TIDMIRR
RNS Number : 3025C
IronRidge Resources Limited
28 September 2018
28 September 2018
IronRidge Resources Limited
2018 Financial Results
Company Transformation Continues
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), an AIM listed minerals exploration company with a
diversified portfolio of gold, lithium, bauxite, titanium and iron
ore in frontier regions of Africa and Australia, is pleased to
announce its audited results for the year ended 30 June 2018, the
full version of which can be viewed by clicking on the link
below:
http://www.rns-pdf.londonstockexchange.com/rns/3025C_1-2018-9-28.pdf
Financial and Corporate Highlights:
Ø In July 2017 the Company successfully raised GBP8.25 million
at a price of 35 pence per share. These funds were used as working
capital and for the on-going development of the Company's pipeline
of projects.
Ø In September 2017, the Company acquired 100% of Tekton
Minerals Ltd ("Tekton"), giving the Company ownership of its
promising underlying gold exploration projects in Chad, West
Africa. Tekton's management team were retained and incentivised via
the issue of Performance Rights and Options.
Ø Neil Herbert appointed as Independent Non-Executive Chairman
on 24 May 2018.
Ø Cash position (as at 30 June 2018) of AUD8.9 million.
Operational Highlights:
Ø The Company strengthened its ground holdings in Ghana, Ivory
Coast and Chad over the course of the year including:
-- On 14 November 2017 the Company announced the Joint Venture
agreement with Gail Resources SARL was made unconditional,
consolidating the Company's ground holding along the Kineta gold
portfolio in Ivory Coast;
-- On 20 April 2018 the Joint Venture agreement with Joy
Transporters Ltd was made unconditional, consolidating the
Company's ground holding along the highly prospective and newly
re-discovered lithium pegmatite field in Ghana;
-- On 24 April 2018 the Company consolidated its ground holding
in Chad with the granting on the Nabagay and Kalaka licenses.
Ø The Company announced on 21 September 2017 and on 2 November
2017 multiple high-grade and broad gold results from its maiden
trenching programme at the Dorothe and Echbara projects
respectively in Chad including 8m @ 4.73g/t(+) , 12m @ 2.87g/t, 10m
@ 2.98g/t, 10m @ 2.05g/t and 12m @ 2.71g/t gold confirming
significant grade and scale of the mineralised systems.
Footnote: (+) logged as transported material from Main Vein
target.
Ø The Company reported multiple high-grade trenching results
including 65m @ 1.1% Li(2) O, 25m @ 1.62% Li(2) O and 18m @ 1.67%
Li(2) O at the Ewoyaa and Abonko lithium targets, and completed a
high-resolution airmagnetics and radiometrics survey over its Ghana
lithium portfolio on 9 November 2017, identifying multiple
high-priority geophysical targets for follow-up.
Ø The Company reported positive preliminary mineralogical
characterisation results on 17 January 2018, confirming spodumene
as the dominant lithium mineral phase in surface samples from its
Ewoyaa lithium project in Ghana, with a simple process flow-sheet
envisioned.
Ø On 30 April 2018 the Company commenced its maiden drill
programme at the Ewoyaa Lithium Project.
Ø On 2 May 2018 the Company was granted four licenses in Ivory
Coast at Marahui, Vavoua South, Vavoua North and Adzope.
Post Period-End Highlights:
Ø On 30 July 2018 the Company announced the definition of
high-priority soil anomalies at the Kineta North license in Ivory
Coast.
Ø On 2 August 2018 the Company reported a new pegmatite
extension through step-out drilling at the Ewoyaa lithium project
in Ghana which occurs buried with no surface expression, increasing
the prospectivity of the pegmatite field.
Ø The Company identified a high-priority lithium pegmatite
target in mapping and regional low-cost soils results utilising its
handheld lithium analyser in the Apam West license in Ghana as
announced on 7 August 2018.
Ø On 16 August 2018 the Company reported multiple high-grade
infill trenching results from its Dorothe Project in Chad including
4m @ 18.77g/t, 32m @ 2.02g/t, 24m @ 2.53g/t and 4m @ 4.25g/t gold,
defining five coherent gold targets over 500m to 1.2km strike
length and 100m to 200m widths with targets still open along
strike.
Ø On 28 August 2018 the Company reported its maiden high-grade
and broad lithium drilling intersections at the Ewoyaa Lithium
Project in Ghana including 128m @ 1.21% Li2O from 3m (including 70m
@ 1.53% Li2O from 13m (incl. 5m @ 2.57% Li2O from 38m) and 16m @
1.36% Li2O from 115m) in hole GRC0004 and 111m @ 1.35% Li2O from
37m (including 65m @ 1.58% Li2O from 40m (incl. 32m @ 1.72% Li2O
from 57m) and 20m @ 1.51% Li2O from 124m (incl. 5m @ 1.94% Li2O
from 131m) in hole GRC0027.
Ø On 3 September 2018, the Company announced the further
strengthening of its management team as follows:
-- Chief Executive Officer - Vincent Mascolo commits to a
further three years with an option for a further two years.
