TIDMIRR
RNS Number : 1234O
IronRidge Resources Limited
30 September 2019
30 September 2019
IronRidge Resources Limited
2019 Financial Results
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), an AIM listed minerals exploration company with a
diversified portfolio of gold, lithium, bauxite, titanium and iron
ore in frontier regions of Africa and Australia, is pleased to
announce its audited results for the year ended 30 June 2019, the
full version of which can be viewed by clicking on the link
below:
http://www.rns-pdf.londonstockexchange.com/rns/1234O_1-2019-9-30.pdf
Financial and Corporate Highlights:
Ø Exploration and evaluation expenditure for the year ended 30
June 2019 was A$24.7 million representing an increase of A$8.3
million over the prior year with continued exploration programs
conducted across the Company's projects in Ghana, Ivory Coast, Chad
and Australia.
Ø Grant of 29.75 million share options and 12.15 million
performance rights as incentives to Directors and management
Ø Cash position at 30 June 2019 of A$6.7 million
Vincent Mascolo, Chief Executive Officer of IronRidge Resources,
said:
"It has been another productive year for the Company, during
which we continued to mature and grow our project base,
particularly in Africa.
The Company is pleased with the progress it continues to make in
relation to its African gold and lithium projects. The continued
exploration and drilling of our Ewoyaa Lithium Project in Ghana has
delivered favourable lithium grades, and the metallurgical testwork
has demonstrated that the project can deliver a premium lithium
concentrate product. Furthermore, the project is well located with
excellent local infrastructure including pave roadways, power and a
port facility.
Another highlight of the past year for me has been the
successful acquisition of the Zaranou Gold Project in Cote
d'Ivoire. The project is located approximately 200km north-east of
the capital of Abidjan, covers approximately 400km(2) of highly
prospective Birimian geology, and is in proximity to major
multi-million ounce gold mines across the border in Ghana.
Preliminary work has started on the project in preparation for
drill testing.
Additionally, the US$4m drilling for equity program entered into
with GeoDrill, one of West Africa's premier drilling contractors,
is a resounding endorsement of the IronRidge exploration business
model, our commodity and jurisdictional portfolios and the
team.
I am pleased with the progress the Company continues to make
across its project portfolio, and I am confident that we have an
exciting year ahead of us. I look forward to sharing news of
developments with shareholders and interested investors."
Chairman's Statement from Neil Herbert:
"Over the last year the management team have made significant
advances with our projects in Africa, demonstrating the potential
for our strategically located high-grade Ghanaian lithium project
to deliver a premium lithium concentrate while also seizing the
opportunity to acquire a major new high-grade gold discovery in
Cote d'Ivoire. In summary:
Ø At Ewoyaa in Ghana, lithium exploration results established
the existence of high-grade spodumene mineralization within the
pegmatite formations encountered over a wide area. The Ewoyaa
Project is ideally located within 1km of a bitumen highway,
adjacent to grid power, and within 100km of the operating deep-sea
port at Takoradi. Drilling is ongoing across the broader project
area. Independent metallurgical testing undertaken have provided
highly encouraging results to date, and has demonstrated that
Ewoyaa can deliver a premium lithium concentrate product with low
level contaminants using simple gravity beneficiation on a coarse
crush.
Ø In Cote d'Ivoire, the Company secured the 400km(2) Zaranou
Gold Project, itself a potential company-making asset. As a result
of preliminary exploration work, IronRidge geologists have
identified a 9.8km strike length high-priority target zone defined
with coincident high-grade gold results, extensive hard-rock
artisanal mining sites and favourable geology. The Company is
currently undertaking a high-resolution drone survey and follow-up
field mapping, and is preparing for the commencement of an air core
drill program in October 2019.
Ø In Chad, IronRidge continued its trenching program,
identifying a number of large-scale high priority gold anomalies
within the Dorothe Gold Project area.
