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IronRidge Resources building strength in gold and lithium

Snapshot

  • A portfolio of early-stage assets in West Africa and Australia.
  • Focused on lithium in Ghana and gold in the Ivory Coast
  • Results from Ivory Coast continue to be exceptional
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Quick facts: IronRidge Resources Ltd

Price: 16 GBX

AIM:IRR
Market: AIM
Market Cap: £65.66 m
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What it owns

Ghana

The combined land package in Ghana now totals over 645 sq km of lithium assets including the advanced Ewoyaa and Abonku prospects and re-discovered Egyasimanku Hill, which contains a historic resource of 1.48mln tonnes at 1.66% Li2O (lithium oxide).

Highlights from infill drilling at Ewoyaa include 80 metres grading 1.52% lithium oxide, 68 metres grading 1.31% Li2O, and 60 metres grading 1.34% Li2O.

In January 2020 a maiden resource for Ewoyaa was produced, amounting to 14.5mln tonnes grading 1.31% lithium oxide across three deposits: Ewoyaa, Abonko, and Kaampakrom.

The resource estimate includes 4.5mln tonnes grading 1.39% in the indicated category.

Metallurgical test work also indicated a high-grade spodumene concentrate with low level contaminants can be produced by simple crushing to 6.3mm and using gravity Dense Media Separation.

Ivory Coast

In Ivory Coast/Cote D’Ivoire, Ironridge has access rights to highly prospective gold mineralised structures and pegmatite occurrences covering 3,110sq km and 400sq km areas respectively. 

At Zaranou, follow up drilling to channel and rock-chip samples hit grades as high as 23 grammes per tonne (g/t) of gold, while one hole showed gold at 3.39 g/t over a width of 22 metres (m).

Results from shallow drilling at Bianouan in September indicated grades up to 5.87g/t gold down to 50m.

Gabon

In Gabon, Ironridge has two province-scale iron ore projects.

Tchibanga is in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. 

Chad

Ironridge has access to 1,000sq km of ground highly prospective for gold and other mineral projects in Chad, Central Africa. 

The Dorothe, Echbara, Am Ouchar, Nabagay and Ade licences host multiple, large-scale gold projects. 

Initial trenching results at Dorothe has defined significant gold mineralised quartz veining over a confirmed 1km strike.

A wide-ranging electrical resistivity programme has also identified multiple anomalies were identified that coincided with the high-grade gold trenching anomalies.

Australia

Ironridge’s Monogorilby project in Australia is prospective for province-scale titanium and bauxite, and already boasts an initial maiden resource of 54.9mln tonnes 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.

May Queen is located within the Monogorilby licence and is highly prospective for gold. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including two metres at 73.4 g/t gold.

What's the latest?

Ongoing drilling at Zaranou, following stand-out results from the first phase which were released in January and February 2020.

Most recent results, in late July, yielded more positivity. It led the company to confirm that it had unearthed further high-grade results and defined significant targets at the Ehuasso area of Zaranou.

Drilling is ongoing with two rigs presently on-site, main Ehuasso grid and Ebilassokro exploration target.

"Ongoing drilling at the Ehuasso target continues to define significant mineralised zones,” Len Kolff, IronRidge chief operating officer said in a statement.

"The Ghana-Man pit is shaping up to be our most significant target defined to date over a potential strike length of 1.6km and up to 100m wide and including high-grade intersections such as, with additional target areas defined for future RC infill drilling."

What does the chief executive say?

"We are delighted with the progress the Company has made to date across our portfolio, with activities undertaken continuing to add value to each of the projects," says chief executive Vincent Mascolo.

Inflexion points

  • Further results of drilling at Zaranou
  • The exploration licence covers 397 square kilometres of ground
  • Resource and feasibility study underway at Ewoyaa, which is being shown off to potential EV makers
  • Further exploration in Chad following IP study at Dorothe

What the analyst says? 

Click here to read Ryan Long's initiation report

 

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IronRidge Resources reports three significant discoveries in past three years

Proactive's mining analyst Ryan Long updates investors on IronRidge Resources' (LON:IRR) significant discoveries in the past three years. It is an AIM-listed exploration company, which has a portfolio of gold and lithium projects across Africa. Long points out the 'very good technical...

4 weeks ago

3 min read