-- Chief Operating Officer - Len Kolff appointed to the new role
of COO under a three year contract.
-- Côte d'Ivoire - Full time Exploration Manager appointed -
Moctar Keita with 20 years' experience.
-- Ghana - Full time Exploration Manager appointed - Iwan Williams with 25 years' experience.
-- Australia - Principal Geologist appointed - Steve Cancio-Newton with 20 years' experience.
Ø On 24 September 2018, the Company reported additional multiple
high-grade gold trenching results for the remainder of the 200m
infill and extensional trenching programme completed at the Dorothe
Gold Project in Chad including 84m @ 1.66g/t*, 4m @ 5.27g/t and 6m
@ 3.34g/t gold. The results have reinforced the previously reported
large, coherent gold targets and defined an additional sixth
high-grade, coherent gold anomaly over 900m in strike and up to
150m in width.
Footnote: *Sampled down-dip along shallow dipping alteration
zone; not true width.
Vincent Mascolo, Chief Executive Officer of IronRidge Resources,
said:
"It has been an incredibly productive year for the Company, a
period in which we have matured significantly having transformed
our asset base and building a foundation for future growth.
The Company is pleased with the significant discoveries it has
made in the lithium and gold exploration sectors. Our Ghanaian Cape
Coast Lithium Project has initially delivered exciting and
potentially world class lithium grades and drill intersections,
whilst in Chad, we have uncovered a substantial gold bearing
province with a surface footprint rivalling some of today's largest
operating gold mines.
With the discovery of such projects, which bear significant
upside potential, we have set ourselves an ambitious and clear path
for the years ahead. To complement our corporate strategy, we have
assembled an impressive, highly experienced and African focused
team of geoscientists whom will lead the company as it matures and
transitions from explorer to developer.
I am delighted with the progress we have made to date and we
will continue to focus on advancing our project pipeline and
unlocking shareholder value."
Chairman's Statement from Neil Herbert:
"I am pleased to bring you my first report as Chairman of
IronRidge Resources, which comes at a time when the Company has
reviewed and modified its Board structure and function, adopted a
comprehensive Corporate Governance framework, and made several key
executive appointments which will be pivotal to the Company's
continued journey from mineral explorer to project developer and
producer.
In 2016 and 2017, the Board and the senior management of
IronRidge carefully planned and then meticulously implemented a
strategy to obtain interests in several potential world class
projects in Africa, primarily focused on gold and lithium. The last
12 months have primarily been focused on the Company having "boots
on the ground" with a significant range of initial and follow-on
exploration programs conducted in Chad (gold), Ghana (lithium) and
Cote d'Ivoire (gold and lithium). The results from these programs -
including first phase drilling at one of our lithium projects in
Ghana - have been highly encouraging, and IronRidge remains on
track to deliver on its stated aim to create and sustain
shareholder value through the discovery of world-class and globally
demanded mineral commodities.
In this regard, the recent contract renewal for our CEO, Vincent
Mascolo, the contract extension and promotion to COO for Len Kolff,
and the recent appointments of Moctar Keita (Exploration Manager -
Cote d'Ivoire), Iwan Williams (Exploration Manager - Ghana) and
Steve Cancio-Newton (Principal Geologist) will give the Company the
added project management guidance and expertise required to
continue to maximise the valuable project opportunities in its
portfolio.
As I touched on earlier, the Company has recently documented and
adopted a comprehensive Corporate Governance framework which is
based on the QCA's Ten Principles as published by the Quoted
Companies Alliance. There is a separate Chairman's Statement in the
Corporate Governance summary in this Annual Report, as well as in
the comprehensive disclosures included on the Company's website.
This initiative, although by no means complete, will stand the
Company in good stead as the size, scale and nature of its
operations continues to evolve.
The next 12 months will be an exciting time for IronRidge and
its shareholders as the Company continues with exploration programs
across its project base with the ultimate aim of defining
JORC-compliant resources to support a range of commercialisation
options. I look forward to continuing to share the news from our
various project locations as this work continues.
In closing I would like to acknowledge the vision and passion of
the Company's founding Chairman Nicholas Mather, who I am pleased
to say remains a Non-Executive Director of IronRidge. I would also
like to thank Vincent and Len, and the small but hard-working team
at the Company's head office, for their ongoing execution of the
Board's agreed strategy for the Company. Finally, I would like to
thank you, our loyal shareholders, for providing the funding and
support to facilitate the ongoing delivery of the Company's
objectives."
IronRidge Project Review
Chad - Gold
During the reporting period, the Company completed the
acquisition of 100% of Tekton Minerals Pte Ltd ("Tekton"),
providing IronRidge with full ownership of a highly prospective
gold exploration portfolio in Chad. As part of the acquisition,
Tekton's highly skilled technical and logistics team joined the
IronRidge team to advance the projects and future growth
strategies.
The Company reported multiple high-grade gold intersections from
a first phase 10,652m trenching programme completed and the
definition of extensive soil anomalies and new artisanal workings
from 9,768 soil sample programmes completed over the Dorothe and
Echbara licenses; highlighting the gold prospectivity of the
region.
