.
Ongoing exploration activities, which run concurrently with the
drilling programme, have delivered multiple new pegmatite
discoveries within the Cape Coast portfolio. New pegmatites have
been discovered at the Kaampakrom, Ndasiman and Krofo targets; all
outside the current area of resource drilling (refer Figure 1).
The Kaampakrom pegmatite has been mapped in outcrop, float
material and in trenching over 250m strike with potential extension
to 500m strike which remains open in both directions with trenching
ongoing. Coarse spodumene is visible in outcrop and trenching
within the 250m striking zone (refer Figure 2 and Figure 3).
The Kaampakrom pegmatite occurs 1km north of current resource
drilling at Ewoyaa. The Company has constructed drill access and
drill pads from Ewoyaa at to test the target as part of this drill
campaign. Exploration mapping, trenching and pitting remains
ongoing within this area and along a high-priority, duricrust
capped north-south ridge between the Kaampakrom and Ewoyaa
pegmatites (refer Figure 2).
The Krofo pegmatite occurs approximately 3km north-west of the
Ewoyaa deposit and within the Abonko target corridor. Pitting and
trenching has defined approximately 400m strike with up to 25m
apparent width of pegmatite (refer Figure 3).
No visible spodumene has been recorded at Krofo, however
amblygonite, a high-grade lithium fluorophosphate mineral has been
identified in outcrop. This is considered geologically significant
as it potentially indicates an evolved and zoned lithium pegmatite
field.
The Company has discovered new pegmatites in trenching over a
700m strike with apparent widths up to 100m in trenching at the
Ndasiman prospect, approximately 10km west of Ewoyaa and within the
adjacent Saltpond exploration license. No visible spodumene has
been observed in trenching, however the pegmatites are strongly
weathered. Channel sampling has been completed along the trenches
with assays pending (refer Figure 1).
The Company has received a draft copy report of the wet season
environmental and social baseline studies completed by Ghanaian
consultancy NEMAS Consult. Planning is now underway for the dry
season baseline.
Lithium hydroxide conversion test-work is ongoing at Australia's
Nuclear Science and Technology ('ANSTO') laboratory in Sydney NSW,
with results expected during fourth quarter 2019 (refer RNS of 20
August 2019).
Next Steps:
The Company is targeting a Maiden Resource Estimate ('MRE') for
Q1 2020 on completion of the drill programme and receipt of
results. The Company will continue to advance long lead project
studies including baseline environmental and social studies, and
metallurgical test-work as fundamental inputs into future studies.
The Company will continue to advance the exploration pipeline with
mapping, pitting and trenching ahead of reconnaissance
drilling.
Location:
The Ewoyaa deposit is well located within 1km of a bitumen
highway and adjacent to grid power, within 100km of an operating
deep-sea port and within the pro-mining, stable jurisdiction of
Ghana. Multiple additional pegmatite targets occur adjacent to
Ewoyaa including the drill tested Abonko deposit, the developing
Ewoyaa West target and additional exploration targets, as well as
the historical Egyasimanku Hill deposit (1.48Mt @ 1.66% Li(2) O,
non JORC) further to the east.
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)20 3004
Harriet Jackson 9512
Felicity Winkles
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 earn-in arrangements in
Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,584km(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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END
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