12th Jun 2019 13:52
(Alliance News) - IronRidge Resources Ltd said Wednesday it has completed the acquisition of several companies in order to take up full ownership of the Vavoua projects in Cote d'Ivoire.
IronRidge Resources first announced in March and April 2017 that it had entered earn-in arrangements with companies Bluefin SARL, Major Star SARL and Enchi Proci SARL, under which IronRidge had the right to wholly acquire each Vavoua project.
Now the explorer has gained full ownership of the projects by wholly acquiring joint ventures Marlin Minerals SARL, Booster Minerals SARL and CAPRI Metals SARL through the issue of 2.1 million IronRidge shares at 22 pence each.
Shares in IronRidge Resources were up 5.1% at 15.50 pence on Wednesday.
IronRidge now has 311.1 million shares issued overall.
IronRidge has flown detailed airborne magnetics at 100 metres of line spacing and up to 40 metres of ground clearance over the Vavoua portfolio, it said, confirming a strike extension over 40 kilometres of a major shear zone, that host the 1.7 million ounces Abujar project.
Structural interpretation, as well as field mapping and sampling results have identified 14 targets, of which four are priority one.
"The Vavoua portfolio, which is in line with the company's vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geophysical targets and gold targets along strike from the 1.73Moz JORC compliant Abujar resource in the Cote d'Ivoire," said Chief Executive Officer Vincent Mascolo.
"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," Mascolo added.
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