IronRidge Resources enters joint venture with Major Star
Atlantic Lithium Limited NPV (DI)
21.70p
16:30 10/05/24
IronRidge Resources announced on Tuesday that it signed a joint venture agreement with Major Star, which would grant IronRidge exclusive rights over an extensive portfolio and associated gold exploration targets in Ivory Coast, West Africa.
Industrial Metals & Mining
7,245.81
17:09 10/05/24
The AIM-traded firm had announced the signing of the heads of terms in respect of the joint venture on 24 November 2016.
It said Major Star executed a conditional joint venture agreement and a shareholders' agreement following completion of a successful due diligence exercise by IronRidge.
Access rights had been secured in respect of two granted licenses covering 800 square kilometres, and one application covering 400 square kilometres.
Comprehensive technical due diligence was completed, including 809 soil samples, 267 auger samples and 108 rock chip samples across the three project areas, which identified four target areas for immediate follow-up.
A significant anomalism defining a 13km target corridor at Bianouan in reconnaissance soil traversed including 800m at 100ppb gold, individual soil samples of 7g/t and 1g/t gold and rock chip samples of 10.3g/t gold along strike from artisanal workings and multi-million-ounce third-party gold deposits, the board said.
Multiple 50ppb and up to 730ppb gold in soil anomalies was defined at Bodite from kilometre and up to 4km strike length.
Auger drilling had intersected up to 2.3g/t gold along strike from artisanal workings, and a significant and growing 700Koz maiden resource was held by an unrelated private company, the board said, defining a 10km strike target zone at the Vavoua application.
Field teams were on the ground and extensive soil sampling programmes were underway at Bianouan and Bodite.
Ivory Coast represented an underexplored and highly prospective gold rich terrain within the prolific West African Birimian Greenstone sequence, the board added, with a diversified economy and pro-mining investment framework.
“The company is pleased to have entered into the JVA in advance of the anticipated timetable,” said chief executive Vincent Mascolo.
“Major Star brings with it a highly professional and experienced team with a proven track record in geological target generation and development, government relations, logistics and security.
“We are extremely confident with the decision to partner with Major Star and we are continuing with current field programs [and] we look forward to providing the market with updates in due course.”