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IronRidge Resources consolidates Zaranou project portfolio

Published: 07:34 17 Dec 2020 GMT

IronRidge Resources Ltd - IronRidge Resources consolidates Zaranou project portfolio

IronRidge Resources Limited (LON:IRR ) told investors it has completed the acquisition of the Bodite and Bianouan gold licenses in Côte d'Ivoire.

The company confirmed in a statement that it has acquired Major Star SA to gain 100% ownership of the licences – issuing 1.5mln new shares priced at 18p each.

It consolidates the company’s position in the Zaranou portfolio of gold exploration assets, securing control and continuity as it advances the project.

READ: IronRidge unearths more high-grade gold results

IronRidge highlighted prior results from Bianouan where air-core drilling in 2019 yielded high grade gold results (including assays of up to 33.8 grams per tonne) and similarly at Bodite highlight results were returned up to 9.01 g/t gold.

"We are delighted to have completed this acquisition allowing us to consolidate the Zaranou portfolio at a significant premium to IronRidge's current share price,” said Vincent Mascolo, chief executive.

"The Bodite and Bianouan gold licenses complement our flagship Zaranou gold license and represent a highly prospective ground holding with high-priority air core drilling intersections and significant soil anomalies.

He added: "The acquisition of the licenses is in line with our strategic growth plan; of creating and developing valuable synergies within the company's existing portfolio in the region, with the ultimate ambition of driving and sustaining shareholder value through the discovery of world-class assets.

"We are very pleased with the work programmes completed to date and look forward to keeping shareholders and investors updated on our progress."

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