12th May 2015 10:49
LONDON (Alliance News) - IronRidge Resources Ltd Tuesday said it is about to start a drilling programme at the Quaggy project in Australia in the hope it can turn it into a "significant nickel project", which it hopes to combine with the nearby Glencoe target to build a new nickel district in the country.
"Although our licences in Gabon remain a focus of the company, we are delighted to progress our portfolio with this exciting asset in Australia. The indications are all positive at this stage and we hope to further our belief, through the drilling program, that this could be a significant nickel project," said Chief Executive Vincent Mascolo.
IronRidge has already conducted detailed soil sampling over the prospect which has defined copper, nickel, cobalt and platinum group metal anomalies at the project. The anomalies continue to the west of where the company conducted its original survey, and numerous drill targets have been identified to test them, it said.
"Based on the full metal assemblage present in the soil geochemistry, strongly indicative of sulphides, and the size of the SAM conductors, Quaggy has every indication of delivering a major new deposit," said the company.
IronRidge said the Quaggy target and the Glencoe target, which is just north of Quaggy, both demonstrate the potential to lead to a new nickel district, similar to Australian-listed Sirius Resources' Nova project in Western Australia which combines the Fraser Range and Polar Bear projects.
IronRidge is primarily focused in Gabon in West Africa. with the Belinga Sud and Tchibanga projects where it is exploring for iron ore and gold.
IronRidge shares were trading flat on Tuesday morning at 5.25 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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