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IronRidge Resources completes acquisition of Bodite and Bianouan gold licenses

Published by
Global Mining Review,


IronRidge Resources Ltd, an African focused minerals exploration company, has announced that it has now completed the acquisition with Major Star SA (MSSA) to acquire 100% of the Bodite and Bianouan gold licenses (collectively the licenses), which gives IronRidge full ownership of a highly prospective gold exploration portfolio in Côte d'Ivoire.

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/

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African mining news Gold mining news