Visible Gold - Zaranou, Gold Cote d'ivoire

RNS Number : 8656T

IronRidge Resources Limited

23 July 2020

 

23 July 2020

Visible Gold in RC Drilling

Additional High-Grade Drilling Results

Zaranou Gold Project

Côte d'Ivoire, West Africa

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company'), the African focussed minerals exploration company, is pleased to report visible gold observed in deeper Reverse Circulation ("RC") drilling and additional high-grade drilling results from the second phase drilling programme currently underway at the Ehuasso target ("Ehuasso"), within the Zaranou Gold Project area ("Zaranou"). The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).

Any Figures or Tables referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/8656T_1-2020-7-23.pdf

HIGHLIGHTS:

Ø Visible gold observed in drill cuttings from deep RC drilling at the Ehuasso target in the second phase drilling programme currently underway within the Zaranou Gold Project area .

Ø Visible gold observed in hole ZARC0013 at a depth of 139m to 141m extends mineralisation a further 60m below the previously reported high-grade gold intersections in hole ZARC009.

Ø Additional high-grade results received for 1m primary samples of previously announced 4m composite results over 5,910m of air-core drilling ('AC') from a planned 15,000m programme at the Ehuasso target.

Ø High-grade 1m primary sample results   (from the previously reported 4m composites on 9 July 2020) reported at a 0.1g/t cut-off and maximum 1m of internal dilution including highlights:

o  5m at 11.4g/t from 38m including 1m at 20.8g/t & 1m at 20.4g/t in hole ZAAC0261

o  11m at 3.45g/t from 50m including 1m at 22.9g/t & 1m at 10.5g/t in hole ZAAC0259

o  2m at 18.28g/t from 46m including 1m at 35.1g/t in hole ZAAC0207

o  4m at 6.75g/t from 52m including 1m at 23.4g/t in hole ZAAC0261

o  3m at 8.58g/t from 44m including 1m at 20.7g/t in hole ZAAC0164

o  8m at 2.25g/t from 28m including 1m at 12.1g/t in hole ZAAC0153

o  3m at 4.72g/t from 16m including 1m at 13.1g/t in hole ZAAC0191

o  3m at 4.63g/t from 24m including 1m at 9.64g/t in hole ZAAC0185

Ø Mineralisation continuity now confirmed in drilling over multiple growing targets over 500m long and up to 100m wide; all open along strike and at depth.

Ø Drilling ongoing with two drill rigs currently on site at the main Ehuasso grid and Ebilassokro exploration target; both within the broader 47km long Zaranou shear zone.

 

Commenting on the Company's latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:

"We are pleased to report visible gold in deeper RC drilling at the Ehuasso target, with visible gold observed in hole ZACRC0013 at a depth between 139m to 141m.

"Visible gold is associated with veining and is within chlorite-sericite-carbonate altered host rock, providing confidence for depth continuity of mineralisation and the potential for broader widths where gold is associated with altered host rocks.

"Results of the 1m primary samples confirms previously reported 4m composites and interpreted mineralisation continuity, providing greater resolution on reported intervals whilst managing ongoing assay costs.

"Drilling remains ongoing with our national team in-place and two drill rigs currently active at the Ehuasso main grid and Ebilassokro exploration target within the broader 47km strike Zaranou shear zone, whilst strict COVID-19 measures continue to be implemented.

"We look forward to releasing additional results as they become available."

Visible Gold

Coarse visible gold and fine disseminated gold was observed in drill cuttings from hole ZARC0013 between 139m to 141m with assays pending. Hole ZARC0013 was drilled below and in the same direction as hole ZARC009 to test depth extensions of previously reported high-grade and broad low-grade intervals including 2m @ 4.72g/t gold from 98m, 6m @ 3.81g/t gold from 52m (including 2m @ 10.2g/t), 2m @ 4.6g/t gold from 116m and 14m @ 0.66g/t gold from 128m (including 2m @ 2.72g/t) over a 104m interval down hole from 38m depth (referRNSof 3 February 2020).

