Visible gold already seen as IronRidge starts Kineta North drilling (IRR, BSG)

IronRidge Resources (LON: IRR | FRA: BSG) announced Wednesday it has begun drilling at the highly promising Ivory Coast gold license, with visible gold already observed.

The exploration reverse circulation (“RC”) drilling programme, totalling 2,500 metres, will take place at the Kineta North gold license in the north east. This is located in the north east of Ivory Coast, West Africa.

IronRidge said this is intended to test the Kineta North target. Previously reported soils have already defined a 2 kilometre long and 250 metre wide gold soil anomaly of more than 30 parts per billion.

The anomaly has coincident artisanal workings underground for a 700 metre strike. Rock chip sampling results from the target, as previously reported, include 15 grams per ton (“g/t”), 32.4g/t and 46.4g/t gold.

Chief executive Vincent Mascolo said the company was “pleased” to have begun drilling at Kineta North, highting the fact that “previous field work has defined a coincident soils, trenching and artisanal workings target”.

Drilling at Kineta North will test below trenching intersections, already reported, where “multiple gold intersections” have already been reported. These include 2 metres at 4.04g/t and 6 metres at 0.24g/t gold.

The first hole of this drilling is complete already, with results eagerly awaited. The entire programme is set to complete in the second quarter of 2021.

In especially encouraging news, visible gold has already been observed in quartz vein RC drill chips.

This is the first drill programme in the broader 1,532 kilometre Kineta portfolio, hosting the 3.3 million ounce Konkera resource and 2.1 million ounce Wa-Lawra deposits in the north.

IronRidge in November 17 said it has signed a joint venture agreement with Gail Exploration, under which IronRidge can acquire as much as 100% of the project. The agreement is based on staged earn-in agreements and expenditure to a feasibility study.

This is subject to Gail keeping a 2.5% net smelter royalty, with 40% of this able to be acquired for $2 million at any time.

IronRidge will be responsible for maintaining the property throughout the agreement and until the feasibility study is complete.

Outside of Ivory Coast, the company also has projects in Ghana and Chad, seeking lithium and gold respectively.

The Ghana lithium discovery has a maiden mineral resource estimate of 14.5 million tonnes at 1.31% lithium oxide. In Chad, IronRidge has uncovered what it describes as “a substantial gold bearing province”, with multiple targets defined. 

Kineta North is clearly part of IronRidge’s larger, broader portfolio of exciting projects in West Africa. The potential for all of these remains substantial, with the Ivory Coast news definitely reinforcing the firm’s potential.

Author: Anna Farley

The Author does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, does not own a position in the stock(s) and/or financial instrument(s) mentioned in the piece.

MiningMaven Ltd, the owner of MiningMaven.com, has not been paid for the production of this piece by the company or companies mentioned above.

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