The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksIRR.L Regulatory News (IRR)

  • There is currently no data for IRR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Exploration to Commence at Quaggy Nickel Project

12 May 2015 07:48

RNS Number : 8741M
IronRidge Resources Limited
12 May 2015
 



12 May 2015

 

IronRidge Resources Limited

 

Drilling Program to Commence at Quaggy Nickel Project

Potential for Highly Prospective Major Nickel Copper Platinum Deposit

 

The Board of IronRidge Resources Limited (AIM: IRR, the Company) is pleased to advise shareholders and investors that the Company is to commence an initial drilling program at its exciting Quaggy Nickel Copper Project located west of Eidsvold in Queensland, Australia (Figure 1).

 

The project covers geochemical and geophysical anomalies covered by EPM 18534 (Figures 2). IronRidge previously conducted detailed soil sampling over the prospect defining copper, nickel, cobalt and PGM anomalies coincident with a sub audio magneto telluric anomaly which is interpreted to contain sulphide bearing conductors. The anomalies continue to the west beyond the limit of the current survey and the Company has identified several drill targets within the areas of coincident anomalism (Figures 2 and 3).

 

The target covers anomalism over approximately 1km strike length, and shows a similar signature to soil anomalism at ASX-listed Sirius Resources' Nova Project in Western Australia, prior to drillhole discovery (Figure 4). The geology in the area consists of layered gabbroic complexes in contact with Paleozoic metasediments as displayed in Figure 5.

 

IronRidge geoscientists have also noted that the combination of geology, soil geochemistry and underlying conductors demonstrates a potential for Quaggy and Glencoe to lead to a new nickel district similar to the Nova Project.

 

On the basis of all the exploration data to date at Quaggy, the drill target in the initial drilling program is shown conceptually in Figure 6. Based on the full metal assemblage present in the soil geochemistry (strongly indicative of sulphides) and the size of the SAM conductors Quaggy has every indication of delivering a major new deposit.

 

Vincent Mascolo, CEO at IronRidge Resources, commented: "Although our licences in Gabon remain a focus of the Company, we are delighted to progress our portfolio with this exciting asset in Australia. The indications are all positive at this stage and we hope to further our belief, through the drilling program, that this could be a significant nickel project."

 

References to figures and tables relate to the version of this release on the Company's website (www.ironridgeresources.com.au) or visible in PDF format by clicking the link below:

 

 http://www.rns-pdf.londonstockexchange.com/rns/8741M_-2015-5-12.pdf

 

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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLDMGMKVZZGKZG
Date   Source Headline
30th Jul 20207:00 amRNSZaranou Continues to Deliver High-Grade Results
23rd Jul 202011:05 amRNSSecond Price Monitoring Extn
23rd Jul 202011:00 amRNSPrice Monitoring Extension
23rd Jul 20209:05 amRNSSecond Price Monitoring Extn
23rd Jul 20209:00 amRNSPrice Monitoring Extension
23rd Jul 20207:00 amRNSVisible Gold – Zaranou, Gold Cote d’ivoire
9th Jul 20202:05 pmRNSSecond Price Monitoring Extn
9th Jul 20202:00 pmRNSPrice Monitoring Extension
9th Jul 20207:00 amRNSZaranou Delivers Further High Grade Gold Results
2nd Jul 20208:00 amRNSHistorical Results - Zaranou, Gold Cote d'Ivoire
1st Jul 20207:00 amRNSAcquisition of CAPRI Metals, Gold Cote d’Ivoire
30th Jun 20207:00 amRNSGrant of Mankessim South, Ghana Lithium Portfolio
25th Jun 20208:16 amRNSIssue of Equity
25th Jun 20208:11 amRNSResults of Extraordinary General Meeting
2nd Jun 20209:45 amRNSNotice of General Meeting
1st Jun 20208:00 amRNSInfill Soils Enhance Gold Anomalies at Zaranou
18th May 20208:15 amRNSAttendance at 121 Mining Investment Online EMEA
11th May 20207:00 amRNSSubscriptions and Placing to Raise £4.75 million
28th Apr 20208:00 amRNSIronridge Resumes Drilling at Zaranou Gold Project
2nd Apr 20208:23 amRNSIssue of Equity
30th Mar 20207:00 amRNSCorporate Update and Half-year Financial Report
12th Mar 20207:00 amRNSScrip Based Acquisition of Joy Transporters Ltd
2nd Mar 20207:00 amRNSAcquisition of Further Côte d’Ivoire Gold Licenses
3rd Feb 20207:00 amRNSZaranou Continues to Deliver High Grade Results
30th Jan 20207:00 amRNSMultiple Large Scale Soil Anomalies at Zaranou
28th Jan 20207:00 amRNSMaiden Lithium Mineral Resource Estimate at Ewoyaa
21st Jan 20207:00 amRNSHigh Purity Battery Grade Lithium Product - Ewoyaa
20th Jan 202010:24 amRNSIssue of Equity
15th Jan 20207:00 amRNSExceptional First Pass Drilling Results at Zaranou
16th Dec 20197:18 amRNSIssue of Equities
12th Dec 20197:00 amRNSExploration Update - Ghana Lithium Portfolio
9th Dec 20197:00 amRNSExploration Update - Cote d'Ivoire Gold Project
29th Nov 20197:00 amRNSResult of Meeting
25th Nov 20197:00 amRNSExploration Update - Ghana Lithium Portfolio
14th Nov 20199:27 amRNSIssue of Equity
12th Nov 20197:00 amRNSCorporate Update - Attendance at 121 Sydney
11th Nov 20199:21 amRNSExploration Update - Gold Portfolio Côte d'Ivoire
7th Nov 20195:30 pmRNSNotice of AGM
7th Nov 20193:06 pmRNSSubscription and Placing to Raise £2 million
3rd Oct 20199:59 amRNSIssue of Equity
3rd Oct 20197:00 amRNSExploration Update - Chad Gold Portfolio
30th Sep 20199:22 amRNSFinal Results
26th Sep 20197:00 amRNSExploration Update - Ghana Lithium Portfolio
19th Sep 20197:00 amRNSExploration Update - Côte d'Ivoire Gold Portfolio
3rd Sep 20197:00 amRNSAttendance at Africa Down Under
21st Aug 20194:45 pmRNSCorporate Update
20th Aug 20197:00 amRNSExploration Update - Ghana Lithium Portfolio
8th Aug 20197:00 amRNSCorporate Update - Drilling for Equity Program MoU
23rd Jul 20197:00 amRNSExploration Update - Cote d'Ivoire Gold Project
9th Jul 20197:00 amRNSCorporate Update - Board Change

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.