High-Grade Drill Intersections
New Gold Targets Confirmed
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 announce multiple high-grade drill intersections and the confirmation of new gold targets at the Zaranou Project (“Zaranou”) in Côte d’Ivoire, West Africa. The license borders with Ghana and is along strike from significant operating gold (“Au”) mines including Chirano (5Moz Au), Bibiani (5.5Moz Au) and Ahafo (17Moz Au).
Figures and Tables referred to in this release can be viewed in the PDF version available via this link:
Ø Multiple high-grade reverse circulation (“RC”) and aircore (“AC”) drilling results received for 4m composites over the Ehuasso target and new Coffee Bean, Mbasso and Yakassé targets.
Ø Significant mineralisation potential confirmed in multiple targets along the 47km striking structure, including highlights at greater than 18 gram-metres (grade ‘g/t’ multiplied by interval length ‘m’) reported at a 0.1g/t Au cut-off and maximum 4m of internal dilution:
§ ZARC0102: 16m at 6.68g/t Au from 100m incl. 4m @ 10.3g/t Au, 4m @ 10g/t Au & 4m @ 6g/t Au
§ ZARC0101: 68m at 1.4g/t Au from 20m incl. 4m @ 11.7g/t Au & 4m @ 5.6g/t Au
§ ZARC0104: 64m at 1.41g/t Au from 100m incl. 4m @ 1.6g/t Au, 4m @ 4.4g/t Au, 4m @ 3.5g/t Au, 4m @ 5.5g/t Au & 4m @ 2.2g/t Au
§ ZARC0099: 20m at 2.13g/t Au from 96m incl. 4m @ 9.9g/t Au
§ ZARC0097: 4m at 6.85g/t Au from 60m
o Coffee Bean
§ ZAAC0763: 8m at 14.01g/t Au from 4 incl. 4m @ 27.9g/t Au
§ ZAAC0757: 8m at 9.32g/t Au from 32m incl. 4m @ 18.3g/t Au
§ ZAAC0682: 28m at 1.85g/t Au from 8m incl. 4m @ 7.2g/t Au & 4m @ 5.1g/t Au
§ ZAAC0676: 13m at 3g/t Au from 56m incl. 4m @ 9.5g/t Au
§ ZAAC0904: 40m at 0.9g/t Au from 16m incl. 4m @ 1.2g/t Au, 4m @ 1.5g/t Au & 4m @ 2.1g/t Au
§ ZAAC0842: 40m at 0.69g/t Au from surface incl. 4m @ 1.3g/t Au, 4m @ 1.6g/t Au & 4m @ 1.3g/t Au
§ ZAAC0818: 14m at 1.31g/t Au from 40m incl. 4m @ 3g/t Au
§ ZARC0100: 28m at 4.07g/t Au from 124m incl. 4m @ 2g/t Au, 4m @ 3.4g/t Au & 4m @ 21.2g/t Au
§ ZARC0098: 4m at 2.69g/t Au from 192m
§ ZARC0096: 24m at 0.38g/t Au from 100m incl. 4m @ 1.2g/t Au
Ø New intersections reported at Yakassé, Coffee Bean and Mbasso confirm mineralisation potential at the new target areas and along the 47km striking Zaranou structure.
Ø High-grade and broad low-grade drill intersections reported at depth at Ehuasso and Yakassé confirm continuity of mineralisation at depth.
Ø 50,000m AC & RC drilling programme ongoing and estimated to be completed by the end of January 2021.
Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
“Ongoing results from the current drilling programme have confirmed significant mineralisation potential along the 47km striking Zaranou structure.
“All newly-drilled targets across the south west of the license area, including very encouraging preliminary results from Yakass é, show significant promise with high-grade drilling results returned and continuity observed between sections.
“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, which we believe is 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 along this considerable mineralised structure.
“AC and RC drilling is ongoing and expected to be completed by the end of January 2021. We look forward to updating shareholders as further results become available.”
High-Grade Results within New Target Areas
Additional 4m composite RC and AC results for the ongoing drilling programme at the Zaranou license have been received and are displayed in Figure 1 and Table 1 below. Drilling has returned multiple high-grade and broad low-grade drill intersections at the Ehuasso target, in addition to first reported significant drill intersections at the new Coffee Bean, Mbasso and Yakassé targets. Approximately 40,000m of the planned 50,000m programme has been drilled to date after resumption of drilling post the Christmas/New Year shut-down.
Highlight gold drill intersections at greater than 5 gram – metres for the 4m composite results in RC and AC drilling at the targets, are reported in Table 1 and summary Figure 1 below. All intersections reported in Table 1 and Appendix 1 are at a 0.1g/t cut-off and maximum 4m of internal dilution for the 4m composite samples.
All sampling was completed at the drill site and consisted of initial 4m composites submitted for analysis, of which all composites greater than 0.1g/t gold will be re-submitted for analysis at 1m intervals from retained primary samples at the project site. ALS laboratory completed sample preparation in Côte d’Ivoire and sample analysis in Burkina Faso, with results passing internal and laboratory QA/QC protocols, providing confidence in reported results. All AC and RC drilling to date has been completed at -55 to -60 degrees dip.
Cross-sections for reported drill results are included in Appendix 2.
New drilling results reported herewith continue to confirm mineralisation potential at the Ehuasso target with both high-grade drill intersections at depth e.g., hole ZAAC0763: 16m at 6.68g/t Au from 100m and broad low-grade mineralisation both near surface, e.g. hole ZARC0101: 68m at 1.4g/t Au from 20m, and at depth, e.g. hole ZARC0104: 64m at 1.41g/t Au from 100m (refer Figure 2 and cross sections Appendix 2 ).
In addition to ongoing success at the Ehuasso target, the first reported results for the current programme at the Mbasso and Coffee Bean targets have returned multiple drill intersections confirming continuity and grade along tested structures e.g., hole ZAAC0763: 8m at 14.01g/t Au from 4m, hole ZAAC0757: 8m at 9.32g/t Au from 32m and hole ZAAC0904: 40m at 0.9g/t Au from 16m (refer Figure 2 and cross sections Appendix 2 ).
The Mbasso – Coffee Bean -Ehuasso targets cover a combined strike of 8km, centralised over the robust ‘Coffee Bean’ magnetic anomaly (refer RNS of 11 November 2019 ), with high-grade drilling results to date following structures visible within the aeromagnetics data (refer Figure 2 ).
Preliminary drilling results at the Yakassé target have returned highly encouraging drill results, including a high-grade drill intersection of 28m at 4.07g/t Au from 124m in hole ZARC0100 (refer Figure 3 ). Drilling remains ongoing at this developing target.
The current 50,000m combined AC and RC drilling programme is progressing well with at the Ehuasso Main, Yakassé and M’Basso targets with approximately 40,000m drilled to date. Drilling is targeted to be completed by the end of January 2021.
All target areas occur along a 47km striking shear structure along the length of the Zaranou license with regional soils confirming prospectivity along the structure and key target areas, as well as previous drilling completed within zones of hard rock artisanal workings (refer Figure 4).
Competent Person Statement
Information in this announcement relating to the exploration drilling results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years’ experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.
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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