on Wednesday praised ‘exceptional’ drill results from the Zaranou Gold Project in the Ivory Coast.
The AIM-listed firm said multiple high-grade and broad gold intersections were returned from initial drilling assay results which found intersections at grades as high as 23g/t, and surface sampling results up to 69.6g/t gold.
The Zaranou Project license borders with Ghana and is along strike from significant operating gold mines including Chirano (Kinross Gold), Bibiani (Resolute Mining), and Ahafo, (Newmont).
Shares in IronRidge were trading 20% higher at 12.75p on Wednesday morning
Len Kolff, Chief Operating Officer of IronRidge, said: "Assay results received to date are exceptional for a first-pass exploration drill programme and indicate potential for a significant gold discovery, notwithstanding that only such a small portion of the large target footprint has been drill tested to date.”
He added: "Achieving the broad and high-grade gold intersections returned to date as part of a first pass exploration drill programme is a significant result and demonstrates the exploration potential of the Zaranou Gold Project.
Ironridge said that assay results are pending for remaining highlight aircore traverses, as well as deeper RC holes.
The company told investors once the results are received and reviewed, it plans a follow-up exploration and drill programme.
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Dave Wall, Managing Director of 88 Energy, said: "The decision by the Board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program.”
Business leaders have welcomed what they call a clarification of the government's view that there would be "no alignment" with EU rules in a post-Brexit trade deal with the EU. Chancellor Sajid Javid said the UK would use the power to diverge from Europe only when it was in the interests of business.