23rd Nov 2015 09:45
LONDON (Alliance News) - IronRidge Resources Ltd on Monday said it has discovered high-grade iron ore mineralisation at the Tchiganga project in the Republic of Gabon.
Following the discovery of the high-grade mineralisation, IronRidge has started a ground penetrating radar survey to test the depth and has entered an additional exploration application to the Ministry of Mines and Industry of the central African country.
The group has started talks with logistics and service providers for work on the site.
"IronRidge is very encouraged with the discovery of high-grade canga mineralisation within such short potential trucking distance to the proposed port of Mayumba," said Vincent Mascolo, IronRidge's chief executive.
"Mineralisation appears to be of high quality with minimal processing costs envisaged and further enhanced by the low stripping ratios and simple, low-capital intensity mining and infrastructure solutions," Mascolo added.
IronRidge shares were down 20% to 1.9 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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