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.
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.