IronRidge Resources - Exploration Update - Gold Portfolio Côte d'Ivoire
Large Magnetic Anomaly Discovered
- 2.8km long by 800m wide magnetic anomaly discovered within the Zaranou license from recently completed airborne geophysical magnetics survey
- Magnetic anomaly occurs directly within a 16km long by 200m to 500m wide zone of intensive in-situ hard-rock artisanal gold workings
- Additional smaller 800m to 200m long magnetic anomalies occur along strike from the main anomaly and predominantly within the zone of hard-rock artisanal workings
- 40km long by 2.5km to 5km wide alluvial gold mining corridor coincident with regional magnetic contact zone; a possible fault corridor
- Field mapping, soil sampling and litho-structural interpretation on going
- Drone survey on going and continues to generate high resolution imagery and topographic control to assist in exploration drilling programmes and baseline studies
o Link to view drone survey 3D imagery https://youtu.be/WsZl2ehkAI0
- 6,500m drill programme and access planning underway with drilling targeted to commence
Commenting on the Company's latest progress,
"The discovery of the large 2.8km long distinct magnetic anomaly is highly encouraging as it occurs centrally within the 16km long zone of intensive hard-rock artisanal gold mining.
"It represents a direct drill target that is blind at surface and provides a compelling geological and structural basis as to the location of intensive hard-rock artisanal gold mining within the license area.
"The 2.8km long distinct magnetic feature and associated smaller scale anomalies in and around the 16km long zone of hard-rock artisanal mining suggests rock type variation and competency contrast interpreted as an intrusive body at depth; providing favourable structural trap sites for gold mineralisation to occur.
"Additionally, the airborne data shows a coincident magnetic feature along the 40km long alluvial mining corridor, providing confidence in the definition of multiple additional gold targets.
"We are delighted with the discovery of the blind magnetic anomaly and we are currently planning a maiden 6,500m drill programme to test the mineralised structures using a combination of both air-core ('AC') traverses and deeper targeted reverse circulation ('RC') drill holes. This drill programme is expected to commence in
The airborne magnetics defines a 40km long structural corridor which has coincident alluvial gold workings along its entirety and remains open to the north-east (refer Figure 1 and Figure 2).
Figure 1: Regional geological setting over the Zaranou license (green = metasediments, reds/pinks = intrusives and blue outline = license boundary) with locations of alluvial (brown) and hard-rock (red) artisanal gold workings and newly discovered magnetic anomaly (pink).
Figure 2: License wide Analytical Signal airborne geophysics magnetics image showing magnetic anomaly discovery with zones of alluvial (yellow) and hard rock (red) artisanal workings shown
A 2.8km long by 800m wide discrete magnetic anomaly, with multiple smaller 200m to 800m long magnetic anomalies along strike, occurs within the central portion of the alluvial mining corridor and within a 16km long zone of intensive hard-rock artisanal gold workings (refer Figure 3). Previously reported channel sampling results within the zone of hard rock artisanal pits includes 6m @ 3.67g/t gold and 3m @ 4.13g/t gold and rock chips results up to 69.6g/t gold (refer RNS of
The presence of hard-rock artisanal workings is significant as it demonstrates the presence of gold and, importantly, that the gold is in-situ as opposed to alluvial workings where gold could have travelled from its source. It also provides an insight into the structural controls on mineralisation and important trends for ongoing exploration work.
The magnetic anomaly is encouraging as it shows variation in the magnetic signature of the rocks directly around where the hard-rock artisanal gold workings occur. This could be an indication of rock type variation and importantly rheological contrast providing favourable structural trap sites for gold mineralisation to occur. At this stage, it is unclear as to what is causing the magnetic feature, however it may represent an intrusive body at depth.
Figure 3: Central target zone showing magnetic anomaly relative to hard-rock artisanal mining sites with previously reported channel and rock chip sampling results over Total Magnetic Intensity (1VD) image background
The Company is undertaking stakeholder consultations ahead of access construction for a planned 6,500m wide spaced air-core traverses and targeted reverse circulation drilling programme across the highest priority targets planned to commence during
The Company is continuing with field mapping and litho-structural interpretation of the airborne geophysical data and has commenced broad spaced regional soil sampling in the north-east and south-east of the license area.
The drone survey continues to generate high resolution imagery and topographic control to assist in exploration drilling programmes and baseline studies. To date the drone imagery has provided a valuable insight into mineralised trends (refer RNS of
Figure 4: Digital Terrain model over central Zaranou license area looking NE, showing due diligence assay results, primary mineralisation trends in hard-rock artisanal workings over 2.7km strike portion, extensive alluvial workings in drainage network (area of view 10km2; laterite road visible in central portion of image).
The Board is delighted with the progress that the Company has made in 2019 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:
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Tel: +61 7 3303 0610
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Tel: +44 (0)20 3470 0470
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Tel: +44 (0) 1483 413 500
Tel: +44 (0) 207 871 4038
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Tel: +44 (0)20 3004 9512
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Notes to Editors:
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This information is provided by RNS, the news service of the
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