IronRidge Resources, the multi-mineral African focussed exploration company, has completed acquisition of Marlin Minerals SARL, Booster Minerals SARL and CAPRI Minerals SARL (collectively the Vavoua Projects), which gives IronRidge ownership of a highly prospective gold exploration portfolio in Cote d’Ivoire.
IronRidge issued 2,111,668 shares at 22 pence per share, a significant premium IronRidge share price, to acquire the assets. The former shareholders of the companies acquired agreed agreed to hold their Ironridge stock in escrow for twelve months.
Found along strike from the 1.73Moz JORC compliant Abujar project, IronRidge have described the area as a highly prospective ground holding with high-priority geophysical targets and gold targets.
IronRidge CEO Vincent Mascolo said the acquisitions were completed ahead of schedule and at a significant premium. “The acquisitions are part of our strategic plan in the region providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of the next generation of world-class mining projects.”
Key points about the acquisitions include:
• The acquisition of the Vavoua Projects is in return for the issue of 2,111,668 shares in IronRidge at 22 pence per share, a significant premium IronRidge share price
• Magnetics data confirms strike extension over 40km of a major Shear Zone which hosts the world-class 1.73Moz JORC compliant Abujar project to the south of the Vavoua portfolio
• IronRidge team to advance the projects and future growth strategies
• Cemented commodity and jurisdiction diversity.
Streamlined operations with continuity and structure for future growth.
Ownership of the three licenses and application provides IronRidge with access to exclusive rights to an extensive tenure package adjacent to the 1.73Moz and growing Abujar project (JORC compliant, third party held, see below).
Project Update
The Company flew detailed airborne magnetics at 100m line spacing and 35m to 40m ground clearance over the Vavoua portfolio (refer to RNS 4 February 2019). Magnetics data confirms strike extension over 40km of a major Shear Zone which hosts the 1.73Moz JORC compliant Abujar project to the south of the Vavoua portfolio.
Southern Geoscience Consultants completed detailed litho-structural interpretation, which in-conjunction with field mapping and sampling results, has defined fourteen targets of which four are priority one targets (refer to insert below).
Anomalous due diligence results including 2.3g/t in auger drilling and the discovery of artisanal workings will help prioritise follow-up field programmes (refer to map below).
Vavoua portfolio geological setting relative to the 1.73Moz Abujar deposit; insert: Southern Geoscience litho- structural interpretation for two granted northern licenses (red and blue outline).
About IronRidge Resources
IronRidge Resources is an AIM listed minerals exploration company with a diversified portfolio of gold, lithium, bauxite, titanium and iron ore in frontier regions of Africa and Australia. IronRidge has a significant province scale gold portfolio in Chad, Central Africa and multiple province scale gold and lithium projects in Ivory Coast and Ghana, West Africa through joint venture and direct application, wholly owned advanced bauxite and titanium projects in Queensland, Australia and two wholly owned province scale iron ore projects in Gabon, West Africa.
IronRidge’s corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.
IronRidge’s Board includes accomplished professionals with strong track records in the areas of exploration, mine development, investment and finance. The Board and Management team have significant vested interests in the Company.
Find out more at https://www.ironridgeresources.com.au
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