IronRidge Resources discovers iron-ore mineralisation at Tchibanga project in Gabon

22 November 2015 (Last Updated November 22nd, 2015 18:30)

IronRidge Resources has discovered high-grade iron-ore mineralisation within its Tchibanga project in the Republic of Gabon, West Africa.

IronRidge Resources has discovered high-grade iron-ore mineralisation within its Tchibanga project in the Republic of Gabon, West Africa.

The mapping, sampling abd initial laboratory assay results have defined canga mineralisation at average 45.2% Fe and low contaminant levels at the project with surface area spread over 1.95km².

The surface enriched, secondary iron ore type mineralisation canga occurs within tropical weathering environments over iron formation.

Commonly mined in Brazil, canga is upgraded through washing and screening to DSO.

"Mineralisation appears to be of high-quality with minimal processing costs envisaged."

IronRidge Resources CEO Vincent Mascolo said: "IronRidge is very encouraged with the discovery of high-grade canga mineralisation within such short potential trucking distance to the proposed port of Mayumba.

"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."

Following the discovery, the company commenced a low-cost programme of ground penetrating radar (GPR) in order to provide an estimate of depth before conducting any planned drilling.

The programme is slated for completion by end of this year and was earlier used to map canga depths in tropical settings elsewhere.

IronRidge has also submitted an application to the Ministry of Mines and Industry for an additional reconnaissance license along the southern boundary of the project area.

It has started a GPR geophysical survey to allow the evaluation of depth potential prior to a decision to commence more costly drilling.