Multiple high-grade and broad gold intersections have been returned from initial drilling assay results for Aim-listed IronRidge Resources’ Zaranou gold project, in Côte d'Ivoire.
Following the announcement on Wednesday morning, the Africa-focused minerals explorer’s share price on the LSE rose by 20%.
The licence borders with Ghana and is along strike from significant operating gold mines including Chirano, Bibiani and Ahafo.
Describing the assay results received to date as “exceptional” for a first-pass exploration drill programme, COO Len Kolff said these “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”.
The results also “demonstrate the exploration potential” of the Zaranou project, IronRidge stated.
Field work to date has identified over 8 km strike length and up to 1.2 km width of coincident hard-rock artisanal workings, surface sampling results of up to 69.6 g/t of gold, and geophysical anomalies which remain open along strike and have now been drilled along broad spaced aircore (AC) traverses with initial results of up to 6 m at 15.11 g/t gold and 22 m at 3.39 g/t gold.
"Gold mineralisation in drilling is spatially associated with veining and deformation zones which occur along strike of hard-rock artisanal workings; and provides further confidence in continuity of mineralisation within the 8 km strike high-priority target zone,” Kolff commented, adding that an additional 1 000 m of AC drilling was completed as some traverses were extended and holes drilled deeper than planned owing to a thickening weather profile.
The maiden exploration drill programme was now completed for a total of 7 448 m of AC drilling in 151 holes and 1 593 m of reverse circulation in ten holes along seven drill traverses.
Once all pending results have been received, IronRidge intends to plan follow-up exploration and drill programmes.