Our new website is coming soon, give it a try now and let us have your feedback. Take me to the Beta



Register
Login:
Share:
Email Facebook Twitter


TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake
Exclusive: Hardman & Co Investor Forum - Severn Trent, Calculus Capital, Volta Finance, Residential


Alliance News


IronRidge Soars After Finding High Grades At End Of Historic Holes

Wed, 20th Jul 2016 10:26


LONDON (Alliance News) - IronRidge Resources Ltd Wednesday said it has identified where the high grade gold intersections on the May Queen prospect lie after analysing historic drilling data and said it has also discovered new and "exciting" gold exploration targets.

IronRidge shares were trading up over 29% to 6.95 pence per share on Wednesday morning.

The historical intersections at the prospect, situated in the company's wholly-owned licence area in Australia, have been taken from two holes and returned some high grades.

The first hole, BPH15, delivered intersections of 4.0 metres at 38.8 grammes of gold per tonne of ore, which IronRidge said was at the end of the hole, and 3.0 metres at 18.9 grammes of gold per tonne.

That high grade intersection at the end of the hole is significant, as it suggests gold mineralisation continues further than the length of the hole.

"Such high grades at end of hole, which remain untested along strike and at depth is significant and requires further investigation," said Chief Executive Vincent Mascolo.

The second hole, BPH1, delivered intersections of 2.0 metres at 73.4 grams of gold per tonne of ore, which included a 1.0 metre intersection at 145.0 grams of gold per tonne of ore.

IronRidge said the mineralisation remains open along strike in both directions and at depth, suggesting there is plenty more gold to potentially find, and said there are discrete magnetic anomalies associated with the mineralised intersections that have been previously found.

However, the miner said it has found additional magnetic anomalies that have not been tested before along strike to the south-east, underneath 20.0 to 50.0 metres of cover.

"Multiple untested magnetic anomalies with similarities to May Queen occur along strike and concealed below younger cover sediments to the south; these too are significant and require follow-up."

The company is planning a percussion drilling programme to test the historic intersections and continuations along strike at the May Queen prospect.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

Alliance News


Related Shares:


Back to Alliance News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk


Home  |  Contact Us  |  About Us  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy  |  Mobile Site  |  About this website design


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.