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IronRidge Resources Forms JV for Ivory Coast Gold Project
Monday 20 November 2017

20 November 2017 - Australian mining company IronRidge Resources Ltd. (AIM: IRR) has signed a joint venture agreement with Ivorian exploration firm Gail Exploration SA, the company said.
 
The agreement grants IronRidge exclusive rights over a granted license prospective for gold in Côte d'Ivoire, West Africa.
 
Under the deal, Gail executes an earn-in agreement following successful completion of due diligence by IronRidge company secures access rights to a granted license covering 385km2.

High-grade rock chip sampling results of up to 46.4g/t gold; hard-rock artisanal workings defined over 1.2km strike length within the newly acquired license, occurring within a broader 12km strike target corridor of anomalous gold rock chips and artisanal workings

It is contiguous to three existing applications previously secured by the company and providing access to over 70km strike of highly prospective geology.

The site offers good access via sealed bitumen road and well-established infrastructure, electricity and communications, the company said.

Côte d'Ivoire represents an underexplored and highly prospective gold-rich terrain within the prolific West African Birimian Greenstone sequence, with a diversified economy and pro-mining investment framework
 
The Gail Kineta North license covers 365km2 within the company's established Bouna-Kineta-Marahui project portfolio in the north-east of the Country.

Securing the Kineta North license represents an important step in consolidating the company's' position along this prospective structural corridor with significant artisanal gold workings and high-grade gold rock chip results.
 
The company has entered into the JVA with Gail Exploration SA, whereby IronRidge can acquire up to 100% of the projects through staged earn-in arrangements and staged expenditure to Feasibility Study, subject to Gail retaining a Net Smelter Royalty, of 2.5%, of which 40% may be acquired for USD 2m at any time.

IronRidge shall be responsible for maintaining the properties during this agreement and up to the completion of the Feasibility Study.
 
IronRidge Resources is a mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland, Australia.
Details
Date Published: 20/11/2017
Target: Rights over a granted license prospective for gold in C, ôte d´Ivoire, West Africa
Country: C, ôte d´Ivoire
Sector: Metals/Mining
Type: JV
Financing:
Status: Agreed
Vendor:
Buyer: IronRidge Resources, Gail Exploration
Comment:
Terms of the deal were not disclosed

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