IRR.L Share News (IRR)

(Sharecast News) - Africa-focussed mineral exploration company IronRidge Resources reported on Wednesday that multiple high-grade and broad gold intersections had been returned from initial drilling assay results from the Zaranou Gold Project in Côte d'Ivoire.

The AIM-traded firm explained that the license bordered with Ghana, and lay along strike from "significant" operating gold mines including Chirano, Bibiani and Ahafo.

It highlighted that air core drill intersections reported at a 0.2 grams per tonne cut-off and maximum two metres of internal dilution, including six metres at 15.11 grams of gold per tonne from 26 metres, which included two metres at 36 grams per tonne and two metres at 9.29 grams per tonne.

The intersections also included 22 metres at 3.39 grams of gold per tonne from eight metres, including four metres at 13.55 grams per tonne and four more metres at 3.96 grams per tonne.

Other highlights included two metres at 23 grams of gold per tonne from 40 metres, and six metres at 6.72 grams of gold per tonne from surface, including two metres at 15 grams per tonne and two metres at 3.72 grams per tonne.

It also pointed to 18 metres at 0.31 grams of gold per tonne from 32 metres, including two metres at 0.58 grams per tonne, along with 10 metres at 0.33 grams of gold per tonne from 40 metres, two metres at 5.26 grams of gold per tonne from 18 metres, and two metres at 4.53grams of gold per tonne from 40 metres.

All drill intersections were open along strike and down-dip, and replicated or improved on previously-announced channel and rock-chip sampling results within the high-priority eight kilometre-long target zone, with "intensive" artisanal mining,, the board said.

The gold mineralisation was spatially associated with deformation zones, including multiple metre-scale quartz-carbonate-manganese veins up to 30 metres apparent thickness, and "strongly crenulated" phyllite zones, which the company said were "broadly coincident" with artisanal workings along strike.

IronRidge said the maiden exploration drill programme was now completed for a total of 7,448 metres of air core drilling in 151 holes, and 1,593 metres of reverse circulation drilling in 10 holes along seven drill traverses.

The assay results reported represented 3,489 metres of air core drilling for 82 holes received to date, with additional air core and reverse circulation drilling assay results pending for remaining meterage.

"Assay results received to date are exceptional for a first-pass exploration drill programme and indicate potential for a significant gold discovery, notwithstanding that only such a small portion of the large target footprint has been drill tested to date," said chief operating officer Len Kolff.

"Achieving the broad and high-grade gold intersections returned to date as part of a first pass exploration drill programme is a significant result and demonstrates the exploration potential of the Zaranou Gold Project.

"Field work to date has identified over eight kilometres strike length and up to a 1.2 kilometre width of coincident hard-rock artisanal workings, surface sampling results up to 69.6 grams of gold per tonne, and geophysical anomalies which remain open along strike and has now been drilled along broad spaced air core traverses, with initial exceptional results up to six metres at 15.11 grams per tonne and 22 metres at 3.39 grams of gold per tonne."

Kolff said that all sat within a broader 40 kilometre-long alluvial artisanal mining corridor, with coincident major geophysical contacts and historical drill collars located in the southern extent, which he said indicated the scale of potential mineralisation.

"Drilling results received to date compare favourably with historically reported results from 2008 including 2.2 grams per tonne over 21 meters - including 5.7 grams per tonne over five meters - in a limited rotary air blast drilling programme.

"Gold mineralisation in drilling is spatially associated with veining and deformation zones which occur along strike of hard-rock artisanal workings; and provides further confidence in the continuity of mineralisation within the eight kilometre strike high-priority target zone.

"An additional 1,000 metres of air core drilling was completed as some traverses were extended and holes drilled deeper than planned due to a thicker weathering profile than estimated."

At 1433 GMT, shares in IronRidge Resources were up 12.94% at 12p.