Continuity Confirmed at Ehuasso Main Target
Additional Drilling Results Received
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 additional drilling results from the second phase drilling programme at the Ebilassokro and Ehuasso targets, both within the Zaranou Gold Project area (“Zaranou”). The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).
Figures and Tables referred to in this release can be viewed in the PDF version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/5565W_1-2020-8-19.pdf
HIGHLIGHTS:
Ø Additional high-grade and broad low-grade air core (“AC”) results received for 1m primary samples of previously announced 4m composite results over the Ehuasso target .
Ø New 4m composite results received for reverse circulation (“RC”) drilling completed over the Ehuasso Main target, confirming continuity within the 160m spaced drill grid and further enhancing the target for follow-up infill drilling.
Ø High-grade and broad low-grade 1m primary AC sample results (from the previously reported 4m composites on 30 July 2020) reported at a 0.1g/t cut-off and maximum 1m of internal dilution, including highlights:
o 4m at 9.79g/t gold from 4m in hole ZAAC0227
o 38m at 0.53g/t gold from 2m in hole ZAAC0285
o 29m at 0.55g/t gold from 30m in hole ZAAC0284
o 8m at 1.48g/t gold from 32m in hole ZAAC0282
o 22m at 0.5g/t gold from 20m in hole ZAAC0280
o 1m at 9.11g/t gold from 23m in hole ZAAC0382
o 5m at 1.79g/t gold from 49m in hole ZAAC0230
o 2m at 3.19g/t gold from 30m in hole ZAAC0288
o 11m at 0.58g/t gold from 1m in hole ZAAC0282
o 5m at 1.18g/t gold from 0m in hole ZAAC0274
o 19m at 0.31g/t gold from 0m in hole ZAAC0281
Ø Broad 4m composite RC sample results reported at a 0.1g/t cut-off and maximum 1m of internal dilution, including highlights:
o 16m at 1.06g/t gold from 68m in hole ZARC0018
o 28m at 0.45g/t gold from 32m in hole ZARC0016
o 16m at 0.58g/t gold from 112m in hole ZARC0016
o 4m at 1.68g/t gold from 184m in hole ZARC0016
Ø RC drilling now completed for the second phase programme with a total of 2,077m in 12 holes drilled.
Ø Second phase drilling programme now completed with a total of 20,312m in 404 AC holes drilled and 2,077m in 12 RC holes drilled.
Ø Assays pending for remaining targeted Ehuasso RC drill holes including intervals with visible gold and Ebilassokro reconnaissance AC drilling.
Ø Planning and access construction now underway for the third phase RC and AC drill programme, with drilling planned to commence end Q3 2020.
Commenting on the Company’s latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:
“The additional results received for the AC 1m primary samples continue to confirm and provide better resolution at 1m intervals, for the previously announced 4m composites .
“The new 4m composite sample results received for additional RC holes drilled within the Ehuasso Main target are significant as they confirm mineralisation continuity along 1.4km of strike with mineralisation still open in both directions.
“Assay results are pending for the last four RC holes drilled within the Ehuasso target, including the visible gold observed in hole ZARC0019 within the Ehuasso Main target, and AC holes along the second reconnaissance drill line within the Ebilassokro target.
“The second phase drill programme has now been completed for a total of 22,389m drilled in 416 holes, with 20,312m in 404 AC holes and 2,077m in 12 RC holes along the Ehuasso and Ebilassokro targets.
“Field teams are now taking a well-earned break, whilst a relief crew is on site to commence site access construction for a planned third phase infill RC programme within the Ehuasso Main target and step-out AC exploration programme along the Ebilassokro, Ehuasso and Yakasse targets, to commence end Q3 2020.”
High-Grade Gold Intersections
Assay results for primary 1m samples from previously reported 4m composites over the Ehuasso target (refer RNS of 30 July 2020) have returned high-grade and broad low-grade gold intersections. Additionally, new 4m composite results have been returned for RC drilling completed at the Ehuasso target, including results for the Ehuasso Main target zone (previously referred to as the Ghana-Man Pit zone; refer RNS of 30 July 2020).
Drill intersections at greater than 5-gram meters for the 1m primary AC results received over the Ehuasso target and 4m composite results in RC drilling at the Ehuasso Main target are reported in Table 1 below. All new intersections are reported in Table 1 and Appendix 1 at a 0.1g/t cut-off and maximum 1m of internal dilution for the 1m primary samples and 4m of internal dilution for the 4m composites.
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 are 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.
The newly reported results reaffirm previously reported 4m composite results within the Ehuasso target and provide greater resolution to 1m sample intervals within mineralised intervals, whilst managing assay costs.
The newly reported RC intervals provide confidence in continuity of mineralisation within the Ehuasso Main target zone (refer RNS of 30 July 2020 ) and confirm mineralisation over 1.4km of strike and up to 80m apparent width, which remains open along strike in both directions and at depth (refer Figure 2 and Figure 3 ).
Assay results are pending for hole ZARC0019 on section line ZAR_06880 within the Ehuasso Main target where visible gold was observed at depth below previously reported AC drill intersection of 31m at 0.57g/t gold from 28m in hole ZAAC0284 (refer RNS of 30 July 2020 ). Visible gold was observed in drill cuttings at a depth between 82m to 83m and 86m to 87m (refer Figure 4 and RNS of 5 August 2020 ).
Additional cross sections for reported drill results at Ehuasso are included in Appendix 2.
Drilling Programme
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 demobilised, while a small relief field team is currently on-site finalising 1m primary sampling, logging, collar surveys and preparing access for the third phase drill programme. The third phase drill programme is currently being finalised pending receipt of final results, however, where possible access has been planned and construction commenced to allow for drilling to resume in late Q3 2020.
Competent Person Statement
Information in this announcement relating to the exploration 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.
Notes to Editors
IronRidge Resources is an AIM-listed, Africa focussed minerals exploration company with a lithium pegmatite discovery in Ghana, extensive grassroots gold portfolio in Cote d’Ivoire and a potential new gold province discovery in Chad. The Company holds legacy iron ore assets in Gabon and a bauxite resource in Australia. IronRidge’s strategy is to create and sustain shareholder value through the discovery and development of significant and globally demanded commodities.
