IronRidge Resources completes acquisition of Bodite and Bianouan gold licenses

Highlights

• Acquisition of the Bodite and Bianouan Gold licenses in return for the issue of 1 550 388 depositary interest of no-par value each (ordinary shares) in IronRidge at a price of 18 pence per ordinary share, a significant premium to IronRidge's current share price.
• The acquisition completes IRR's 100% ownership of this highly prospective and strategic landholding at Bodite and Bianouan.
• Previously reported high-grade air core (AC) drilling results from the Bianouan license at a 0.15 g/t gold cut-off with maximum 2 m of internal dilution, including:
  • 12 m at 5.87 g/t gold from 10 m, including 2 m at 33.8 g/t gold.
  • 8 m at 1.29 g/t gold from 8 m, including 2 m at 3.17 g/t gold.
  • 1 m at 3.13 g/t Au from 32 m at end of hole.
• Previously reported AC drilling results at the Bodite license at a 0.15 g/t gold cut-off with maximum 2 m of internal dilution, including:
  • 2 m at 9.01 g/t gold from 32 m.
  • 2 m at 2.74 g/t gold from 14 m.
  • 10 m at 0.3 g/t (including 2 m at 0.59 g/t gold) from 12 m.
  • 22 m at 0.21 g/t gold from surface.
• IronRidge team to advance the projects, as per the company's growth strategy.
• Former owners of the Licenses endorse the IronRidge vision and strategy by voluntarily agreeing to a 12 month lock in of the 1 550 388 ordinary shares issued to Major Star shareholders as consideration for the acquisition of the licenses.
• Streamlined operations with continuity and structure for future growth within the Zaranou Portfolio.

Vincent Mascolo, CEO of IronRidge, said: "We are delighted to have completed this acquisition allowing us to consolidate the Zaranou portfolio at a significant premium to IronRidge's current share price.

"The Bodite and Bianouan gold licenses complement our flagship Zaranou gold license and represent a highly prospective ground holding with high-priority air core drilling intersections and significant soil anomalies.

"The acquisition of the Licenses is in line with our strategic growth plan; of creating and developing valuable synergies within the company's existing portfolio in the region, with the ultimate ambition of driving and sustaining shareholder value through the discovery of world-class assets.

"We are very pleased with the work programmes completed to date and look forward to keeping shareholders and investors updated on our progress."

Read the article online at: https://www.globalminingreview.com/finance-business/21122020/ironridge-resources-completes-acquisition-of-bodite-and-bianouan-gold-licenses/