IRR.L Share News (IRR)

(Sharecast News) - Africa-focussed minerals exploration company IronRidge Resources confirmed the start of its third phase drilling programme within the Zaranou Gold Project on Wednesday, with around 50,000 metres of drilling planned.
The AIM-traded firm said the licence borders Ghana, and is along strike from "significant" operating gold mines including Chirano, Bibiani and Ahafo.

It said one air core and the first of two reverse circulation drill rigs were now on site and drilling, with a second reverse circulation rig scheduled to arrive within one week.

Around 20,000 metres of reverse circulation resource drilling was planned over the Ehuasso Main target, to test mineralisation continuity to 80 metres line spacing, and to test down-dip continuity from previous air core and reverse circulation intersections.

Reverse circulation drilling was planned to be completed by the end of the fourth quarter using two dedicated rigs, with the aim of defining a maiden mineral resource under an accelerated timeline, and dependent on results.

Around 30,000 metres of exploration air core drilling was planned to test the Ebilassokro, Yakassé, Super Pit and Mbasso targets at 160 metres broad spaced drill traverses, which would also be completed by the end of the fourth quarter.

IronRidge said the air core drilling would advance its exploration pipeline along the Zaranou licence, including drill testing historic drilling results at Yakassé, stepping out from phase 1 drill intersections at the Mbasso and Super Pit targets, and extending favourable second phase results at the Ebilassokro target.

"Whilst waiting on final results from the second phase drill programme, we have re-mobilised the drill rigs and added a third rig to accelerate infill drill testing of the Ehuasso Main target and continue to build on the pipeline of exploration targets," said chief operating officer Len Kolff.

"Sufficient drill pads and access has been prepared ahead of the rigs for the third phase infill reverse circulation programme to commence within the Ehuasso Main target and step-out air core exploration programme along the Ebilassokro, Mbasso, Super Pit and Yakassé targets.

"The RC rig has commenced 80 metre spaced infill drill traverses and deeper back holes along existing air core traverses over the Ehuasso Main target, whilst the air core rig has commenced heel to toe 160 metre spaced traverse drilling at the Ebilassokro exploration target, stepping out from previously reported intersections."

Kolff said a second reverse circulation rig was scheduled to arrive within a week to accelerate the planned 20,000 metre reverse circulation resource drilling programme to be completed by the end of the fourth quarter, with the aim of defining a potential mineral resource at the Ehuasso Main target under an accelerated timeline and dependent on infill results.

"The air core rig will continue to build the pipeline of exploration targets along the Zaranou license with approximately 30,000 metres of drilling planned to test historic drill results at the Yakassé target and step out 160 metre spaced air core traverses at the Ebilassokro, Mbasso and Super Pit targets where phase 1 and phase 2 drilling reported promising results."

At 1109 BST, shares in IronRidge Resources were up 8.01% at 14.96p.