IRR.L Share News (IRR)

(Sharecast News) - Africa-focussed minerals exploration company IronRidge Resources reported that multiple additional high-grade and broad gold intersections have been returned from the remaining drilling assay results received for the first phase exploration programme at the Zaranou Gold Project in Côte d'Ivoire on Monday.
The AIM-traded firm said the license bordered with Ghana, and was along strike from "significant" operating gold mines including Chirano, Bibiani and Ahafo.

It said new reported highlight air core and reverse circulation drill intersections were reported at a 0.2 grams per tonne cut-off and maximum two metres of internal dilution, including six metres at 6.44 grams of gold per tonne from 132 metres, including two metre sat 8.81 grams per tonne and two metres at 9.18 grams per tonne.

They also included four metres at 5.16 grams of gold per tonne from 110 metres, including two metres at 9.43 grams per tonne, and six metres at 1.42 grams of gold per tonne from 16 metres including two metres at 3.91 grams per tonne.

It also highlighted two metres at 7.11 grams of gold per tonne from 36 metres, 15 metres at 0.63 grams of gold per tonne from 16 metres, including two metres at 2.12 grams per tonne, and two metres at 4.67 grams of gold per tonne from 22 metres.

The board also highlighted six metres at 1.42 grams of gold per tonne from 16 metres, including two metres at 3.91 grams per tonne, and 16 metres at 0.41 grams of gold per tonne from 12 metres, including two metres at 1.01 grams per tonne.

IronRidge said multiple reverse circulation drill intersections were returned in hole ZARC0009 at a 0.2 grams per tonne cut-off, and a maximum two metres of internal dilution, including two metres at 3.35 grams of gold per tonne from 38 metres, six metres at 3.81 grams of gold per tonne from 52 metres, including two metres at 10.2 grams per tonne, and two metres at 4.72 grams of gold per tonne from 98 metres.

Other highlights from that hole included eight metres at 0.74 grams of gold per tonne from 104 metres, including two metres at 2.13 grams per tonne, and two metres at 4.6 grams of gold per tonne from 116 metres, as well as 14 metres at 0.66 grams of gold per tonne from 128 metres, including two metres at 2.72 grams per tonne.

The company said all drill intersections were open along strike and down-dip, continuing to highlight the "significant" gold mineralisation potential within the Zaranou target.

"The remaining assay results received continue to impress, especially given that they represent a first-pass exploration drill programme, demonstrating the potential for a significant gold discovery and further exploration potential within the Zaranou license," said chief operating officer Len Kolff.

"Only eight kilometres of strike has been drilled to date, along very broad spaced air core and reverse circulation traverses, which remain open along strike and at depth within a much larger 47 kilometre long highly prospective gold structural target corridor with coincident soil anomalies and artisanal workings.

"Field work to date has identified over eight kilometre strike length and up to 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 remains 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."

Koiff said that importantly, high-grade gold mineralisation including six metres at 6.44 grams per tonne from 132 metres and four metres at 5.16 grams of gold per tonne from 110 metres was intersected at depth within fresh lithologies below the base of oxidation and confirming continuity of mineralisation and tenor at depth.

"The gold mineralisation encountered in drilling is spatially associated with veining, disseminated sulphides and deformation zones, which occur along strike of hard-rock artisanal workings, and provides further confidence in continuity of mineralisation within the 8km strike high-priority target zone."

At 1546 GMT, shares in IronRidge Resources were up 1.04% at 11.62p.