IronRidge acquires 100pc of Bodite and Bianouan licences

The AIM-traded firm said the acquisition gave it full ownership of a “highly prospective” gold exploration portfolio in Côte d'Ivoire.

It said the acquisition was in return for the issue of 1,550,388 shares in IronRidge at a price of 18p each - a significant premium to its current share price.

Previously-reported high-grade air core drilling results from the Bianouan license at a 0.15 grams of gold per tonne cut-off, with maximum two metres of internal dilution, included 12 metres at 5.87 grams of gold per tonne from 10 metres, including two metres at 33.8 grams of gold per tonne.

It also included eight metres at 1.29 grams of gold per tonne from eight metres, including two metres at 3.17 grams of gold per tonne, and one metre at 3.13 grams of gold per tonne from 32 metres at end-of-hole.

Previously reported AC drilling results at the Bodite license at a 0.15 grams of gold per tonne cut-off with a maximum two metres of internal dilution included two metres at 9.01 grams of gold per tonne from 32 metres, and two metres at 2.74 grams of gold per tonne from 14 metres.

They also included 10 metres at 0.3 grams of gold per tonne, including two metres at 0.59 grams per tonne, from 12 metres, and 22 metres at 0.21 grams of gold per tonne from surface.

IronRidge said its team would advance its projects as per its growth strategy.

The former owners of the licences endorsed the IronRidge vision and strategy, the board claimed, by voluntarily agreeing to a 12-month lock-in of the shares issued to Major Star shareholders as consideration.

“We are delighted to have completed this acquisition allowing us to consolidate the Zaranou portfolio at a significant premium to IronRidge's current share price,” said chief executive officer Vincent Mascolo.

“The Bodite and Bianouan gold licenses complement our flagship Zaranou gold license and represent a highly prospective ground holding with high-priority air core drilling intersections and significant soil anomalies.

“The acquisition of the Licenses is in line with our strategic growth plan; of creating and developing valuable synergies within the company's existing portfolio in the region, with the ultimate ambition of driving and sustaining shareholder value through the discovery of world-class assets.”

At 1616 GMT, shares in IronRidge Resources were flat at 12.2p.