LONDON (Alliance News) - IronRidge Resources Ltd Thursday said it has acquired a "highly prospective" gold portfolio in the Ivory Coast, West Africa.
IronRidge said it had secured, via earn-in agreements, access rights to three granted licences and three applications covering a total of 2,310 kilometres squared in the Ivory Coast.
It has inked agreements with three local companies, Major Star SA, Enchi Proci SA and Gail Exploration SA, under which it can acquire up to 100% of the projects through staged earn-in arrangements. Completion of this investment is subject to conditions being met by IronRidge including satisfactory due diligence over the next three months.
"Our top-down global search initiatives continue to yield positive results with this impressive gold portfolio in the under-explored, yet gold-rich and pro-mining jurisdiction of the Ivory Coast. We see enormous potential in the Ivory Coast and the portfolio presents a spectacular strategic opportunity that entails exploration potential along significant proven gold bearing structures within close proximity to infrastructure," said Chief Executive Vincent Mascolo in a statement.
"This strengthens the company's broader strategy of securing large project footprints within highly prospective yet under-explored terrains with proven gold potential in supportive jurisdictions," Mascolo added.
Shares in IronRidge were up 2.7% at 16.68 pence on Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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