15th Dec 2015 10:34
LONDON (Alliance News) - IronRidge Resources Ltd on Tuesday said it has discovered high-grade direct shipping ore bauxite mineralisation at the Monogorilby project in Central Queensland in Australia.
The company said it has found a new mineralised area at the project with significant scale potential and with an average grade of 42% alumina.
An initial 48-hole drilling programme is underway at the project with a plan to define a maiden resource estimate by the first quarter of 2016.
"IronRidge is very pleased by the discovery of DSO bauxite mineralisation within a new province," said Chief Executive Vincent Mascolo.
"Mineralisation is of high quality, with favourable gibbsite mineralogy. The material has been found at surface level. Low stripping ratios are implied, and the available alumina to reactive silica ratios are excellent," he added.
IronRidge shares were flat at 2.25 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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