TIDMIRR
RNS Number : 6961F
IronRidge Resources Limited
18 November 2020
18 November 2020
License Renewals Granted
Dorothe, Echbara and Am Ouchar Licenses
Chad Portfolio, Central Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focused minerals exploration company, is
pleased to announce that it has been granted four-year license
renewals with corresponding area reductions by the Ministry of
Petroleum and Mines for the Dorothe, Echbara and Am Ouchar
licenses, now covering 446.25km(2) within an overall 746.25km(2)
portfolio of highly prospective gold tenure, including the
drill-ready Dorothe Gold Project, approximately 180km south-east of
Abeché in Eastern Chad, Central Africa.
Figures and Tables referred to in this release can be viewed in
the PDF version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/6961F_1-2020-11-18.pdf
HIGHLIGHTS:
Ø Four-year license renewals and corresponding area reductions
granted by the Ministry of Petroleum and Mines for the Dorothe,
Echbara and Am Ouchar licenses which now cover a combined
446.25km(2) within the Company's overall 746.25km(2) portfolio in
Chad.
Ø Highly prospective gold portfolio covers a total of
746.25km(2) and includes the Kalaka and Nabagay licenses and the
drill-ready Dorothe Gold Project.
Ø Portfolio interpreted to represent an unexplored Intrusion
Related Gold ("IRG") system; potential analogue of the Tintina Gold
Belt in Alaska-Yukon with notable deposits including Donlin Creek
(Barrick / Novagold, >45Moz), Fork Knox (Kinross, 10Moz), Pogo
(NST, 10Moz) and Dublin Gulch (Victoria Gold Corp., >3Moz).
Ø Dorothe target covers a 3km x 1km zone of artisanal workings
with previously reported trenching highlights at 0.2g/t cut-off and
2m of dilution and 0.4g/t cut-off and 4m of dilution:
o Trench 37: 84m at 1.66g/t from 80m incl. 6m at 5.49g/t &
8m at 6.23g/t(*)
o Trench 27: 4m at 18.77g/t from 410m incl. 2m at 36.2g/t(+)
o Trench 33: 32m at 2.02g/t from 344m incl. 18m at 3.22g/t
o Trench 39: 24m at 2.53g/t from 176m incl. 6m at 4.1g/t &
2m at 6.14g/t
o Trench 16: 6m at 9.48g/t from 2m incl. 2m at 27.6g/t
o Trench 4: 20m at 2.53g/t from 12m incl. 4m at 10.74g/t
o Trench 22: 8m at 4.73g/t from 502m incl. 4m at 9.3g/t
o Trench 6: 8m at 4.51g/t from 32m incl. 2m at 17.1g/t
Footnote: (*) Sampled down-dip along shallow dipping alteration zone; not true width
(+) logged as transported material from Main Vein target
Ø Over 14,500m of trenching results have defined the steep
dipping Main Vein target over 1km strike and multiple shallow
dipping Sheeted Vein targets over 600m strike at the Dorothe
target.
Ø Ground based Induced Polarization ("IP") geophysics confirm
the highest priority geophysical anomaly associated with the Main
Vein Zone; 1km long low resistivity mineralised vein zone with
coincident chargeability anomaly dipping steeply to the east.
Ø Renewals include Echbara license where previous trenching has
returned highlights of 58m at 1.31g/t and 12m at 2.71g/t over a 2km
long by 150m wide 100-300ppb soil anomaly.
Ø Renewals also include Am Ouchar license where historical
United Nations Development Programme ("UNDP") trenching results,
including 20m @ 6.8g/t, 16m @ 4.7g/t and 12m @ 5.7g/t Au, have
defined 2m to 5m thick, shallow dipping quartz veins within
hematitic schists.
Ø In-country exploration office to be re-established in
N'Djamena now that COVID-19 travel restrictions have been eased and
planning is currently underway to resume field activities in the
new year.
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are very pleased to have successfully renewed the Dorothe,
Echbara and Am Ouchar licenses for a further four-year period;
securing this important gold portfolio and in particular the
drill-ready Dorothe target - the Company's most advanced gold
project within the Chad portfolio.
