IRR.L Regulatory News (IRR)

30 July 2020

Multiple Additional High-Grade Drilling Results

Significant Targets Defined

Zaranou Gold Project

Côte d'Ivoire, West Africa

IronRidge Resources Limited (AIM: IRR, "IronRidge" or the "Company"), the African focussed minerals exploration company, is pleased to report multiple additional high-grade drilling results and the definition of significant targets from the ongoing second phase drilling programme at the Ehuasso target ("Ehuasso"), as well as initial high-grade drilling results from reconnaissance drilling at the Ebilassokro target, both within the Zaranou Gold Project area ("Zaranou"). The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).

Any Figures or Tables referred to in this release can be viewed in the PDF version available via this link:

 http://www.rns-pdf.londonstockexchange.com/rns/5853U_1-2020-7-30.pdf

HIGHLIGHTS:

Ø Multiple additional high-grade and broad low-grade drill intersections in 4m composite samples from remaining Air Core ("AC") and initial reverse circulation ("RC") drilling over the Ehuasso target, including highlights (reported at a 0.1g/t cut-off and maximum 4m of internal dilution):

o ZAAC0446: 4m at 25.8g/t from 4m

o ZAAC0436: 12m at 6.59g/t gold from 52m, including 4m at 17.9g/t

o ZAAC0410: 4m at 16.8g/t gold from 56m

o ZAAC0227: 4m at 8.91g/t gold from 4m

o ZAAC0432: 8m at 4.08g/t gold from 52m, including 4m at 7.7g/t

o ZAAC0282: 8m at 3.32g/t gold from 32m, including 4m at 5.4g/t

o ZAAC0285: 38m at 0.52g/t gold from 2m

o ZAAC0284: 31m at 0.57g/t gold from 28m

o ZARC0011: 12m at 1.19g/t gold from 172m

Ø Initial high-grade results received for reconnaissance 4m composite samples in AC drilling over the Ebilassokro target, 10km to the north-east of the Ehuasso target including highlights (reported at a 0.1g/t cut-off and maximum 4m of internal dilution):

o ZAAC0317: 20m at 1.09g/t gold from 16m, including 4m at 4.9g/t

o ZAAC0321: 16m at 1.02g/t gold from 4m, including 4m at 3.1g/t

Ø Newly reported Ehuasso target results have defined the high-priority, potentially 1.6km long up to 100m wide 'Ghana-Man Pit' target in the north-west, with good mineralisation continuity in the 160m spaced AC drill grid and open to the south-west.

Ø Multiple target areas defined to date within the main Ehuasso AC drill grid with individual targets up to 500m long and 100m wide which remain open along strike.

Ø Drilling ongoing with two drill rigs currently on site at the main Ehuasso grid and Ebilassokro exploration target; both within the broader 47km long Zaranou shear zone.

Commenting on the Company's latest progress, Len Kolff, Chief Operating Officer of IronRidge, said:

"Ongoing drilling at the Ehuasso target continues to define significant mineralised zones in the broad 160m spaced AC drill grid.

"The Ghana-Man pit is shaping up to be our most significant target defined to date over a potential strike length of 1.6km and up to 100m wide and including high-grade intersections such as, with additional target areas defined for future RC infill drilling.

"We are pleased to report promising reconnaissance drilling results including 20m at 1.09g/t gold in hole ZAAC0317 at the Ebilassokro target, situated 9km to the north-east of the Ehuasso target.

"Drilling remains ongoing with our national team on the ground and two drill rigs currently active at the Ehuasso main grid and Ebilassokro exploration target within the broader 47km strike Zaranou shear zone.

"The Board is pleased with the progress that the Company has made in 2020 to date and looks forward to reporting through a busy upcoming period."

Additional Drilling Intersections

Ongoing drilling at the Ehuasso target has returned multiple additional 4m composite drill intersections in 160m spaced AC drill traverses and deeper RC drilling. Additional drilling comprising 7,345m of AC in 171 holes and 186m of RC in 1 hole are reported herewith as part of the ongoing second phase 15,000m planned programme at the Ehuasso target (refer RNS of 9 July and 23 July 2020).

Initial results have been received for the first of two 1.6km to 2.5km long reconnaissance AC traverses drilled over the Ebilassokro soil anomaly, approximately 10km to the north-east of the main Ehuasso drill grid. A total of 1,413m of AC drilling in 21 holes is reported herewith for the 4m composite samples.

Drilling remains ongoing at both targets with an AC rig active at Ebilassokro and an RC rig active at Ehuasso.

Multiple additional high-grade and broad low-grade drill intersections have been returned in ongoing drilling at both target areas, with highlight results at greater than 10 gram-meters reported in Figure 1 and Table 1 below and all intersections reported in Appendix 1 at a 0.1g/t cut-off and maximum 4m of internal dilution.

