IronRidge Resources Limited (IRR.L) Zaranou Continues to Deliver Gold Continuity

Zaranou Continues to Deliver Continuity

Initial Phase Three Drilling Results Received

Côte d’Ivoire, West Africa

IronRidge Resources Limited (AIM: IRR, “IronRidge” or the “Company”), the African focussed minerals exploration company, is pleased to report initial high-grade and broad low-grade drilling results from the third phase drilling programme at the Ehuasso and Ebilassokro and 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 (including Appendices) can be viewed in the PDF version available via this link: http://www.rns-pdf.londonstockexchange.com/rns/3640H_1-2020-12-3.pdf

HIGHLIGHTS:

Ø Initial reverse circulation (“RC”) and aircore (“AC”) drilling results for 4m composites over the Ehuasso and Ebilassokro targets from the third phase drilling programme currently underway have been received, including highlights reported at a 0.1g/t cut-off and maximum 4m of internal dilution:

o ZARC0046: 12m at 6.15g/t from 108m including 4m at 3.5g/t and 4m at 14.5g/t

o ZARC0029: 36m at 1.43g/t from 36m including 4m at 1.1g/t and 4m at 7.4g/t and 4m at 2.7g/t

o ZARC0027: 28m at 1.47g/t from 48m including 4m at 8.4g/t

o ZARC0032: 64m at 0.38g/t from 0m

o ZARC0045: 60m at 0.4g/t from 44m

o ZARC0033: 40m at 0.47g/t from 48m

o ZAAC0572: 24m at 0.74g/t from 20m including 4m at 2.5g/t and 4m at 1g/t

o ZARC0047: 52m at 0.32g/t from 40m

o ZARC0051: 12m at 1.3g/t from 96m including 4m at 1.3g/t and 4m at 2.4g/t

Ø Mineralisation continuity now tested over a 550m strike at the Ehuasso Main target at 80m section spacing, with mineralisation open to the south-west and at open at depth; Phase 3 infill RC drilling ongoing.

Ø High-grade and broad low-grade intersections reported within both oxide and fresh mineralisation in drilling to date at the Ehuasso target.

Ø Third phase 50,000m RC and AC drilling programme now well underway with three drill rigs active on site at the Ehuasso, Yakassé and M’basso targets.

Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:

“Initial results from the third phase RC infill drilling programme continue to confirm continuity along strike and at depth.

“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, 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.

“The third phase 50,000m combined AC and RC programme is now well underway with three drill rigs active on site.”

Third Phase Drill Programme

Initial 4m composite RC and AC results for the ongoing third phase programme at the Zaranou license have been received. Drilling has returned multiple high-grade and broad low-grade drill intersections over the Ehuasso target in RC drilling and additional intersections in AC drilling over the Ebilassokro exploration target.

Highlight gold drill intersections at greater than 5 gram – m eters for the 4m composite results in RC and AC drilling at the Ehuasso and Ebilassokro targets, are reported in Table 1, Figure 1 and Figure 2 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 at Ehuasso and Ebilassokro are included in Appendix 2.

Initial deeper RC drilling over the Ehuasso target indicates both narrow high-grade structures, e.g. ZAR0046: 12m at 6.15g/t from 108m, and broad low-grade structures, e.g. ZARC0025: 32m at 0.46g/t from 104m, that continue through the weathering profile to depth.

AC results received over the Ebilassokro exploration target have intersected additional mineralised structures at depth with drilling ongoing. Results to date have confirmed mineralised trends in broad spaced AC traverses over a 3km by 1.7km area, refer Figure 2.

Drilling results to date for the first and second phase programmes has defined the 1.7km long by up to 70m wide (apparent thickness) Ehuasso Main target within roughly 160m spaced AC-RC traverses. New results reported herewith have infilled the Ehuasso Main target to 80m traverse spacing over approximately 550m of strike with drilling ongoing. Additional high-priority targets exist at the Tiemele Pit and within the surrounding Ehuasso target area. An overview of the Ehuasso target drill highlights at greater than 5-gram meters for phases one and two are shown in Figure 3 .

Drilling Programme

The third phase 50,000m combined AC and RC drilling programme is progressing well with three drill rigs currently active at the Ehuasso Main, Yakassé and M’Basso targets (refer Figure 4).

Drilling is likely to continue into Q1 2021 due to delays associated with the recent country elections, with results reported as they become available.

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.


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