IronRidge upbeat on latest drilling results at Zaranou

Africa-focussed minerals exploration company IronRidge Resources reported additional high-grade drilling results from the second phase drilling programme at the Ebilassokro and Ehuasso targets, both within the Zaranou Gold Project area, on Thursday.

The AIM-traded firm said the licence borders Ghana, and is along strike from significant operating gold mines including Chirano, Bibiani and Ahafo.

It said bew high-grade for metre composite reverse circulation drilling results had been received for the final second phase drill holes completed over the Ehuasso target, including at the Ehuasso Main target, reported at a 0.1 grams per tonne cut-off and maximum four metres of internal dilution.

The board reported highlights including 16 metres at 10 grams per tonne from 44 metres, in hole ZARC0022, and 40 metres at 1.29 grams per tonne from 80 metres in hole ZARC0019.

Mineralisation continuity was now confirmed over a 1.7 kilometre strike at the Ehuasso Main target, with mineralisation open to the south-west and at depth, and follow-up phase three infill reverse circulation drilling now underway.

Additional high-grade air-core results, from the previously-reported four metre composites on 30 July, had been received for one metre primary samples over the Ehuasso target, reported at a 0.1 grams per tonne cut-off and maximum four metres of internal dilution.

Highlights there included six metres at 9.08 grams per tonne from 53 metres in hole ZAAC0436, two metres at 20.43 grams per tonne from 58 metres in hole ZAAC0432, and 24 metres at 1.14 grams per tonne from 12 metres in hole ZAAC0427.

They also included seven metres at 3.16 grams per tonne from one metre in hole ZAAC0294, four metres at 2.11 grams per tonne from 28 metres in hole ZAAC0438, and six metres at 1.37 grams per tonne in hole ZAAC0435.

Further new air-core drill intersections were reported at the Ebilassokro exploration target in four metre composite samples along the second reconnaissance drill traverse, reported at a 0.1 grams per tonne cut-off and maximum four metres of internal dilution.

Those included four meters at 6.13 grams per tonne from 52 metres in hole ZAAC0460, 24 metres at 0.32 grams per tonne from 16 metres in hole ZAAC0491, and eight metres at 0.88 grams per tonne from 16 metres in hole ZAAC0491.

A third phase 50,000 metre reverse circulation and air-core drilling programme was now underway, with two drill rigs active on site and a third rig planned to arrive within four weeks.

As expected, Zaranou continues to deliver outstanding drilling results and the board's confidence in a significant project grows on each drill hole and gold mineralised intersection," said chief executive officer Vincent Mascolo.

"With only 12 kilometres of 47 kilometres of potential strike having been drill tested to date, we have already uncovered three exciting target zones - Ehuasso, Yakasse and Ebilassokro with additional targets M'Basso and Coffee Bean/Super Pit - complementing an additional untested eight kilometre strike of hard-rock artisanal workings to deliver a pipeline of further discoveries.

"Ehuasso is the most advanced target area with mineralisation continuity now defined in 160 metre spaced air-core drill traverses over 1.7 kilometre, strike and up to 70 metres of apparent thickness, drilled to a maximum vertical depth of 100 metres and remaining open along strike and at depth."

Mascolo said the "early ounces" strategy was to target weathered oxide mineralisation, with initial observations suggesting it continued to average depths of 50 metres and up to 90 metres, suggesting simple mining and processing at low operational and capital costs.

"Our longer-term strategy is to extend a resource at depth within fresh material where initial reverse circulation results have intersected high-grade mineralisation.

"The third phase 50,000 metre combined air-core and reverse circulation programme is now well underway with two drill rigs active on site and a third rig planned to arrive shortly."

At 0924 BST, shares in IronRidge Resources were up 3.82% at 16.87p.