14 May 2015 07:00
14 May, 2015
IronRidge Resources Ltd
Appointment of SRK Exploration Services for Gabonese Iron Ore Provinces
The Board of IronRidge Resources Limited (AIM:IRR, the Company) is pleased to advise that the Company has engaged SRK Exploration Services Limited ("SRK ES") to carry out exploration activities on behalf of IronRidge over its Gabonese assets. The Company expects exploration activities to commence by the start of June 2015.
SRK ES is a one of the world's leading exploration consultancy firms specialising in early stage exploration, and will be providing a bespoke service which combines unrivalled exploration expertise and in-country knowledge with renowned global experience and resources. SRK ES is lead by expatriate principals and has had an established office in Libreville Gabon since 2014 facilitating central operations and government liaison. Alongside its technical disciplines SRK ES has an established Corporate Social Responsibility ("CSR") team which is currently active in local and regional communities.
The key SRK ES staff working in Gabon are French speaking and all expatriate staff are familiar with local working conditions and practices. The crucial CSR role has been established and SRK ES is acutely aware and experienced with the demands and rigors of dealing with the Gabonese government at all levels.
SRK ES through its wider group, SRK Consulting, has extensive experience in completing internationally accepted Mineral Resource Estimates for iron ore projects around the world, particularly in West Africa. SRK Consulting (UK) also has wide-ranging expertise in metallurgy and mineral processing, geotechnical studies, water studies, environmental and social studies, mine development and waste management.
The decision to use SRK for the program has been based on a number of factors including:
Ø Efficiency. After careful analysis, the SRK proposal provides the Company with cost and time efficiencies when compared to establishing its own comprehensive exploration operation.
Ø Opportunity to avoid costly capital expenditure in establishing logistics, bases and office facilities in Gabon.
Ø Access to strong iron ore exploration expertise at field exploration and assessment stages for the definition of mineral resource estimates.
Ø Strong multi-lingual senior management personnel base providing established liaison with all levels of government in Gabon.
Ø SRK Exploration Services will ensure the independent and objective collection of data, safe and secure storage and objective interpretation. SRK will also provide a seamless connection with SRK Consulting Services for the provision of mineral resource estimates. SRK is currently managing the exploration program and resource reappraisal for the Gabonese government at the giant Belinga Project, estimated to contain in excess of 1bn tonnes at 62% Fe and which lies just on the northern boundary of IronRidge's project at Belinga Sud in Northern Gabon.
Ø IRR will benefit from SRK experience in the identification, negotiation with and finalisation of third party contractors for remote sensing and drilling programs.
Vincent Mascolo, CEO at IronRidge Resources, commented: "The appointment of SRK is the result of a rigorous process to ensure that both the best exploration methodology is applied, and value for monies invested is achieved. We look forward to working closely with SRK as we progress in Gabon."
Qualified Person:
Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), Executive Director of the Company. Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather consents to the inclusion of the information in the form and context in which it appears.
For Further Information:
IronRidge Resources Limited | |
Vincent Mascolo (Chief Executive Officer) | Tel: +61 7 3303 0610 |
Nicholas Mather (Executive Chairman) | Tel: +61 7 3303 0610 |
SP Angel Corporate Finance LLP | Tel: +44 (0)20 3470 0470 |
Nominated Adviser and Broker | |
Jeff Keating Tercel Moore
Yellow Jersey PR Limited Financial PR Dominic Barretto Kelsey Traynor
|
Tel: +44(0)7799 003220 |
Notes to Editors:
IronRidge Resources is an AIM listed iron ore exploration company with assets in African and Australia. The Company's flagship project is located in Gabon, West Africa with permits in two areas - Belinga Sud and Tchibanga. These permits cover at total area of 3,974km2 and were awarded by the Minister for Mines and Industry in June 2013. IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class iron ore deposits.
Belinga Sud:
Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville. IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.
Tchibanga:
Located in southwestern Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km2 and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.
Australia:
IronRidge has two assets in Australia, Mongorillby and Quaggy. Mongorillby is prospective for titanium oxides whilst Quaggy has shown strong anomalies of platinum palladium nickel cobalt and copper.
Corporate:
IronRidge was created by resource company generator DGR Global Limited (who retain a 26% interest) and has attracted investment support from high-grade South African iron, chrome and manganese mining specialist Assore Limited (who hold a 30% interest) and global resources, mining, marketing and trading conglomerate Sumitomo Corporation (who hold a 12% interest).
The Board of Directors is represented by mining industry professionals with a broad range of corporate, exploration, production, contracting and capital markets experience. The Company was admitted on 12 February 2015 (Ticker Code IRR) and currently has 236,612,203 shares and 13,270,000 unlisted options on issue.
About SRK
SRK Exploration Services Limited ("SRK ES") is a part of the international group holding company, SRK Consulting (Global) Limited (the "SRK Group"), which comprises over 1400 professional staff providing expertise in a wide range of exploration, mining and engineering disciplines.
The SRK Group has a demonstrated track record in undertaking independent assessments of Mineral Resources and Ore Reserves, project evaluations and audits, competent person's reports and independent feasibility evaluations on behalf of exploration and mining companies and financial institutions world-wide.
The SRK Group consultants include specialists in the fields of exploration, geology, Mineral Resource / Ore Reserve estimation and classification, open-pit and underground mining, geotechnical engineering, metallurgical processing, hydrogeology and hydrology, tailings management, infrastructure, environmental management and mining economics.