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IronRidge Resources - Zaranou Continues to Deliver High Grade Results

RNS Number : 6693B
IronRidge Resources Limited
03 February 2020
 

                                                                                                                     3 February 2020

 

Drilling Continues to Deliver Robust Assay Results

Multiple Broad and High-Grade Gold Drill Intersections

Zaranou Gold Project

Côte d'Ivoire, West Africa

 

 

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company'), the African focussed minerals exploration company, is delighted to report that multiple additional high-grade and broad gold intersections have been returned from remaining drilling assay results received for the first phase exploration programme completed at the Zaranou Gold Project in Côte d'Ivoire. The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).

 

HIGHLIGHTS:

 

Ø Remaining assay results received for the maiden exploration drill programme completed at the Zaranou Gold Project ('Zaranou') continue to deliver multiple additional high-grade and broad gold drilling intersections.

Ø New reported highlight Aircore ('AC') and Reverse Circulation ('RC') drill intersections reported at a 0.2g/t cut-off and maximum 2m of internal dilution including:

6m @ 6.44g/t gold from 132m, including 2m @ 8.81g/t and 2m @ 9.18g/t

4m @ 5.16g/t gold from 110m, including 2m @ 9.43g/t

6m @ 1.42g/t gold from 16m including 2m @ 3.91g/t

2m @ 7.11g/t gold from 36m

15m @ 0.63g/t gold from 16m, including 2m @ 2.12g/t

2m @ 4.67g/t gold from 22m

6m @ 1.42g/t gold from 16m, including 2m @ 3.91g/t

16m @ 0.41g/t gold from 12m, including 2m @ 1.01g/t

Ø Multiple Reverse Circulation ('RC') drill intersections returned in hole ZARC0009 reported at a 0.2g/t cut-off and maximum 2m of internal dilution including:

§ 2m @ 3.35g/t gold from 38m

§ 6m @ 3.81g/t gold from 52m, including 2m @ 10.2g/t

§ 2m @ 4.72g/t gold from 98m

§ 8m @ 0.74g/t gold from 104m, including 2m @ 2.13g/t

§ 2m @ 4.6g/t gold from 116m

§ 14m @ 0.66g/t gold from 128m, including 2m @ 2.72g/t

§ Link to original pre-drilling visualisation of drill hole ZARC009:

https://youtu.be/cRAJYf17LhI 

 

Ø All drill intersections are open along strike and down-dip, continuing to highlight the significant gold mineralisation potential within the Zaranou target.

 

Ø New reported drill intersections define a high-priority 8km long target zone with intensive artisanal mining and previously reported drilling intersections of 6m @ 15.11g/t gold from 26m, including 2m @ 36g/t and 2m @ 9.29g/t and 22m @ 3.39g/t gold from 8m, including 4m @ 13.55g/t and 4m @ 3.96g/t (refer RNS of 23 July 2019 and 15 January 2020).

Ø High-grade gold assays reported at depth in fresh lithologies within RC drill holes including intersections of 6m @ 6.44g/t gold from 132m (including 2m @ 8.81g/t and 2m @ 9.18g/t) and 4m @ 5.16g/t gold from 110m (including 2m @ 9.18g/t) confirming gold mineralisation continuity at depth.  

Ø Only 8km drill tested on wide spaced drill traverses within a highly prospective 47km strike gold corridor defined by soil geochemistry results (refer RNS of 30 January 2020).

Ø Maiden exploration drill programme completed for a total of 7,448m of AC in 151 holes and 1,593m of Reverse Circulation ('RC') in 10 holes along seven AC drill traverses (Line 1 to Line 7) with selected deeper RC holes and a single hole RC section (Line 8).

Ø Assay results reported herewith are for remaining 3,959m of AC drilling for 69 holes and 1,593m of RC drilling for 10 holes, representing all drilling completed for the first phase exploration drilling programme.

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/6693B_1-2020-2-3.pdf 

 

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

"The remaining assay results received continue to impress, especially given that they represent a first-pass exploration drill programme, demonstrating the potential for a significant gold discovery and further exploration potential within the Zaranou license.

