IronRidge reports multiple high-grade intersections at Zaranou

Africa-focussed minerals exploration company IronRidge Resources announced multiple high-grade drill intersections and the confirmation of new gold targets at the Zaranou Project in Côte d'Ivoire on Monday.

The AIM-traded firm asid the licence bordered Ghana, and was along strike from “significant” operating gold mines including Chirano, Bibiani and Ahafo.

It said multiple high-grade reverse circulation and aircore drilling results had been received over the Ehuasso target and the new Coffee Bean, Mbasso and Yakassé targets.

The work confirmed “significant” mineralisation potential in multiple targets along the 47 kilometre striking structure, including highlights at greater than 18 gram-metres reported at a 0.1 grams of gold per tonne cut-off, and a maximum four metres of internal dilution.

At Ehuasso, it reported 16 metres at 6.68 grams of gold per tonne from 100 metres on hole ZARC0102, including four metres at 10.3 grams per tonne, four metres at 10 grams per tonne and four metres at six grams per tonne.

At hole ZARC0101 it highlighted 68 metres at 1.4 grams of gold per tonne from 20 metres including four metres at 11.7 grams per tonne and four metres at 5.6 grams per tonne, while on hole ZARC0104 it reported 64 metres at 1.41 grams of gold per tonne from 100 meters including four metres at 1.6 grams per tonne, four metres at 4.4 grams per tonne, four metres at 3.5 grams per tonne, four metres at 5.5 grams per tonne, and four metres at 2.2 grams per tonne.

On hole ZARC0099, there were 20 metres at 2.13 grams of gold per tonne from 96 metres including four metres at 9.9 grams per tonne, and at hole ZARC0097, it highlighted four metres at 6.85 grams of gold per tonne from 60 metres.

Looking at the Coffee Bean target, IronRidge reported eight metres at 14.01 grams of gold per tonne from four metres on hole ZAAC0763, including four metres at 27.9 grams per tonne, while at hole ZAAC0757 it reported eight metres at 9.32 grams of gold per tonne from 32 metres including four metres at 18.3 grams per tonne.

On hole ZAAC0682, it highlighted 28 metres at 1.85 grams of gold per tonne from eight metres including four metres at 7.2 grams per tonne and four metres at 5.1 grams per tonne, while at hole ZAAC0676 it reported 13 metres at three grams of gold per tonne from 56 metres including four metres at 9.5 grams per tonne.

At the Mbasso target, the company reported 40 metres at 0.9 grams of gold per tonne from 16 metres at hole ZAAC0904, including four metres at 1.2 grams per tonne, four metres at 1.5 grams per tonne and four metres at 2.1 grams per tonne.

On hole ZAAC0842 it highlighted 40 metres at 0.69 grams of gold per tonne from surface including four metres at 1.3 grams per tonne, four metres at 1.6 grams per tonne and four metres at 1.3 grams per tonne, while at hole ZAAC0818 it reported 14 metres at 1.31 grams of gold per tonne from 40 metres including four metres at three grams per tonne.

Finally, on the Yakassé target, IronRidge reported 28 metres at 4.07 grams of gold per tonne from 124 metres at hole ZARC0100, including four metres at two grams of gold per tonne, four metres at 3.4 grams per tonne and four metres at 21.2 grams per tonne.

It also highlighted four metres at 2.69 grams of gold per tonne from 192 metres at hole ZARC0098, and on hole ZARC0096 it reported 24 metres at 0.38 grams of gold per tonne from 100 metres, including four metres at 1.2 grams of gold per tonne.

The board said the new intersections reported at Yakassé, Coffee Bean and Mbasso confirmed mineralisation potential at the new target areas, and along the 47 kilometre striking Zaranou structure.

High-grade and broad low-grade drill intersections were reported at depth at Ehuasso and Yakassé, confirming continuity of mineralisation at depth, the board explained.

It said the 50,000 metre aircore and reverse circulation drilling programme was ongoing, and was expected to be completed by the end of January.

“Ongoing results from the current drilling programme have confirmed significant mineralisation potential along the 47 kilometre striking Zaranou structure,” said chief executive officer Vincent Mascolo.

“All newly-drilled targets across the south west of the license area, including very encouraging preliminary results from Yakassé, show significant promise with high-grade drilling results returned and continuity observed between sections.

“Our 'early ounces' strategy continues to target weathered oxide mineralisation, with initial observations suggesting it continues to average depths of 50 metres and up to 90 metres, which we believe is indicative of simple mining and processing at low operational and capital costs.”

Mascolo said that, with just 12 kilometres of the 47 kilometres of identified strike having been drill tested to date, an additional eight kilometre strike of hard-rock artisanal workings and 27 kilometres of soil anomalies remained untested, with the potential to deliver a pipeline of further discoveries along the “considerable” mineralised structure.

“Aircore and reverse circulation drilling is ongoing and expected to be completed by the end of January.”

At 0943 GMT, shares in IronRidge Resources were up 6.87% at 14.96p.