Ø In August 2019 the Company entered into a Memorandum of
Understanding with drilling contractor GeoDrill for up to USD4m in
drilling to deliver up to 40,000m of drilling across IronRidge's
portfolio of projects. As a result of an approval granted by
shareholders, the Company now has the capacity to issue up to 15%
of its share capital for non-cash consideration purposes for value
adding contracts such as this. This initiative will allow IronRidge
to continue to advance the exploration of its projects in Ghana and
Côte d'Ivoire, whilst maintaining cash resources and benefiting
from GeoDrill's extensive experience operating throughout West
Africa.
This is an exciting time for IronRidge and I would like to take
this opportunity to thank the Company's Board, its executive team,
the invaluable management personnel we have advancing our interests
in Africa, and the small team at the Company's head office for
their continued hard work and dedication. I would also like to
thank you, our loyal shareholders, for providing the funding and
support to facilitate the ongoing delivery of the Company's
objectives.
The Company's Board and management remain committed to the
corporate strategy of creating and sustaining shareholder value
through the discovery and advancement of our significant mineral
deposits of globally demanded commodities through to production or
onward sale. We look forward to keeping investors up to date as we
advance both our ongoing drilling programmes and our corporate
initiatives."
IronRidge Project Portfolio Summary:
IronRidge is a multi-commodity mineral exploration and
development company with assets in Africa and Australia. In Africa,
the Company is currently exploring for lithium in Ghana - West
Africa, gold and lithium in Côte d'Ivoire - West Africa and gold in
Chad - Central Africa.
In Ghana the Company holds 684km(2) of granted and under
application tenure through direct applications and Earn-In
Agreements where it has intersected high grade lithium pegmatites
in drilling within proximity to operational infrastructure
corridors.
In Côte d'Ivoire the Company holds 3,584km(2) of granted and
under application gold tenure through Earn-In Agreements and a
further 1,172km(2) of under application lithium tenure through
direct applications and Earn-In Agreements within the highly
prospective Birimian terrain.
In Chad the Company holds 900km(2) of highly prospective granted
tenure where trenching has defined broad, high-grade zones of gold
mineralization and structural repetitions.
In Australia, the Company holds 704km(2) of granted tenure in
south-eastern Queensland, where it is exploring for bauxite,
titania, and gold within its 100% owned Monogorilby and May Queen
Project areas where a Maiden bauxite (JORC) Resource of 54.9Mt @
37.5% total Al and 8.5% total Si has been defined.
The Company holds 3,396km(2) of iron ore tenure renewals and
applications in Gabon, West Africa.
IronRidge's corporate strategy is to create and sustain
shareholder value through the discovery and evaluation of
significant mineral deposits of globally demanded commodities and
continues to advance its project portfolio across the jurisdictions
it works in as well as the ongoing review of new opportunities.
Figure 1: Global project country locations and targeted
commodities.
Further details of the project portfolio and specifically the
progress made during the period can be found within the Operations
Report in the Annual Report, available by clicking the link
above.
Operational Highlights:
Ghana - Lithium
Ø During the period, the Company completed its first phase
8,210m, second phase 4,684m reverse circulation ('RC') drilling and
1,000m diamond core ('DD') drilling programme at the Ewoyaa and
Abonko projects, part of its Cape Coast Lithium portfolio.
Ø Multiple broad, high-grade drill intersections were returned
at a 0.5% Li2O cut-off and maximum 10m (Phase 1) or 4m (Phase 2) of
internal dilution including 128m @ 1.21% Li(2) O from 3m in hole
GRC0004, 111m @ 1.35% Li(2) O from 37m in hole GRC0027, 80m @ 1.52%
Li2O from surface in hole GRC0081, 56m @ 1.71% Li(2) O from 48m in
GRC0034, 72m @ 1.27% Li(2) O from 24m in GRC0048, 45m @ 1.57% Li(2)
O from 70m in GRC0042 and 45m @ 1.51% Li(2) O from 41m in
GRC0039.