"Only 8km of strike has been drilled to date, along very broad spaced AC and RC traverses, which remain open along strike and at depth within a much larger 47km long highly prospective gold structural target corridor with coincident soil anomalies and artisanal workings.

"Field work to date has identified over 8km strike length and up to 1.2km width of coincident hard-rock artisanal workings, surface sampling results up to 69.6g/t gold and geophysical anomalies which remains open along strike and has now been drilled along broad spaced AC traverses with initial exceptional results up to 6m @ 15.11g/t and 22m @ 3.39g/t gold.

"Importantly, high-grade gold mineralisation including 6m @ 6.44g/t from 132m and 4m @ 5.16g/t gold from 110m was intersected at depth within fresh lithologies below the base of oxidation and confirming continuity of mineralisation and tenor at depth.

"The Gold mineralisation encountered in drilling is spatially associated with veining, disseminated sulphides and deformation zones, which occur along strike of hard-rock artisanal workings, and provides further confidence in continuity of mineralisation within the 8km strike high-priority target zone."

 

 

Adding to this, Neil Herbert, Chairman of IronRidge Resources said:

 

"With over 47km of strike and early drilling demonstrating liberalization over 150m from surface with gold grades as high as 23g/t and still open at depth, this has the potential to be one of the most significant gold discoveries in West Africa."

 

Remaining Drilling Results - First Phase Programme

Additional assay results from the remainder of the first phase exploration drilling programme have returned multiple high-grade and broad gold intersections at a 0.2g/t gold cut-off and maximum 2m of internal dilution, with highlights including:

o    6m @ 6.44g/t gold from 132m, including 2m @ 8.81g/t and 2m @ 9.18g/t

o    6m @ 3.81g/t gold from 52m, including 2m @ 10.2g/t

o    4m @ 5.16g/t gold from 110m, including 2m @ 9.43g/t

o    2m @ 7.11g/t gold from 36m

o    15m @ 0.63g/t gold from 16m, including 2m @ 2.12g/t

o    14m @ 0.66g/t gold from 128m, including 2m @ 2.72g/t

o    2m @ 4.67g/t gold from 22m

o    6m @ 1.42g/t gold from 16m, including 2m @ 3.91g/t

o    16m @ 0.41g/t gold from 12m, including 2m @ 1.01g/t

Assay results reported herewith represent AC and RC traverses Line 1, Line 2, Line 3, Line 4, Line 7 and Line 8 (a single RC hole ZARC0009) with all drill intersections reported in Table 1 and Figure 1 through to Figure 6 below. Assay results reported herewith represent the remainder of the first phase drill programme and complement the initial results (refer RNS of 15 January 2020).

All samples were analysed by ALS Ltd's Laboratory in West Africa and passed internal quality assurance / quality control ('QA/QC') protocols providing confidence in reported results.

A total of seven (7) AC traverses with selected deeper RC holes and a single RC hole section in Line 8 were drilled for the maiden drill programme (refer Figure 1). All drill intersections are reported in detail on cross-sections in Figure 2, Figure 3, Figure 4, Figure 5 and Figure 6.

Drilling results for the programme have confirmed strike and depth continuity of gold mineralisation where tested on AC and RC traverses adjacent to hard-rock artisanal pits and shafts as well as discovered new mineralised trends under shallow cover not exposed by artisanals. This is significant, as it demonstrates additional exploration potential between currently defined gold trends.

Multiple high-grade gold intersections were reported in RC hole ZARC0009 which was designed to test below a large artisanal pit and drilled to a depth of 183m. Gold intersections in both weathered and fresh material include 6m @ 3.81g/t gold from 52m (including 2m @ 10.2g/t) and deeper intervals including 2m @ 4.6g/t gold from 116m and 14m @ 0.66g/t gold from 128m (including 2m @ 2.72g/t). Intersections appear to be spatially associated with veining and disseminated sulphides (refer Figure 6).

