IronRidge jumps on high-grade gold

AIM-listed, Brisbane-based explorer IronRidge Resources has hit high grade gold at its Zaranou project in Ivory Coast.
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Field work at Zaranou

Staff reporter

Intersections from the company's ongoing aircore and reverse circulation drilling program included 5m at 270.5 grams per tonne from 4m, including 1m at 1075gpt, and 24m at 13.6gpt from 136m, including 4m at 76.2gpt.

Ironridge COO Len Kolff said the latest results were "very encouraging for a first phase drill program on a new exploration target".

Kolff said he recognised the shallow depth of the high grade intersections meant there was a risk of contamination from transported material.

"However, geological logging of drill cuttings indicates the mineralisation occurs within quartz vein material, within a broader structurally defined soil anomaly, representing a high-priority target for follow-up," he said.

The strong results saw Ironridge's share price jump by 25.9% overnight to just under 20.14p, capitalising the company at £81.47 million.

Ironridge released promising first-pass drilling results from Zaranou in January, followed by another batch of results early February.