IronRidge upbeat on latest drilling results from Zaranou

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 ongoing reverse circulation and aircore 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.

The highlights included 20 metres at 2.64 grams per tonne from 60 metres on hole ZARC0075, including four metres at 12.44 grams per tonne, and 16 metres at 2.73 grams per tonne from 72 metres including four metres at 1.9 grams per tonne at hold ZARC0067, including four metres at 4.5 grams per tonne and four metres at 3.9 grams per tonne.

On hole ZARC0065 it reported 23 metres at 1.33 grams per tonne from 192 metres, including four metres at 1.9 grams per tonne, four metres at 1.6 grams per tonne and four metres at 4.4 grams per tonne, while at hole ZARC0059 it reported eight metres at 3.11 grams per tonne from 208 metres including four metres at 5.9 grams per tonne.

At hole ZARC0075 there were 12 metres at 1.91 grams per tonne from 188 metres, including four metres at 1.5 grams per tonne and four metres at four grams per tonne, while on hole ZARC0068 it reported eight metres at 2.22 grams per tonne from 112 metres including four metres at 3.8 grams per tonne, and at ZARC0069 there were 28 metres at 0.59 grams per tonne from 144 metres including four metres at 3.5 grams per tonne.

Finally, on hole ZARC0036 it reported 16 metres at one gram per tonne from 28 metres including four metres at 2.7 grams per tonne, at hole ZARC0069 there were 12 metres at 1.28 grams per tonne from 124 metres including four metres at 3.3 grams per tonne, on ZARC0057 there were 20 metres at 0.72 grams per tonne from 84 metres including four metres at 2.9 grams per tonne, and at ZARC0057 there were four metres at 2.7 grams per tonne from 48 metres.

IronRidge said the newly-reported results confirmed mineralisation continuity over a 1.7 kilometre strike along the Ehuasso Main target at 80 metre drill section spacing, with mineralisation open at depth.

It said high-grade and broad low-grade drill intersections were reported at depth, including eight metres at 3.11 grams per tonne from 208 metres, 23 metres at 1.33 grams per tonne from 192 metres, 12 metres at 1.91 grams per tonne from 188 meters, and 28 metres at 0.59 grams per tonne from 144 metres, confirming continuity of mineralisation at depth.

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

It added that reverse circulation drilling was ongoing at the Ehuasso target for additional deep back holes and to test below high-grade aircore results from previous drilling along adjacent mineralised structures.

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

“Ongoing results from the third phase drilling programme confirm gold mineralisation continuity over 1.7 kilometre strike and at depth along the Ehuasso Main target,” said chief executive officer Vincent Mascolo.

“We continue to define the target at 80 metre drill spacing and to confirm depth continuity of gold bearing structures.

“As previously announced, a reverse circulation rig has commenced drilling at the Yakassé target - we are currently awaiting assay results from the first holes.”

Mascolo said the company’s “early ounces” strategy was still targeting oxide gold mineralisation, with initial observations suggesting it continued to average depths of 50 metres and up to 90 metres, which it believed was indicative of simple mining and processing at low operational and capital costs.

“With only 12 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 remain untested with the potential to deliver a pipeline of further discoveries along this considerable mineralised structure.

“The third phase 50,000m combined aircore and reverse circulation programme is now well underway, with three drill rigs active on site and approximately 30,000m drilled to date.

“Drilling will continue up to the Christmas shut down period between 24 December to 4 January,, after which drilling will resume to the completion of the planned programme early in the first quarter of 2021.”

At 1146 GMT, shares in IronRidge Resources were down 6.45% at 12.3p.