IronRidge Resources (IRR.L) Third Phase Drilling Programme Commenced, Zaranou

Zaranou Gold Project

Côte d’Ivoire, West Africa

IronRidge Resources Limited (AIM: IRR, “IronRidge” or the “Company”), the African focussed minerals exploration company, is pleased to report the commencement of its third phase drilling programme within the Zaranou Gold Project area (“Zaranou”), with approximately 50,000m of drilling planned. The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).

Figures referred to in this release can be viewed in the PDF version available via this link:

http://www.rns-pdf.londonstockexchange.com/rns/4396Y_1-2020-9-9.pdf

HIGHLIGHTS:

Ø Third phase drilling programme commenced with approximately 50,000m of drilling planned.

Ø One Air Core (“AC”) and the first of two Reverse Circulation (“RC”) drill rigs on site and drilling, with a second RC rig scheduled to arrive within one week.

Ø Approximately 20,000m of RC resource drilling planned over the Ehuasso Main target to test mineralisation continuity to 80m line spacing and to test down-dip continuity from previous AC and RC intersections.

Ø RC drilling is planned to be completed by end Q4 2020 using two dedicated RC rigs with the aim of defining a maiden mineral resource under an accelerated timeline and dependent on results.

Ø Approximately 30,000m of exploration AC drilling planned to test the Ebilassokro, Yakassé, Super Pit and Mbasso targets at 160m broad spaced drill traverses; to be completed by end Q4 2020.

Ø AC drilling to advance exploration pipeline along the Zaranou license, including drill testing historic drilling results at Yakassé, stepping out from Phase 1 drill intersections at the Mbasso and Super Pit targets and extending favourable second phase results at the Ebilassokro target.

Commenting on the Company’s latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:

“Whilst waiting on final results from the second phase drill programme, we have re-mobilised the drill rigs and added a third rig to accelerate infill drill testing of the Ehuasso Main target and continue to build on the pipeline of exploration targets .

“Sufficient drill pads and access has been prepared ahead of the rigs for the third phase infill RC programme to commence within the Ehuasso Main target and step-out AC exploration programme along the Ebilassokro, Mbasso, Super Pit and Yakassé targets.

“The RC rig has commenced 80m spaced infill drill traverses and deeper back holes along existing AC traverses over the Ehuasso Main target, whilst the AC rig has commenced heel to toe 160m spaced traverse drilling at the Ebilassokro exploration target, stepping out from previously reported intersections.

“A second RC rig is scheduled to arrive within a week to accelerate the planned 20,000m RC resource drilling programme to be completed by end Q4 2020, with the aim of defining a potential mineral resource at the Ehuasso Main target under an accelerated timeline and dependent on infill results.

“The AC rig will continue to build the pipeline of exploration targets along the Zaranou license with approximately 30,000m of drilling planned to test historic drill results at the Yakassé target and step out 160m spaced AC traverses at the Ebilassokro, Mbasso and Super Pit targets where Phase 1 and Phase 2 drilling reported promising results.”

Drilling Re-Commenced

The second phase drilling programme has now been completed with 22,389m drilled in 416 holes across the Ehuasso and Ebilassokro targets. The AC programme consisted of 20,312m in 404 holes over the Ehuasso and Ebilassokro targets, and the RC programme consisted of 2,077m in 12 holes over the Ehuasso targets. Remaining AC and RC results will be reported as soon as they become available and have been reviewed.

Field teams have now remobilised to site and an AC and RC rig have re-commenced drilling activities with a second RC rig scheduled to arrive within a week for a total of three rigs active (refer Figure 1 and Figure 2).

A total of approximately 50,000m of combined AC and RC drilling has been planned along the Zaranou license with approximately 20,000m of resource RC drilling at the Ehuasso Main target and 30,000m of exploration AC drilling at the Ebilassokro, Mbasso, Super Pit and Yakassé targets (refer Figure 3).

Approximately 20,000m of RC resource drilling has been planned at the Ehuasso Main target, designed to infill the existing 160m spaced AC drill traverses to 80m line spacing, as well as test deeper below previously reported AC intersections along the 1.5km long target (refer Figure 4).

RC Drilling is planned to be completed by end Q4 2020 using two dedicated RC rigs with the aim of defining a maiden mineral resource under an accelerated timeline and dependent on results.

Approximately 30,000m of exploration AC drilling is planned at the Ebilassokro, Yakassé, Mbasso and Super pit targets, to be completed by end Q4 2020. Drilling is planned to test along strike from previously reported results from the first and second phase drill programmes at broad 160m spaced AC drill traverses (refer Figure 3 and Figure 4).

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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