"We have worked closely with the Ministry of Petroleum and Mines
to secure the license renewals and look forward to resuming field
activities.
"The recently renewed licenses and existing granted tenure now
cover a combined 746.25km(2) of prospective geological terrain with
significant previous exploration work completed to date identifying
multiple gold targets for immediate follow-up.
"The Dorothe Project represents a high-priority walk-up and
drill target with in-excess of 14,500m of trenching completed to
date, large scale artisanal workings over a 3km x 1km area, very
encouraging trenching intersections and supporting ground
geophysics.
"Now that travel restrictions have eased, we have been able to
re-enter Chad and resume activities; the Company's N'Djamena
exploration office is to be re-established shortly and preparations
are now underway to allow the resumption of field activities in the
new year.
"Our intention is to focus on drill testing the Dorothe target
prior to the onset of the wet season in July 2021. We look forward
to updating the market with our progress in due course."
License Renewals:
License renewals have been granted for a second four-year term
over the Dorothe, Echbara and Am Ouchar licenses now covering a
total of 446.25km(2) . The Company now holds in total a 746.25km(2)
tenure package in the Ouaddaï Region of eastern Chad (refer Figure
1 ), approximately 900km east of the capital city N'Djamena, which
is well serviced by international flights. The remaining 300km(2)
of tenure that does not form part of this renewal is for the
Nabagay and Kalaka licenses which are due for renewal in March
2022.
The area is characterised by Proterozoic lithologies that have
been intruded and uplifted by younger Pan-African granitoids and is
considered to be prospective for Intrusion Related Gold ("IRG")
systems within a potentially newly discovered field (refer Figure 3
).
Dorothe Project Recap:
Dorothe represents the Company's most advanced gold exploration
project within the Chad portfolio with walk-up drill targets
defined in coincident artisanal workings, trenching results and
ground-based IP anomalies over a 3km long by 1km wide area.
Three phases of trenching have been completed at Dorothe to date
for a total of 14,564m which have returned multiple high-grade
intersections (refer RNS' of 21 Sept 2017 , 16 Aug 2018 and 24 Sept
2018 ), including highlights reported at greater than 10
gram-meters summarised in Table 1 , Figure 2 and Figure 3 . Phase 1
trenching was completed manually to an average 1.5m depth, whilst
Phases 2 and 3 trenching was completed using an excavator to an
average 2.5m depth.
Results to date have defined six coherent, large-scale gold
anomalies 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. The Main
Vein target includes stacked 0.5m to 2m thick steeply east dipping
discontinuous massive quartz veins within a zone over 1km strike
and up to 200m wide and remains open to the south.
The 'Sheeted Vein' targets occur as multiple shallow, on average
10 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 20m to 100m.
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 ) and Figure 4
below.
This represents a favourable structural setting for gold
mineralisation to occur 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 has re-commenced travel into Chad now that travel
restrictions have eased. The Company's exploration office will be
re-instated in N'Djamena shortly to allow for field programmes to
commence in the new year. Field programme planning has commenced
with the intention to focus on a maiden drilling programme to test
the Dorothe target prior to the onset of the wet season in July
2021.
Competent Person Statement
Information in this announcement 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.
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 Tel: +61 7 3303 0610
Vincent Mascolo (Chief Executive Officer)
Karl Schlobohm (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +4 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited Tel: +44 (0) 1483 413
Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry WilkinsonMatthew McHale
Dominic Barretto
Cont....
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.
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. The Company's most advanced project is the
Zaranou gold project which includes high-grade gold drilling
intersections along 8km strike including 6m @ 6.44g/t gold from
132m, 6m @ 15.11g/t gold from 26m, 4m @ 5.16g/t gold from 110m and
22m @ 3.39g/t gold from 8m within a broader 47km long gold
anomalous structure.
Ghana
The Cape Coast Lithium portfolio covers some 684km(2) and
includes the newly discovered Ewoyaa Lithium Project with a maiden
Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category including 4.5Mt @ 1.39% Li(2) O in
the indicated category (reported in accordance with the JORC Code)
. 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
tenure package is also 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 746km(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.
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.
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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