Corporate Update - Board Change
9 July 2019
IronRidge Resources Limited
The Board of IronRidge Resources Limited ("IronRidge" or the "Company"), the African focussed minerals exploration company, announces that Mr Kenichiro Tsubaki ("Ken Tsubaki") is retiring from the board as a Non-Executive Director and that Mr Tetsunosuke Miyawaki ("Teddy Miyawaki") will succeed Ken Tsubaki as Non-Executive Director with immediate effect.
Teddy, who has to date acted as the Alternate Director for Mr Tsubaki, formally joins the Board as part of the Company's strategic alliance with Sumitomo Corporation ("Sumitomo"), a global conglomerate which has a 10.2% interest in IronRidge. Teddy brings to IronRidge extensive experience in strategic development, operational and corporate development, which will be essential for developing the Company's assets throughout Africa.
Teddy joined Sumitomo Corporation in 1998 and has held several key roles including investment business development and commodity trading for various divisions within the Sumitomo group.
Teddy holds a BEc Economics from Hitotsubashi University Japan and, having worked and resided in Johannesburg for some five years, brings with him a wealth of knowledge and experience in operating in various African jurisdictions.
Mr Thomas Ueda will once again join the Company's Board as the Alternate Director for Mr Miyawaki. Mr Ueda was originally appointed by IronRidge's board as a nominated Director for Sumitomo Corporation between 26 May 2015 and 31 March 2016.
Commenting, CEO Vincent Mascolo said:
"We are delighted to welcome Teddy Miyawaki to IronRidge's Board. He brings a wealth of experience in strategic advisory and, ultimately, business growth and development throughout Africa. His insights and expertise will be highly valuable and comes at a compelling time for the Company, as we seek to develop and enhance our portfolio of projects.
"At the same time, the Directors of the Company would like to extend their sincere thanks to Ken Tsubaki for his contribution to date. Ken has been a highly valued member of the IronRidge Board and the entire Company has benefited from his knowledge and counsel during the transition from explorer to developer."
The information required by Rule 17 and paragraph (g) of Schedule 2 of the AIM Rules for Companies in relation to the appointment of Mr Tetsunosuke Miyawaki (age 44) is as follows:
Past directorships held within last five years
Sakura Ferroalloys Sdn Bhd*
Mr Miyawaki does not currently hold any shares in the Company. There are no other disclosures required in accordance with Schedule 2(g) of the AIM Rules.
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Officer)
Tel: +61 7 3303 0610
Karl Schlobohm (Company Secretary)
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SP Angel Corporate Finance LLP
Tel: +44 (0)20 3470 0470
Nominated Adviser and Broker
Yellow Jersey PR Limited
Tel: +44 (0)20 3004 9512
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.
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 tenure package is also highly prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.
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.
In conjunction with the company's 100% owned assets, IronRidge has entered into conditional joint venture 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.
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.
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.
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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