Golden Rim IronRidge Barrick

IronRidge Resources has entered an agreement with Major Star to acquire 100% of the Bodite and Bianouan gold licenses which gives IronRidge full ownership of a highly prospective gold exploration portfolio in Côte d’Ivoire.

Commenting on the company’s latest progress, Vincent Mascolo, CEO of IronRidge, says: 

“Identifying acquisition opportunities that are attractive for the company and its shareholders remains a key priority for our business. 

“We are therefore delighted to have completed these significant acquisitions ahead of schedule, and for an issue of scrip priced at a significant premium to the prevailing market. 

“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.

Watch: A compelling 18 month road map ahead for IronRidge

“The acquisitions are 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 and development of world‐class assets.

“We are very pleased with the work programmes completed to date and look forward to keeping shareholders and investors updated as more news becomes available.”

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Highlights

  • Acquisition of the Bodite and Bianouan Gold licenses in return for the issue of 1,550,388 shares in IronRidge at 18 pence per share; an issue price which is at a significant premium to the current share price
  • Previously reported high‐grade Air Core drilling results from the Bianouan license at a 0.15g/t gold cut‐off with maximum 2m of internal dilution, including:

o 12m @ 5.87g/t gold from 10m, including 2m @ 33.8g/t gold

o 8m @ 1.29g/t gold from 8m, including 2m @ 3.17g/t gold

o 1m @ 3.13g/t Au from 32m at end of hole

  • Further endorsement of IronRidge’s vision and strategy by Major Star, through the voluntary lock in of their IronRidge stock for 12 months
  • IronRidge team to advance the licenses and future growth strategies
  • Streamlined operations with continuity and structure for future growth