AIM-listed explorer IronRidge Resources has completed the acquisition of 100% of the share capital of each of Marlin Minerals SARL, Booster Minerals SARL and CAPRI Metals SARL, which gives it the full ownership of the Vavoua projects – a highly prospective gold exploration portfolio in Cote d’Ivoire.
Cote d’Ivoire – The acquisition of the Vavoua projects is in return for the issue of 2.1 million shares in IronRidge Resources at 22 pence per share - a significant premium IronRidge share price.
The Vavoua portfolio, which comprises three licences and an application, represents a highly prospective ground holding with high-priority geophysical targets and gold targets along strike from the 1.73 Moz JORC compliant Abujar resource in the Cote d’Ivoire.
“The acquisitions are part of our strategic plan in the region providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of the next generation of world-class mining projects,” says IronRidge Resources CEO Vincent Mascolo.
Former shareholders of Marlin, Booster and CAPRI have all elected to voluntarily escrow their IronRidge shares for a period of 12 months further endorse the IronRidge vision and strategy.
In Feburary, IronRidge Resources flew detailed airborne magnetics at 100 m line spacing and 35m to 40 m ground clearance over the Vavoua portfolio. Magnetics data confirms strike extension over 40 km of a major Shear Zone which hosts the Abujar project to the south of the Vavoua portfolio.
Southern Geoscience Consultants completed detailed litho-structural interpretation, which in-conjunction with field mapping and sampling results, has defined 14 targets of which 4 are priority one targets.
Anomalous due diligence results received in March 2017, including 2.3g/t in auger drilling and the discovery of artisanal workings will help prioritise follow-up field programmes, the company reports.