Visible gold observed in new hole ZARC0013 indicates depth extensions of 60m to mineralisation intersected in hole ZARC009 (referFigure 2). A link to the original pre-drilling visualisation of drill hole ZARC009 can be seen here: https://youtu.be/cRAJYf17LhI .

Gold was observed both within quartz veining, as free gold particles and within chlorite-sericite-carbonate altered host rocks. Coarse grained gold was observed in quartz veining and as free gold particles likely broken from quartz veining, whilst finer grained disseminated gold was observed in chlorite-sericite-carbonate alteration (referFigure 1).

Primary 1m Sample Results at the Ehuasso Target

Results for primary 1m samples from previously reported 4m composites (referRNS of 9 July 2020) have returned high-grade gold intersections as expected. Results reported herewith represent 5,910m of drilling in 124 holes from the overall 15,000m second phase AC and RC programme (referRNS of 2 July 2020). All AC drilling to date has been completed at -55 degree dip.

Multiple high-grade intersections are reported within the 1m primary AC results received to date with highlights at greater than 5-gram meters reported in Table 1 below and all intersections received to date reported in Appendix 1 for 1m primary samples at a 0.1g/t cut-off and maximum 4m of internal dilution.

All sampling was completed at the drill site and consisted of initial 4m composites submitted for analysis, of which all composites greater than 0.1g/t gold are re-submitted for analysis at 1m intervals from retained primary samples at the project site. ALS laboratory completed sample preparation in Côte d'Ivoire and sample analysis in Burkina Faso with results passing internal and laboratory QA/QC protocols providing confidence in reported results.

Newly reported 1m primary sample intersections confirm previously reported 4m composite results and preserve mineralisation continuity with the first phase reported results (referRNS of 3 February 2020) between the 160m spaced AC traverses. The 1m primary samples provide further resolution on downhole mineralisation width and continuity; important for understanding the mineralised system and potential future studies.

Mineralisation has been confirmed within weathered oxide material within multiple target areas over 500m strike length and up to 100m width in results received to date; areas highlighted in dashed red lines on Figure 3. Targets remain open along strike with additional results pending from the remainder of the second phase programme now underway (referFigure 3).

AC drilling has reached downhole depths of up to 89m in the reported results, with an average downhole depth of approximately 50m. This represents a deep weathering profile which typically supports a more thickly developed oxide gold profile.

Additional 4m composite results were received for Line_5440 in the extreme south-west of the Ehuasso drill grid. Anomalous results were intersected including 4m at 0.93g/t from 16m in hole ZAAC0267 and 12m at 0.28g/t from 12m in hole ZAAC0273. Subsequent 1m primary sample results for the same intervals reported 3m at 1.19g/t from 16m in hole ZAAC0267 and 12m at 0.27g/t from 12m in hole ZAAC0273, which extends the hole ZARC009 mineralisation a further 300m to the south-west (referFigure 3).

Type cross-sections are shown in Figure 2 for section ZAR_05920 in the west and Figure 4 for central section ZAR_07200. All remaining cross-sections are shown in Appendix 2. 

Drilling Programme

The second phase AC and RC drilling programme is progressing well with two rigs active on the Ehuasso and Ebilassokro targets. Approximately 2,500m of AC and RC drilling is remaining for the completion of the second phase programme across the Ehuasso and Ebilassokro targets, with additional results to be reported as soon as they become available and have been reviewed.

The Board is pleased with the progress that the Company has made in 2020 to date and looks forward to reporting through a busy upcoming period.

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.

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 Officer) Karl Schlobohm (Company Secretary) www.ironridgeresources.com.au	Tel: [phone]
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: [phone]
SI Capital Limited Company Broker Nick Emerson Jon Levinson	Tel: [phone] Tel: [phone]
Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto Matthew McHale	Tel: [phone]

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 3,584km² and 1,172km² 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 684km² and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li₂O in the inferred and indicated category including 4.5Mt @ 1.39% Li₂O 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% Li₂O 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 900km² 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.

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.

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 3,396km² 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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