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IronRidge Resources announces high-grade drilling results at Zaranou gold project

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Global Mining Review,

IronRidge Resources, the African focused minerals exploration company, has reported high-grade drilling results from the ongoing second phase drilling programme at the Ebilassokro and Ehuasso targets, both within the Zaranou Gold Project area. The license borders with Ghana and is along strike from significant operating gold mines including Chirano (5 million oz), Bibiani (5.5 million oz) and Ahafo (17 million oz).

Commenting on the company's latest progress, Len Kolff, Chief Operating Officer of IronRidge, said: "We are delighted that the ongoing drilling programme at the Ehuasso and Ebilassokro targets continues to define significant mineralised zones in the AC drilling and targeted deeper RC holes.

"The extremely high-grade results of 5 m at 270.5 g/t gold from 4 m in hole ZAAC0321, including 1 m at 1075 g/t (almost 35 oz/t), for 1 m primary samples of previously announced 4 m composite samples, at the Ebilassokro target is very encouraging for a first phase drill programme on a new exploration target.

"Occurring at 4 m depth downhole and relatively close to surface, the risk of contamination from transported material is recognised, however, geological logging of drill cuttings indicates the mineralisation occurs within quartz vein material, within a broader structurally defined soil anomaly, representing a high-priority target for follow-up.

"At the Ehuasso target, the results confirm the visible gold observed in hole ZARC0013 with an overall intercept of 24 m at 13.6 g/t from 136 m depth downhole, which includes a higher-grade portion of 4 m at 76.2 g/t.

"These results are significant as they confirm high-grade mineralisation depth continuity below previously reported high-grade intersections in hole ZARC0009; with mineralisation now open from surface to a vertical depth of 125 m.

"Additional visible gold has now been observed in quartz vein drill cuttings from hole ZARC0015 within the newly defined Ehuasso main target, confirming mineralisation continuity below recently reported AC drill intersections and at depth within the fresh material with assays pending.

"The AC component of the second phase drill programme has now been completed with 20 312 m in 404 holes drilled, whilst RC drilling remains ongoing with our national team on the ground at the Ehuasso target within the broader 47 km strike Zaranou shear zone."

High-Grade Gold Intersections

Assay results for primary 1 m samples from previously reported 4 m composites over the Ebilassokro target have returned extremely high-grade gold intersections. Additionally, new 4 m composite results have been returned for reverse circulation (RC) drilling completed at the Ehuasso target, including results for the zone of visible gold reported in ZARC0013.

All sampling was completed at the drill site and consisted of initial 4 m composites submitted for analysis, of which all composites greater than 0.1 g/t gold are re-submitted for analysis at 1 m intervals from retained primary samples at the project site. ALS laboratory completed sample preparation in Côte d'Ivoire and sample analysis in Burkina Faso with results passing internal and laboratory QA/QC protocols, providing confidence in reported results. All AC and RC drilling to date has been completed at -55 to -60° dip.

Ongoing drilling results continue to deliver high-grade drill intersections, with the highest-grade results received to date reported at the Ebilassokro target of 5 m at 270.5 g/t gold from 4 m including 1 m at 1,075 g/t in hole ZAAC0321 within the 1 m primary samples.

The high-grade results coincide with the previously reported 4 m composite intersection of 16 m at 1.02 g/t gold from 4 m, including 4 m at 3.1 g/t gold. The difference in grade is likely due to the coarse nuggety nature of the gold as the interval was logged as in-situ quartz vein material with sericitized phyllite and the intersection occurs within a broader structurally controlled soil anomalous trend.

In addition to the high grades returned at the Ebilassokro target, noteworthy grades have been returned at the Ehuasso target in deep RC drilling. Hole ZARC0013 within the Ehuasso target area returned a high-grade intersection of 24 m at 13.6 g/t gold from 136 m, including 4 m at 76.2 g/t gold for 4 m composite samples in deep RC drilling.

The intersection occurs below previously reported intersections in hole ZARC0009, including 2 m at 1.26 g/t from 4 m, 2 m at 3.35 g/t from 38 m, 6 m at 3.81 g/t from 52 m, 2 m at 4.72 g/t from 98 m, 8 m at 0.74 g/t from 104 m, 2 m at 4.6 g/t from 116 m and 14 m at 0.66 g/t from 128 m within the Ehuasso target.

The intersection is significant as it confirms high-grade mineralisation continuity at depth and extends mineralisation 125 m below surface.

In addition to the high grades returned in hole ZARC0013, visible gold was observed in hole ZARC0019 within the Ehuasso main target at depth below previously reported AC drill intersection of 31 m at 0.57 g/t gold from 28 m in hole ZAAC0284. Visible gold was observed in drill cuttings at a depth between 82 - 83 m and 86 - 87 m.

Drilling Programme

The second phase AC drilling programme has now been completed with 20 312 m drilled in 404 holes across the Ehuasso and Ebilassokro targets. The RC drilling programme is progressing well with one rig active on the Ehuasso targets. Approximately 500 m of RC drilling remains for completion of the second phase planned programme of 21 000 m of drilling across both the Ehuasso and Ebilassokro targets, with additional results to be reported as soon as they become available and have been reviewed.

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