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IronRidge Resources reports initial high-grade and broad low-grade drilling results from the third phase drilling programme

Vincent Mascolo, IronRidge chief executive officer, said: "Initial results from the third phase RC infill drilling programme continue to confirm continuity along strike and at depth"

IronRidge Resources Ltd - IronRidge Resources Limited (LON:IRR) has reported initial high-grade and broad low-grade drilling results from the third phase drilling programme

IronRidge Resources Limited (LON:IRR) has reported initial high-grade and broad low-grade drilling results from the third phase drilling programme at the Ehuasso and Ebilassokro and targets, both within the Zaranou Gold Project area.

The African-focused minerals exploration company noted that the license borders with Ghana and is along strike from significant operating gold mines including Chirano - 5 million ounces (Moz) -Bibiani - 5.5Moz - and Ahafo - 17Moz.

The group said initial reverse circulation (RC) and aircore (AC) drilling results for 4 metres (m) composites over the Ehuasso and Ebilassokro targets from the third phase drilling programme currently underway have been received, with highlights reported at a 0.1 grames per ton (g/t) cut-off and maximum 4m of internal dilution.

READ: IronRidge Resources hails "very positive" metallurgical test results from Ghana lithium project

Drilling hole highlights:

  • ZARC0046: 12m at 6.15g/t from 108m including 4m at 3.5g/t and 4m at 14.5g/t
  • ZARC0029: 36m at 1.43g/t from 36m including 4m at 1.1g/t and 4m at 7.4g/t and 4m at 2.7g/t
  • ZARC0027: 28m at 1.47g/t from 48m including 4m at 8.4g/t
  • ZARC0032: 64m at 0.38g/t from 0m
  • ZARC0045: 60m at 0.4g/t from 44m
  • ZARC0033: 40m at 0.47g/t from 48m
  • ZAAC0572: 24m at 0.74g/t from 20m including 4m at 2.5g/t and 4m at 1g/t
  • ZARC0047: 52m at 0.32g/t from 40m
  • ZARC0051: 12m at 1.3g/t from 96m including 4m at 1.3g/t and 4m at 2.4g/t

IronRidge said mineralisation continuity has now been tested over a 550m strike at the Ehuasso Main target at 80m section spacing, with mineralisation open to the south-west and at open at depth.

It said third phase 50,000m RC and AC drilling programme are now well underway with three drill rigs active on-site at the Ehuasso, Yakassé and M'basso targets.

The group added that high-grade and broad low-grade intersections have been reported within both oxide and fresh mineralisation in drilling to date at the Ehuasso target.

Commenting on the company's latest progress in a statement, Vincent Mascolo, IronRidge chief executive officer, said: "Initial results from the third phase RC infill drilling programme continue to confirm continuity along strike and at depth.

"Our early ounces strategy continues to target weathered oxide mineralisation, with initial observations suggesting it continues to average depths of 50m and up to 90m, indicative of simple mining and processing at low operational and capital costs.

"With only 12km of the 47km of identified strike having been drill tested to date, an additional 8km strike of hard-rock artisanal workings and 27km of soil anomalies remain untested with the potential to deliver a pipeline of further discoveries.

"The third phase 50,000m combined AC and RC programme is now well underway with three drill rigs active on site."

Quick facts: IronRidge Resources Ltd

Price: 14 GBX

AIM:IRR
Market: AIM
Market Cap: £58.11 m
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