The Company completed aeromagnetic surveys over the Dorothe,
Echbara and part of the Am Ouchar licenses. The results of the
aeromagnetic survey demonstrate a strong structural control on gold
mineralisation at Dorothe with gold mineralisation occurring within
the nose of a large fold structure; a favourable structural
setting, as well as highlighting multiple additional targets.
The Company engaged SRK Consulting Perth, ("SRK") to provide
specialist structural mapping expertise to help build a structural
model and define potential controls on mineralisation at the
Dorothe target, as well as preliminary structural mapping over the
high-grade mineralisation historically discovered at Am Ouchar.
The Company was granted the Kalaka license and transferred the
Nabagay reconnaissance permit to an exploration license; thus,
consolidating the Company's position along this highly prospective
gold corridor. The Ade license was relinquished in favour of the
Kalaka license.
Field mapping and aerial drone surveys highlighted two extensive
artisanal mining centres, now largely abandoned at Kalaka and
Guerere; approximately 15km and 6km north of the Dorothe prospect
respectively. The largely abandoned artisanal mining centres occur
within favourable structural settings within large scale fold
closures in the interpreted hanging wall block of the major
north-south trending Dorothe shear. At Kalaka artisanal workings
occur over a large 1km x 1km area.
The Company's exploration portfolio now covers a combined
surface area of 900km(2) along highly prospective structures and
lithological contacts with extensive artisanal workings.
Ghana - Lithium
During the period, the Company identified and acquired a highly
prospective lithium pegmatite tenement package ('Cape Coast Lithium
Project') through earn-in agreements and direct applications over
645km(2) , and associated access rights to an historic 1.48Mt at
1.66% Li(2) O lithium deposit (non-JORC compliant) in Ghana, West
Africa. The projects are well serviced within 100km along bitumen
roads from an operating port and capital city Accra. The Company
completed infill trenching and pitting over the Ewoyaa and Abonku
prospects, returning additional high-grade lithium intersections,
received positive results from preliminary mineralogical studies
completed on a suite of surface samples from the Ewoyaa project
confirming spodumene as the dominant lithium bearing phase,
expanded the Cape Coast portfolio through the Joy Transporters Ltd
('Joy Transporters') earn-in agreement, commenced an initial
reverse circulation ('RC') drilling programme at the Ewoyaa Project
and identified multiple geophysical targets from deliverables
received for the high-resolution helicopter magnetics survey.
In relation to the regional exploration program, results were
received for an ultra-high resolution, 50m line spaced helicopter
borne magnetics and radiometrics survey for 3,804 line kilometres
flown over the Mankessim and Apam licence areas during the period.
From the known lithium pegmatites mapped and sampled to date,
coincident radiometrics thorium lows, potassium highs and
topographic high features appear to largely map known
mineralisation. Preliminary review of the survey results has
identified multiple additional target areas for field
follow-up.
Ivory Coast - Lithium and Gold
The Company has secured via Earn-In Agreements, access rights to
twelve (12) licences and applications covering an area of
3,235km(2) for gold and 1,177km(2) for lithium within the Ivory
Coast, West Africa. All projects are well serviced, with an
extensive bitumen road network and well-established cellular
network.
Civil aviation permitting was commenced for a regional
geophysical aeromagnetics survey over the highly prospective Vavoua
gold portfolio, however adverse weather delayed aircraft
mobilisation with the survey pending.
The Company was also granted four licences at Marahui, Vavoua
South, Vavoua North and Adzope.
Australia
IronRidge Resources has an extensive ground holding in
central-southern Queensland prospective for bauxite, titanium, gold
and iron ore. The portfolio includes the JORC compliant Monogorilby
Bauxite resource of 54.9Mt at 37.5% total alumina and 8.5% total
silica and the May Queen gold prospect.
Ongoing mapping and rock-chip sampling across the Monogorilby
Bauxite portfolio has discovered additional high-grade bauxite
mineralisation at surface within two new areas, collectively called
the Koko targets.
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.
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.
Gabon
The Company is awaiting licence renewals with the pre-requisite
50% licence area reductions over the Tchibanga, Tchibanga Nord and
Belinga Sud licences.
Tchibanga is located in south-western Gabon, in the Nyanga
Province, within 10-60km of the Atlantic coastline. This project
comprises two exploration licences, 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.
Competent Person Statement:
Information in this report relating to the exploration results
is based on data reviewed by Mr Lennard Kolff (MEcon. Geo., 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.
Market Abuse Regulation (MAR) Disclosure
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.
For any further information, please contact:
IronRidge Resources Limited
Vincent Mascolo (Chief Executive Tel: +61 7 3303 0610
Officer)
Karl Schlobohm (Company Secretary) Tel: +61 7 3303 0610
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470
0470
Nominated Adviser and Broker
Jeff Keating
Charlie Bouverat
Yellow Jersey Tel: +44 (0) 7544
Charles Goodwin 275882
Harriet Jackson
Katie Bairsto
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.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 900km(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
Kalaka 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, Barari Developments
Limited and Joy Transporters 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 645km(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 3,235km(2) and 1,177km(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.
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.
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.
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END
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