Ø Preliminary metallurgical testwork of the Ewoyaa material has
been carried out at NAGROM Laboratories in Perth, Western
Australia. A 54kg P1 bulk sample composite at 1.68% Li2O head-grade
was generated from the initial test-work samples for pilot scale
DMS100 gravity test-work. The testwork results were favourable, and
this represents a significant step closer in the demonstration of
the amenability of the Ewoyaa type P1 mineralisation to beneficiate
to a high-grade and clean concentrate via a simple gravity process
flowsheet using industry standard crushing, screening and cyclone
technology.
Chad - Gold
Ø During the annual period, the Company reported trenching
results at 200m spacing for the second phase 9,360m infill
programme at Dorothe. Multiple broad, high-grade trenching
intersections were returned at a 0.4g/t gold cut-off and maximum 4m
dilution including highlights 84m @ 1.66g/t*, 4m @ 18.77g/t, 32m @
2.02g/t, 24m @ 2.53g/t, 12m @ 2.32g/t and 4m @ 5.27g/t gold. All
reported drill intersections are included in Figure 6.
Ø Six coherent, large-scale high-priority gold anomalies were
interpreted in trenching results received to date with observations
from geological logging, structural mapping and airborne magnetics
defining two broad target types; steeply east dipping 'Main Vein'
target and shallow west dipping 'Sheeted Vein' targets.
*Sampled down-dip along shallow dipping alteration zone; not
true width
Cote D'Ivoire - Gold and Lithium
Ø At the Kineta Gold Project a total of 3,392 soil samples were
collected on a 400m x 50m and infill 200m x 50m grid over an 11 x
4.5km area as part of the first phase soil programme over the
Kineta license in the north-east of the Country. Results defined a
broad 7km long by 1.5km wide anomalous gold corridor at >30ppb
up to 3.7g/t gold with coincident artisanal workings.
Ø At the Bianouan Gold Project broad trenching intervals of 47m
@ 0.16g/t (including 14m @ 0.23g/t Au), 7m @ 0.18g/t and 4m @
0.21g/t at the Ketesso target and 11m @ 0.7g/t, 9m @ 0.16g/t, 1m @
1.1g/t, 3m @ 0.14g/t and 1m @ 0.42g/t at a 0.15g/t Au cut-off with
maximum 2m of internal dilution were returned at the Yaw target. No
significant results were returned from the 19 pits completed
Ø The Company completed acquisition of 100% of the share capital
of each of Marlin Minerals SARL, Booster Minerals SARL and CAPRI
Metals SARL (collectively the "Vavoua Gold Projects"), which gives
IronRidge full ownership of this portfolio. The Company announced
on 18 April 2017, 28 March 2017 and 12 April 2017 that it had
entered into Earn in arrangement with Bluefin, Major Star and Enchi
Proci respectively, under which IronRidge had rights to acquire
100% of the projects with each entity maintaining a residual NSR of
2.5% of which 40% to 50% can be acquired for between US$2.5m to
US$3m at any time.
Ø The Company entered into a binding agreement with GeoServices
Cote d'Ivoire SA ("GS") and Atlas Resources SARL ("AR") jointly,
whereby IronRidge has the option to acquire up to 100% of the
Zaranou Gold Project through staged earn in arrangements and
expenditure to Feasibility Study subject to each company retaining
an aggregate net smelter royalty, ("NSR") of 2.5% of which 50% may
be acquired for US$4 million. IRR has the right to make milestone
payments in shares and/or cash.
Post Period-End Highlights:
In August 2019 the Company entered into a Memorandum of
Understanding for drilling for equity with drilling contractor
GeoDrill Limited. The agreement is based on competitive quotation
process and provides for the issue of ordinary shares in IronRidge
for 50% of the drilling cost up to a value of US$4 million two US$2
million stages.
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.
Market Abuse Regulation (MAR) Disclosure
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
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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