Ironridge Resources reports high-grade second phase drilling results
(AIM:IRR ) has reported high-grade drilling results from its second phase drilling programme at the Ebilassokro and Ehuasso targets in the Zaranou Gold Project area.
The licence borders Ghana and is along strike from significant operating gold mines including Chirano (5Moz), Bibiani (5.5Moz) and Ahafo (17Moz).
Results have been received for the second phase drill programme where a total of 20,312m of aircore (AC) in 404 holes and 2,077m of reverse circulation (RC) in 12 holes was completed.
The African-focused minerals exploration company highlighted that some of the targets at Ehuasso returned 5m at 33.63g per tonne gold, 14m at 4.67 grams and 9m at 4.16 grams.
It said continuity has now been confirmed over a 1.7km strike at the Ehuasso Main target, the group’s “most advanced target area”. with mineralisation open to the south-west and at depth.
The Company also highlighted drilling results at the Ebilassokro target which included 3m at 5.02g per tonne gold, 4m at 2.06 grams, 21m at 0.39 grams and 17m at 0.2 grams.
It said a third phase 50,000m RC and AC drilling programme is now underway with three drill rigs active on site at the Ehuasso, Ebilassokro, Yakassé, Mbasso and Coffee Bean targets.
Shares in Ironridge Resources have increased over 20% since the beginning of the month to open 3.28% lower this morning.
Drilling is planned to continue up to the end of Q4 2020 over the Ehuasso, Ebilassokro, Coffee Bean, M'Basso and Yakassé targets with results reported as they become available
Commenting on today’s final phase two drilling results, CEO, Vincent Mascolo, said:
"Zaranou continues to deliver for the Company, with all second phase drilling results now received for a total programme consisting of 22,389m of combined AC and RC drilling.”
He added, “Our early ounces strategy is to target weathered oxide mineralisation, with initial observations suggesting it continues to average depths of 50m and up to 90m, suggesting simple mining and processing at low operational and capital costs.”
With only 12km of 47km of potential strike having been drill tested to date, we have already uncovered three exciting target zones - Ehuasso, Yakassé and Ebilassokro with additional targets M'Basso and Coffee Bean/Super Pit.”
Mascolo said these complemented an additional untested 8km strike of hard-rock artisanal workings and 27km of untested soil anomalies to deliver a pipeline of further discoveries”
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