TIDMIRR
RNS Number : 4144X
IronRidge Resources Limited
24 November 2017
24 November 2017
High-Grade Bauxite Discovered at Koko.
Monogorilby Bauxite and May Queen Gold Project Update,
Queensland, Australia.
IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the
'Company') is pleased to provide a project update for its wholly
owned Monogorilby bauxite and May Queen gold projects in
Queensland, Australia.
Ongoing mapping and rock chip sampling discovered additional
high-grade bauxite targets within the Monogorilby project area, as
well as confirming historic gold extensions to the May Queen gold
project.
HIGHLIGHTS:
Ø High-grade bauxite mineralisation discovered in rock chip
sampling at the Koko target area, approximately 25km north-west of
the Monogorilby JORC compliant Inferred mineral resource (54.9Mt @
37.5% total alumina)
Ø Multiple high-grade rock-chip results up to 43 - 52.8%
available alumina and 2 - 5.4% reactive silica returned
Ø Two new bauxite target areas defined at Koko covering
approximately 1.2km and 1.8km strike lengths and 200m to 300m
widths respectively
Ø High-grade bauxite confirmed at Monogorilby West with multiple
rock-chip results up to 42.6 - 48.7% available alumina and 1.4 -
3.1% reactive silica returned
Ø Historical gold target extensions confirmed at May Queen with
rock-chip results up to 0.67g/t gold in reconnaissance mapping at
the 'Bat Cave' target
Ø Additional untested magnetic anomalies occur directly
south-east of the May Queen projects - Bat Cave trend, buried under
Jurassic sandstone cover
Reference to figures and tables relate to the version of this
release on the Company's website (www.ironridgeresources.com.au) or
visible in PDF format by clicking the link below:
http://www.rns-pdf.londonstockexchange.com/rns/4144X_-2017-11-24.pdf
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We are very pleased with the results of the Company's ongoing
mapping and sampling activity at Monogorilby and May Queen
projects.
Discovering additional bauxite mineralisation adjacent to the
Monogorilby Resource adds to the value of the project. The high
alumina grades returned, coupled with low reactive silica results
across the Koko targets, are encouraging.
We are also pleased to confirm additional extensions to the May
Queen gold trend at the Bat Cave target, with reconnaissance
mapping and rock chip sampling returning anomalous gold
results."
Monogorilby Bauxite
Ongoing mapping and rock-chip sampling across the Company's
wholly owned Monogorilby Bauxite portfolio has discovered
additional high-grade bauxite mineralisation at surface within two
new areas, collectively called the Koko targets.
The Koko Exploration Permit, (EPM 26123) was originally pegged
on the basis of coincident topographic high-features and
prospective lithologies, more amenable to bauxitisation. Careful
review of available datasets, including regional airborne
radiometrics imagery, topography and geology, highlighted the Koko
area as having similar responses to known bauxite mineralisation at
Monogorilby where the Company has defined a JORC compliant resource
of 54.9Mt at 37.5% total alumina and 8.5% total silica (refer
announcement of 29 July 2016).
Subsequent field reconnaissance mapping and sampling has
returned multiple high-grade bauxite results up to 43 - 52.8%
available alumina and 2 - 5.4% reactive silica over two distinct
topographic features within the Koko, and within 25km of the
currently defined resource footprint. The two target areas cover
approximately 1.2km and 1.8km strike and 200m to 300m width
respectively.
Additional high-grade rock-chip sampling results up to 42.6 -
48.7% available alumina and 1.4 - 3.1% reactive silica were
returned over the known target of Monogorilby West; within 5km of
the currently defined resource footprint.
All rock-chip sampling results greater than 37.5% total alumina
are listed in Table 1 below.
May Queen Gold
The ongoing review of historic work completed over the May Queen
prospect highlighted the Bat Cave target and workings,
approximately 1km south-east of May Queen with historic reported
peak rock chip values of 3.16g/t and 22.2g/t gold. Reconnaissance
field mapping and rock-chip sampling confirmed the Bat Cave target
and returned anomalous results including 0.673g/t gold.
Reconnaissance field traverses were completed over the magnetic
anomalies directly south and south-east of May Queen (see field
mapping locations on figure 2 as black dots over the magnetic
features). However, no outcropping material of the prospective
Carboniferous and Permian lithologies was observed with all areas
completely obscured by later Jurassic sandstone cover estimated to
be 5 to 10m thick.
The magnetic targets remain untested, and given the association
of discrete magnetic anomalies with known mineralisation at May
Queen and in close proximity to Bat Cave, they remain a valid
target for further testing.
The Board is pleased with the progress that the Company has made
in 2017 and looks forward to keeping shareholders updated as
further news becomes available.