AC drilling at the Ehuasso target has defined multiple zones of mineralisation continuity with new results reported herewith defining a potential 1.6km long by up to 100m wide zone called the Ehuasso Main target in the north-west of the Ehuasso drill grid. In addition to the Main target, an additional six target zones for potential RC drill infill have been defined up to 500m strike lengths and 80m widths, with most targets remaining open along strike and additional results pending from the remainder of the second phase programme now underway (refer Figure 1).

AC drilling has reached downhole depths up to 89m in the reported results and an average downhole depth of approximately 50m. This represents a deep weathering profile which typically supports a more thickly developed oxide gold profile.

Type cross-sections are shown in Figure 2 for section ZAR_06880 and Figure 3 for section ZAR_06720; both within the Ghana-Man pit target zone. All remaining Ehuasso cross-sections are reported in Appendix 2. 

All sampling was completed at the drill site and consisted of initial 4m composites submitted for analysis, of which all composites greater than 0.1g/t gold are re-submitted for analysis at 1m intervals from retained primary samples at the project site. ALS laboratory completed sample preparation in Côte d'Ivoire and sample analysis in Burkina Faso with results passing internal and laboratory QA/QC protocols providing confidence in reported results.

Preliminary Ebilassokro Reconnaissance Drilling Results

Assays have been received for the first of two reconnaissance AC drill traverses over the Ebilassokro exploration target with promising initial results including 20m at 1.09g/t gold from 16m in hole ZAAC0317 and 16m at 1.02g/t gold from 4m in hole ZAAC0321 (refer Figure 4 and Figure 5).

The Ebilassokro exploration target is located approximately 10km to the north-east of the main Ehuasso grid and was defined in regional soil sampling, it does not host extensive artisanal workings (refer RNS of 1 June 2020).

Drilling Programme

The second phase AC and RC drilling programme is progressing well with two rigs active on the Ehuasso and Ebilassokro targets. Approximately 1,700m of AC and RC drilling remains for completion of the second phase planned programme of 21,000m of drilling across both the Ehuasso and Ebilassokro targets, with additional results to be reported as soon as they become available and have been reviewed.

Competent Person Statement

Information in this announcement relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For any further information please contact:

Notes to Editors

IronRidge Resources is an AIM-listed, Africa focussed minerals exploration company with a lithium pegmatite discovery in Ghana, extensive grassroots gold portfolio in Cote d'Ivoire and a potential new gold province discovery in Chad. The Company holds legacy iron ore assets in Gabon and a bauxite resource in Australia. IronRidge's strategy is to create and sustain shareholder value through the discovery and development of significant and globally demanded commodities.

Côte d'Ivoire

The Company entered into conditional earn-in arrangements in Côte d'Ivoire, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,584km2 and 1,172km2 area respectively. The projects are well located within access of an extensive bitumen road network and along strike from multi-million-ounce gold projects and mines. The Company's most advanced project is the Zaranou gold project which includes high-grade gold drilling intersections along 8km strike including 6m @ 6.44g/t gold from 132m, 6m @ 15.11g/t gold from 26m, 4m @ 5.16g/t gold from 110m and 22m @ 3.39g/t gold from 8m within a broader 47km long gold anomalous structure.

Ghana

The Cape Coast Lithium portfolio covers some 684km2 and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt @ 1.39% Li2O in the indicated category (reported in accordance with the JORC Code). The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements. The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 900km2 of highly prospective gold and other mineral projects in Chad, Central Africa. IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Kalaka licenses, which host multiple, large scale gold projects. Trenching results at Dorothe, including 84m @ 1.66g/t Au (including 6m @ 5.49g/t & 8m @ 6.23g/t), 4m @ 18.77g/t Au (including 2m @ 36.2g/t), 32m @ 2.02g/t Au (including 18m @ 3.22g/t), 24m @ 2.53g/t Au (including 6m @ 4.1g/t (including 2m @ 6.2g/t) and 2m @ 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining zones over a 3km by 1km area including the steep dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.

Australia

Monogorilby is prospective for province scale titanium and bauxite, with an initial maiden resource of 54.9MT of premium DSO bauxite. Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg. It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

May Queen is located in Central Queensland within IRR's wholly owned Monogorilby license package and is highly prospective for gold. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals, including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.

Gabon

Tchibanga is located in south-western 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.

Belinga Sud is 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.

Corporate

IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies: Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia. Assore is a high-grade iron, chrome and manganese mining specialist. Sumitomo Corporation is a global resources, mining marketing and trading conglomerate. DGR Global is a project generation and exploration specialist.