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Alliance News

IronRidge Resources Agrees Joint Venture For Ivory Coast Gold Project

Tue, 14th Nov 2017 10:48

LONDON (Alliance News) - IronRidge Resources PLC said Tuesday it has signed a joint venture agreement with Ivorian company Gail Exploration SA for a gold project in the Ivory Coast.

IronRidge said the agreement, for which heads of terms were agreed in November 2016, comes after it successfully completed due diligence. It has secured access rights to the Gail Kineta North licence covering 385 square kilometres in the north-east of the country.

High-grade rock chip sampling show up to 46 grammes of gold per tonne of ore, with artisanal workings defined over a 1.2 kilometre strike length. The licence contains a broader 12km strike target of anomalous gold rock chips and artisanal workings, IronRidge said.

The area, the company said, is contiguous to three existing applications previously secured by IronRidge giving access to a total strike length of 70km.

Chief Executive Vincent Mascolo said: "Securing the Gail license has been one of the key strategic priorities for the company. It represents a valuable addition in consolidating our position along the prospective Wa-Lawra-Konkera shear corridor.

"We are pleased to have secured and finalised this agreement, as we see enormous potential in this area and consider it as a spectacular strategic opportunity for the company. We look forward to successfully working with Gail to commence field work on this granted license."

He added: "We believe that the Ivory Coast represents a hugely prospective and supportive jurisdiction with pro-mining investment framework."

IronRidge shares were down 3.2% Tuesday at 30.02 pence.

By George Collard;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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