For any further information please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Tel: +61 7 3303
Executive Officer) 0610
Nicholas Mather (Executive Tel: +61 7 3303
Chairman) 0610
SP Angel Corporate Finance Tel: +44 (0)20
LLP 3470 0470
Nominated Adviser and
Broker
Jeff Keating
Charlie Bouverat
Yellow Jersey PR Limited Tel: +44 (0)
Julia Kalcheva 7544 275882
Harriet Jackson
Katie Bairsto
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.),
the Executive Chairman of the Company. Mr Mather is a Fellow of the
Australasian Institute of Mining and Metallurgy who has in excess
of 25 years' experience in mineral exploration and is a Qualified
Person under the AIM Rules. Mr Mather consents to the inclusion of
the information in the form and context in which it appears.
Notes to Editors:
IronRidge Resources is an AIM-listed mineral exploration company
with frontier assets in both Australia and West Africa, with two
province scale projects in Gabon, and promising and advanced
titanium and bauxite projects in Queensland, Australia. IronRidge's
corporate strategy is to create and sustain shareholder value
through the discovery of world-class and globally demanded
commodities.
Australia
Monogorilby is prospective for province scale titanium and
bauxite, with an initial maiden resource of 54.9MT of premium DSO
bauxite. Monogorilby is located in central Queensland, within a
short trucking distance of the rail system leading north to the
Port of Bundaberg. It is also located within close proximity of the
active Queensland Rail network heading south towards the Port of
Brisbane.
May Queen is located in Central Queensland within IRR's wholly
owned Monogorilby license package and is highly prospective for
gold. Historic drilling completed during the 1980s intersected
multiple high-grade gold intervals, including 2m @ 73.4 g/t Au
(including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @
18.9g/t Au, over an approximate 100m strike hosting numerous
parallel vein systems, open to the north-west and south-east.
Wholly owned Quaggy contains highly anomalous platinum,
palladium, nickel, cobalt and copper exploration targets and is
located in Central Queensland, within a short trucking distance of
the dormant rail system to the Port of Bundaberg. It is also
located within close proximity of the active Queensland Rail
network heading south towards the Port of Brisbane.
Gabon
Tchibanga is located in south-western Gabon, in the Nyanga
Province, within 10-60km of the Atlantic coastline. This project
comprises two exploration licenses, Tchibanga and Tchibanga Nord,
which cover a combined area of 3,396km(2) and include over 90km of
prospective lithologies and the historic Mont Pele iron
occurrence.
Belinga Sud is Located in the north east of Gabon in the
Ogooue-Ivindo Province, approximately 400km east of the capital
city of Libreville. IRR's licence lies between the main Belinga
Iron Ore Deposit, believed to be one of the world's largest
untapped reserves of iron ore with an estimated 1bt of iron ore at
a grade >60% Fe, and the route of the Trans Gabonese railway,
which currently carries manganese ore and timber from Franceville
to the Port of Owendo in Libreville.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 1,000km(2) of
highly prospective gold and other mineral projects in Chad, Central
Africa. IronRidge acquired 100% of Tekton including its projects
and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and
Ade licenses, which host multiple, large scale gold projects.
Initial trenching results at Dorothe, including 14.12g/t Au over
4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant
gold mineralised quartz veining over a confirmed 1km strike at an
average of 2m and up to 5m true width, across multiple stacked vein
zones over a 250m wide zone, with new hard-rock artisanal workings
potentially extending strike to >3km.
Ghana
The Company entered into earn-in arrangements with Obotan
Minerals Limited, Merlink Resources Limited and Barari Developments
Limited of Ghana, West Africa, securing the first access rights to
acquire the historical Egyasimanku Hill spodumene rich lithium
resource, estimated to be in the order of 1.48Mt at 1.67% Li(2) O
and surrounding tenements. The portfolio covers some 314km(2) with
a further identified 20km strike of pegmatite vein swarms. Tenure
package is also highly prospective for tin, tantalum, niobium and
gold, which occur as accessory minerals within the pegmatites and
host formations.
Côte d'Ivoire
The Company entered into conditional joint venture arrangements
in Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,110km(2) and 400km(2) area respectively. The
projects are well located within access of an extensive bitumen
road network and along strike from multi-million ounce gold
projects and mines.
Corporate
IronRidge made its AIM debut in February 2015, successfully
securing strategic alliances with three international companies:
Assore Limited of South Africa, Sumitomo Corporation of Japan and
DGR Global Limited of Australia. Assore is a high- grade iron,
chrome and manganese mining specialist. Sumitomo Corporation is a
global resources, mining marketing and trading conglomerate. DGR
Global is a project generation and exploration specialist.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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