Additional deep RC drill intersections were returned in hole ZARC0003 (6m @ 6.44g/t gold from 132m, including 2m @ 8.81g/t and 2m @ 9.18g/t) and ZARC0004 (4m @ 5.16g/t gold from 110m, including 2m @ 9.43g/t; refer Figure 4).

 

 

 

Although Line 7 failed to intersect significant gold mineralisation within the 'Bean' magnetic anomaly, a weathered felsic intrusive rock was intersected consistently along the traverse with coarse magnetite and quartz veining logged; the likely source of the magnetic anomaly. The felsic intrusive, although not significantly mineralised, is important as its margins represent a zone of competency contrast with the host metasediments and a favourable trap site for gold mineralisation. This is evidenced by the presence of the artisanal 'Super Pit' and high-grade deep RC intersection of 6m @ 6.44g/t gold from 132m (including 2m @ 8.81g/t and 2m @ 9.18g/t) and 4m @ 5.16g/t gold from 110m (including 2m @ 9.43g/t; refer Figure 4).

Disseminated sulphide (pyrite), manganese and magnetite were observed in drill chips within quartz-carbonate veining and the host lithology within the deformation zones and felsic intrusive.

Gold mineralisation is spatially associated with deformation zones which include meter-scale quartz-carbonate-manganese veins which extend up to 30m apparent width in places, as well as crenulated phyllite zones; potentially representing high-level signatures of a shear zone.

Drilling results from the first phase programme have confirmed interpreted target trends, with high-grade drilling results including 6m @ 15.11g/t, 22m @ 3.39g/t and 6m @ 6.44g/t gold along strike from hard-rock artisanal pits and shafts over an 8km strike (results reported in this RNS and refer to RNS of 15 January 2020).

Furthermore, hard-rock artisanal workings have been mapped in detail over a longer 16km zone which in itself occurs within a 47km long striking gold corridor as defined by airborne magnetics and soil geochemistry (refer RNS of 11 November 2019 and RNS of 30 January 2020).

 

Next Steps

All assay results have now been received for the first-phase drilling programme. The Company is now reviewing the results and planning for the next drill phase.

Infill soil sampling to 400m line spacing has commenced along the majority of the 396km2 license surface area.

The drone survey is now active within the south-western half of the license area and continues to generate high resolution imagery and topographic control to assist in exploration programme design and baseline studies.

To date, the drone imagery has provided a valuable insight into mineralised trends (refer RNS of 19 September 2019, and Figure 4) and provides a powerful tool to review imagery in 3D as shown in the embedded link https://youtu.be/WsZl2ehkAI0.

The Board is delighted with the progress that the Company has made in 2020 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:

 

 

IronRidge Resources Limited

Vincent Mascolo (Chief Executive Officer)

Karl Schlobohm (Company Secretary)

Tel: +61 7 3303 0610

 

 

SP Angel Corporate Finance LLP

Nominated Adviser

Jeff Keating

Charlie Bouverat

Tel: +4 (0)20 3470 0470

 

 

SI Capital Limited

Company Broker

Nick Emerson

Jon Levinson

Tel: +44 (0) 1483 413 500

Tel: +44 (0) 207 871 4038

 

 

Yellow Jersey PR Limited

Henry Wilkinson

Dominic Barretto

Emma Becirovic 

 

 

 

Tel: +44 (0)20 3004 9512

 

 

     

 

 

 

 

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% Li2O and surrounding tenements. The portfolio covers some 684km2 with the newly discovered Ewoyaa project including drill intersections of 128m @ 1.21% Li2O from 3m and 111m @ 1.35% Li2O from 37m, and a further identified 20km strike of pegmatite vein swarms. The Cape Coast lithium portfolio in Ghana is an emerging lithium province with a 14.5Mt at 1.31% Li2O maiden Mineral Resource estimate (reported in accordance with the JORC Code) in Indicated and Inferred status at the Ewoyaa and Abonko deposits. 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 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.

 

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.

 

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.

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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