LONDON (Alliance News) - IronRidge Resources Ltd Wednesday said it has identified where the high grade gold intersections on the May Queen prospect lie after analysing historic drilling data and said it has also discovered new and "exciting" gold exploration targets.
IronRidge shares were trading up over 29% to 6.95 pence per share on Wednesday morning.
The historical intersections at the prospect, situated in the company's wholly-owned licence area in Australia, have been taken from two holes and returned some high grades.
The first hole, BPH15, delivered intersections of 4.0 metres at 38.8 grammes of gold per tonne of ore, which IronRidge said was at the end of the hole, and 3.0 metres at 18.9 grammes of gold per tonne.
That high grade intersection at the end of the hole is significant, as it suggests gold mineralisation continues further than the length of the hole.
"Such high grades at end of hole, which remain untested along strike and at depth is significant and requires further investigation," said Chief Executive Vincent Mascolo.
The second hole, BPH1, delivered intersections of 2.0 metres at 73.4 grams of gold per tonne of ore, which included a 1.0 metre intersection at 145.0 grams of gold per tonne of ore.
IronRidge said the mineralisation remains open along strike in both directions and at depth, suggesting there is plenty more gold to potentially find, and said there are discrete magnetic anomalies associated with the mineralised intersections that have been previously found.
However, the miner said it has found additional magnetic anomalies that have not been tested before along strike to the south-east, underneath 20.0 to 50.0 metres of cover.
"Multiple untested magnetic anomalies with similarities to May Queen occur along strike and concealed below younger cover sediments to the south; these too are significant and require follow-up."
The company is planning a percussion drilling programme to test the historic intersections and continuations along strike at the May Queen prospect.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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