IRR.L Share News (IRR)

(Sharecast News) - Africa-focussed mineral exploration company IronRidge Resources reported high-grade drilling from the ongoing second phase drilling programme at the Ebilassokro and Ehuasso targets, both within the Zaranou Gold Project area, on Wednesday.

The AIM-traded firm said the licence borders with Ghana, and is along strike from "significant" operating gold mines including Chirano, Bibiani and Ahafo.

At hole ZAAC0321, it reported five metres at 270.5 grams of gold per tonne from four metres, including one metre at 1,075 grams per tonne for one metre primary samples of previously-announced four metre composite samples, in air-core drilling over the Ebilassokro target.

Hole ZARC0013 returned 24 metres at 13.6 grams of gold per tonne from 136 metres, including four metres at 76.2 grams per tonne for four metres composite samples in reverse circulation drilling over the Ehuasso target.

On hole ZARC0013, IronRidge confirmed a down-dip extension of the high-grade mineralisation intersected in hole ZARC0009, while high grades returned in hole ZARC0013 confirmed the visible gold observed and reported on 23 July.

Additional visible gold was observed from 82 to 83 metres and from 86 to 87 metres in hole ZARC0019, drilled at depth within the Ehuasso main target, with the results pending.

Air-core drilling was now completed for the second phase programme, IronRidge said, with a total of 20,312 metres in 404 holes drilled.

Reverse circulation drilling, meanwhile, was ongoing at the main Ehuasso grid.

"We are delighted that the ongoing drilling programme at the Ehuasso and Ebilassokro targets continues to define significant mineralised zones in the AC drilling and targeted deeper RC holes," said chief operating officer Len Kolff.

"The extremely high-grade results ... at the Ebilassokro target is very encouraging for a first phase drill programme on a new exploration target.

"Occurring at four metres depth downhole and relatively close to surface, the risk of contamination from transported material is recognised, however, geological logging of drill cuttings indicates the mineralisation occurs within quartz vein material, within a broader structurally defined soil anomaly, representing a high-priority target for follow-up."

Kolff said that at the Ehuasso target, the results confirmed the visible gold observed in hole ZARC0013, with an overall intercept of 24 metres at 13.6 grams of gold per tonne from 136 metres depth downhole, which includes a higher-grade portion of four metres at 76.2 grams per tonne.

"These results are significant as they confirm high-grade mineralisation depth continuity below previously reported high-grade intersections in hole ZARC0009; with mineralisation now open from surface to a vertical depth of 125 metres.

"Additional visible gold has now been observed in quartz vein drill cuttings from hole ZARC0015 within the newly defined Ehuasso main target, confirming mineralisation continuity below recently reported AC drill intersections and at depth within the fresh material with assays pending.

"The AC component of the second phase drill programme has now been completed with 20,312m in 404 holes drilled, whilst RC drilling remains ongoing with our national team on the ground at the Ehuasso target within the broader 47 kilometre strike Zaranou shear zone."

At 0943 BST, shares in IronRidge Resources were up 23% at 19.68p.