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IronRidge Resources makes “highly encouraging” discovery at Zaranou gold project

The miner has identified a 2.8km long “magnetic anomaly” inside an area that had in the past seen heavy small-scale gold exploration

IronRidge Resources Ltd - IronRidge Resources makes “highly encouraging” discovery at Zaranou gold project
A 6,500-metre drill programme is planned to test for gold at the anomaly

IronRidge Resources Limited (LON:IRR) had made a “highly encouraging” discovery following survey activity at its Zaranou gold license in Côte d'Ivoire.

The AIM-listed firm said an airborne geophysical magnetic survey at the project had identified a 2.8-kilometre-long “magnetic anomaly” inside a zone of intensive artisanal gold mining.

READ: IronRidge raises £2mln to develop African gold and lithium projects

Len Kolff, IronRidge’s chief operating officer, said the discovery suggested “favourable structural trap sites for gold mineralisation” and provided confidence that the project could contain “multiple additional gold targets”.

The company is now planning a maiden 6,500-metre drill programme to test the location of the anomaly which is expected to start in December this year.

In mid-morning trading on Monday, IronRidge shares were 0.2% lower at 10.6p.

Quick facts: IronRidge Resources Ltd

Price: 9.25 GBX

AIM:IRR
Market: AIM
Market Cap: £30.9 m
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