LONDON (Alliance News) - IronRidge Resources Ltd has secured the rights to a "highly prospective" gold licence application in the Ivory Coast.
IronRidge has secured the rights via an earn-in to the 397 square kilometre Zaranou gold project, around 200 kilometres north-east of the capital Abidjan.
IronRidge has secured the deal with GeoServices Cote d'Ivoire SA and Atlas Resources SARL. IronRidge will take up to 100% through staged earn-in arrangements.
There is over 40 kilometres of strike on "highly prospective shear zone structures" at Zaranou, IronRidge said, with multiple recorded gold occurrences and large-scale artisanal working.
Historical results in the 1990s and in 2008 showed a best result of 2.2 grammes of gold per tonne of ore over 21 metres in a small rotary air blast drill programme.
There is good access via bitumen road networks, the company added, with the licence located in an "underexplored and highly prospective gold rich terrain".
Chief Executive & Managing Director Vincent Mascolo said: "Zaranou represents a high priority, near drill ready opportunity with substantial geological potential over a 40 kilometre strike gold mineralised shear zone.
"This acquisition complements IronRidge's existing gold portfolio in Ivory Coast which now totals 3,584 square kilometres, providing further operational synergies for exploration programmes going forward and enhancing the company's strategy of discovering a multimillion-ounce deposit in the pro-mining jurisdiction of Ivory Coast."
Shares were up 1.8% on Thursday afternoon at a price of 19.60 pence each.
