IronRidge Resources Limited (AIM: IRR, ‘IronRidge’ or the ‘Company’), the African focussed minerals exploration company, is pleased to report that infill soil sampling has confirmed and enhanced multiple large-scale gold soil anomalies at the Zaranou Gold Project (“Zaranou”) in Côte d’Ivoire.
The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).
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Ø Today’s statement is of significance as the anomalies are robust and occur along strike from a 16km zone of hard-rock artisanal workings with recently announced high-grade aircore (‘AC’) and reverse circulation (‘RC’) drilling results, including 6m @ 15.11g/t and 22m @ 3.39g/t gold and zones of hard-rock artisanal workings over a 16km strike.
Ø Seven kilometre-scale gold soil anomalies defined over a 47km strike and further enhanced with infill soil sampling on a 400m x 50m grid at the Zaranou Gold Project.
Ø Individual soil anomalies from 2.5km up to 8km long defined at >50ppb, with individual results up to 6g/t gold.
Ø Soil anomalies and hard-rock artisanal mining zones now defined over a 47km striking gold corridor; regional shear zone structure with significant scale potential.
Ø Colonial era mine adit discovered within the central portion of the license area within area of current drilling.
Ø Multiple historical drill hole collars discovered in the south-west of the license area and coincident with a high-priority soil anomaly on the contact of the Yakasse granite body.
Ø Anomalies are along strike of recently announced high-grade AC and RC drilling results, including 6m @ 15.11g/t and 22m @ 3.39g/t gold and zones of hard-rock artisanal workings over a 16km strike.
Ø In light of global macro-economic uncertainty, the Company reports that it remains in a strong financial position with US$6.2 million cash in bank and in hand.
Commenting on the Company’s latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:
“Infill soil sampling on a 400m x 50m grid has further enhanced and reinforced multiple large-scale soil anomalies along the Zaranou structural corridor.
“Seven coherent soil anomalies defined at >50ppb and with results up to 6g/t gold have been defined between 2.5km and up to 8km long within a broader 47km striking shear zone, including 16km of hard-rock artisanal workings and high-grade drilling intersections.
“This is significant as the anomalies are robust and occur along strike from a 16km zone of hard-rock artisanal workings with recently announced drilling results, including 6m @ 15.11g/t, 22m @ 3.39g/t and 6m @ 6.44g/t gold, indicating the scale potential of the mineralised system.
“Furthermore, field teams have located over 60 historic drill hole collars, predominantly within in the south-western margin of the license area within a favourable structural setting and coincident with one of our high-priority soil anomalies.
“A colonial era mine adit and associated infrastructure has been discovered within the central portion of the license, within the area of drilling currently underway; providing further confidence in the mineralisation potential of the project.
“The second phase drilling programme is progressing well with over 5,000m of an 8,000m planned AC programme drilled to date in 100 holes and over 1,000m of planned RC remaining.”
Infill Soil Results
Infill soil sampling at 400m line spacing has been completed over the first phase 800m x 50m soil grid along the strike length of the Zaranou license (refer RNSof 30 January 2020).
Soil sampling was completed along strike from intense hard-rock artisanal mining where multiple AC and RC drill intersections, including 6m @ 15.11g/t, 22m @ 3.39g/t and 6m @ 6.44g/t gold were recently announced (refer RNSof 3 February 2020).
A total of approximately 2,300 infill soil samples were collected and submitted to ALS laboratory for gold analysis. All assay results passed internal QAQC protocols providing confidence in reported results. No soil sampling was completed within the 16km zone of intensive hard-rock artisanal mining due to the risk of sample contamination and the strong definition of mineralised trends from hard-rock artisanal workings.
Infill assay results have enhanced previously reported soil anomalies and clearly define seven large-scale soil anomalies at broadly >100ppb gold levels, with results up to 6g/t gold over 2.5km and up to 8km strike lengths (refer Figure 1).
The combined soil anomalies and hard-rock artisanal workings define a 47km long gold corridor which remains open to the north-east and is coincident with recently reported high-grade drilling results, including 6m @ 15.11g/t, 22m @ 3.39g/t and 6m @ 6.44g/t gold from the first phase programme (refer RNSof 3 February 2020).
Furthermore, the gold corridor is coincident with a major geophysical contact visible in the aeromagnetics survey and likely represents a major shear zone ( refer RNSof 11 November 2019).
Historic Drill Collars and Colonial Adit
One of the stronger and more coherent gold in soil anomalies, defined outside of the area of current drilling, occurs along the eastern margin of the Yakasse granite contact in the south-west of the license area and is coincident with over 60 historical drill hole collars located on the ground to date. The historical collars occur over a 3.7km strike with drill traverses up to 430m long with local communities confirming these were drilled by Etruscan Resources Incorporated (“Etruscan Resources”, TSX: EET) which was subsequently taken over by Endeavour Mining Corporation (“Endeavour”).
Unverified annual reports by Etruscan recovered online and completed during 2008 included a best result of 2.2g/t over 21 meters (including 5.7 g/t over 5 meters) in RAB drilling within the license area.
In addition to the soil anomalism and historical drill collars, alluvial gold artisanal workings occur through the target area and are coincident with a major geophysical contact evident in the aeromagnetics data (refer Figure 2 ).
Field teams have also uncovered a French colonial era mine adit and infrastructure within the central portion of the license area and close to the area of current drilling (refer Figure 3 ).
Unverified SEDAR reports by Winslow Gold Corporation (TSX: WGS) recovered online indicate historical mining activity during the 1930s within the license area, with quartz vein zones between 2m to 60m thick, over 300m in length and with gold mineralisation averaging 1.5g/t to 12g/t Au and extending 10m into pyritic schists either side of the veins.
The second phase AC drilling programme is progressing well with over 5,000m in 100 holes drilled to date from a planned 8,000m AC programme and a further 1,000m of planned RC remaining. The bulldozer continues to open access lines and drill pads ahead of the drill rig (refer Figure 4). The programme is expected to take approximately one month to complete (refer RNSof 28 April 2020).
Results of the infill soil sampling programme will be reviewed in addition to geological mapping over the highest priority exploration targets outside of the area of current drilling. Pending results of the review, reconnaissance AC drilling programmes will be designed to drill test the highest priority targets.
The Company continues its effort to try and secure historical data over the project area to help prioritise targets defined to date.
In light of global macro-economic uncertainty, the Company reports that it remains in a strong financial with USD6.2 million cash in bank and in hand.
The Board remains delighted with the progress that the Company has made in 2020 to date and looks forward to reporting through a busy upcoming period.
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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