IronRidge Resources taking big strides with gold and lithium projects

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What it owns

Ivory Coast

In Ivory Coast/Cote D’Ivoire, Ironridge has access rights to highly prospective gold mineralised structures and pegmatite occurrences covering 3,110sq km and 400sq km areas respectively. 

At Zaranou, follow up drilling to channel and rock-chip samples hit grades as high as 23 grammes per tonne (g/t) of gold, while one hole showed gold at 3.39 g/t over a width of 22 metres (m).

Results from shallow drilling at Bianouan in September indicated grades up to 5.87g/t gold down to 50m.

Ghana

The combined land package in Ghana now totals over 645 sq km of lithium assets including the advanced Ewoyaa and Abonku prospects and re-discovered Egyasimanku Hill, which contains a historic resource of 1.48mln tonnes at 1.66% Li2O (lithium oxide).

Highlights from infill drilling at Ewoyaa include 80 metres grading 1.52% lithium oxide, 68 metres grading 1.31% Li2O, and 60 metres grading 1.34% Li2O.

In January 2020 a maiden resource for Ewoyaa was produced, amounting to 14.5mln tonnes grading 1.31% lithium oxide across three deposits: Ewoyaa, Abonko, and Kaampakrom.

The resource estimate includes 4.5mln tonnes grading 1.39% in the indicated category.

Metallurgical test work also indicated a high-grade spodumene concentrate with low level contaminants can be produced by simple crushing to 6.3mm and using gravity Dense Media Separation.

Gabon

In Gabon, Ironridge has two province-scale iron ore projects.

Tchibanga is in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline. 

Chad

Ironridge has access to 1,000sq km of ground highly prospective for gold and other mineral projects in Chad, Central Africa. 

The Dorothe, Echbara, Am Ouchar, Nabagay and Ade licences host multiple, large-scale gold projects. 

Initial trenching results at Dorothe has defined significant gold mineralised quartz veining over a confirmed 1km strike.

A wide-ranging electrical resistivity programme has also identified multiple anomalies were identified that coincided with the high-grade gold trenching anomalies.

Australia

Ironridge’s Monogorilby project in Australia is prospective for province-scale titanium and bauxite, and already boasts an initial maiden resource of 54.9mln tonnes of premium DSO bauxite.

Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg.

May Queen is located within the Monogorilby licence and is highly prospective for gold. Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including two metres at 73.4 g/t gold.

What’s the latest?

IronRidge completed the acquisition of the Bodite and Bianouan gold licenses in Côte d’Ivoire in December.

The company confirmed in a statement that it has acquired Major Star to gain 100% ownership of the licences – issuing 1.5mln new shares priced at 18p each.

It consolidates the company’s position in the Zaranou portfolio of gold exploration assets, securing control and continuity as it advances the project.

IronRidge highlighted prior results from Bianouan where air-core drilling in 2019 yielded high-grade gold results (including assays of up to 33.8 grams per tonne) and similarly at Bodite highlight results were returned up to 9.01 g/t gold.

What the chief executive says

“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.

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

Inflexion points

  • Further results of drilling at Zaranou
  • Resource and feasibility study underway at Ewoyaa, which is being shown off to potential EV makers
  • Further exploration in Chad following IP study at Dorothe

What the analyst says 

Click here to read Ryan Long’s initiation report

Click here to read Ryan Long’s latest update

 

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