IronRidge upbeat on latest drilling results from Zaranou

Africa-focussed minerals exploration company IronRidge Resources reported initial high-grade and broad low-grade drilling results from the third phase drilling programme at the Ehuasso and Ebilassokro and targets, both within the Zaranou Gold Project area in Côte d'Ivoire, 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 initial reverse circulation and air core drilling results for four metre composites over the Ehuasso and Ebilassokro targets from the third phase drilling programme currently underway had been received, including highlights reported at a cut-off of 0.1 grams per tonne, and a maximum four metres of internal dilution.

At ZARC0046 it reported 12 metres at 6.15 grams per tonne from 108 metres, including four metres at 3.5 grams per tonne and four metres at 14.5 grams per tonne, while at ZARC0029 it reported 36 metres at 1.43 grams per tonne from 36 metres, including four metres at 1.1 grams per tonne, four metres at 7.4 grams per tonne and four metres at 2.7 grams per tonne.

On hole ZARC0027, it reported 28 metres at 1.47 grams per tonne from 48 metres, including four metres at 8.4 grams per tonne, while on hole ZARC0032 it reported 64 metres at 0.38 grams per tonne from nought metres.

At ZARC0045 it reported 60 metres at 0.4 grams per tonne from 44 metres, at ZARC0033 it reported 40 metres at 0.47 grams per tonne from 48 metres, and at ZAAC0572 it reported 24 metres at 0.74 grams per tonne from 20 metres, including four metres at 2.5 grams per tonne and four metres at one gram per tonne.

Finally, on hole ZARC0047, it reported 52 metres at 0.32 grams per tonne from 40 metres, and on hole ZARC0051, it reported 12 metres at 1.3 grams per tonne from 96 metres, including four metres at 1.3 grams per tonne and four metres at 2.4 grams per tonne.

IronRidge said mineralisation continuity had now been tested over a 550 metre strike at the Ehuasso Main target at 80 metre section spacing, with mineralisation open to the south west and at open at depth, while phase three infill reverse circulation drilling was ongoing.

High-grade and broad low-grade intersections were reported within both oxide and fresh mineralisation in drilling to-date at the Ehuasso target.

A third phase 50,000 metres reverse circulation and air core drilling programme was now “well underway”, with three drill rigs active on site at the Ehuasso, Yakassé and M'basso targets.

“Initial results from the third phase reverse circulation infill drilling programme continue to confirm continuity along strike and at depth,” said chief executive officer Vincent Mascolo.

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

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

“The third phase 50,000 metre combined AC and RC programme is now well underway with three drill rigs active on site.”

At 1151 GMT, shares in IronRidge Resources were down 2.94% at 13.2p.