: IronRidge Resources
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IronRidge Resources (LSE: IRR) is an AIM listed multi-commodity exploration company with a target to become a global resource bank.
IronRidge was created by DGR Global who also brought SOLG into existence. IronRidge has licence areas in Australia, Gabon, Chad and
Ivory Coast, currently 44 assets / licences in total. They have ~£4m in the bank and are backed by Sumitomo Corp. and Assore (42%
shareholding and 3 board members). DGR Global have retained at 26% stake. Only 240m shares in issue and 88% held by the top 20
Tchibanga, Belinga Sud, Tchibanga Nord (Gabon) Iron Ore
Recent rising iron prices have put these assets back on the map. Previous company estimates at $85 iron give Tchibanga an NPV of
$4.8billion and Belinga Sud an NPV of $1.6billion (see Indaba 2015 presentation). Iron currently at ~$90 changes this to a combined
$8billion. IronRidge is waiting for prices to stabilise but with world population growth continuing, infrastructure spending (especially in
emerging nations) may continue to drive prices even higher.
Monogorillby (Australia) Bauxite & Titanium
Maiden JORC completed in 2016. IronRidge are still drilling to increase the resource. Estimated only 2% of licence areas drilled to date
with JORC compliant bauxite resource at 55MT.
PMR Research Ltd recently stated that “on average one square meter of land can extract one metric ton of aluminium”. Monogorillby is
1484km2 so if just a fraction of that licence contains bauxite, it is worth a lot of money. *1km2 = 1000000m2
In its 2015 company presentations, IronRidge stated a potential of 1.1billion tonnes of Titanium at 3.5% – 5% - that’s about $134billion in-
ground value on the low side.
Dorothe, Echbara, Nabagay, Am Ouchar (Chad) Gold
Drilling started, JORC resource expected 2017
Superb grades up to 103g/t Au reported which are world class. High grades have been verified across the licences which combined stretch
to 1000km2. Bear in mind that most of the world’s biggest gold mines only have ~2g/t so economically it could be a significant discovery.
Vincent Mascolo (CEO) in a recent Proactive interview: “Dorothe….we think that’s going to yield a multi-million ounce deposit…….Echbara
and Am Ouchar we think will mirror that”. Likely to become a major Tier 1 gold asset.
May Queen (Australia) Gold
Drilling started, geology similar to the 2MOz Crakow gold mine which is 120km away and also similarities with the Red Dome copper-gold
deposit with 15Mt at 2.6g/t Au (1.4MOz). Two new targets identified whilst drilling – 2km and 8km along the strike. Historic drilling
revealed grades up to 145g/t which are the third largest documented gold grades that I can find anywhere in the world!
Egyasimanku Hill Areas (Ghana) Lithium
Non-JORC resource of 1.48Mt at 1.66% Li2O hard rock, pegmatite mineralisation adjacent to huge licence areas in Ghana (totalling
314km2). Lithium pegmatite swarm formations over 10km by 1 to 3km are significant. In comparison, Premier African Minerals’ Zulu licence
is just 3.5km2.
Enchi Proci JV Areas (Ivory Coast) Lithium
No resource estimate as yet but multiple pegmatites discovered, each over 15m to 20m wide with several hundred metre strike lengths.
Licence areas in Ivory Coast total 1338km2 which alone is the largest lithium acreage on AIM. Combined with the Ghana licences, IronRidge
have the largest lithium exploration acreages of any UK listed company, greater than Sonora (BCN), Cinovec (EMH) and Goulamina
Kineta North Areas (Ivory Coast) Gold
Significant land package secured of 2310km2 which when combined with Chad and Australia makes this the largest gold exploration
acreage on AIM. Similar splay-off structures host the world-class Syama (7Moz) and Tongon (5Moz) gold mines to the north (Gboguhue and
Vavoua Projects and Soubre Project). The southern extension of the hugely gold prolific Ahafo (23Moz) - Bibiani (7Moz) - Chirano (5Moz)
structure into Ivory Coast (Bianouan Project). The southern extensions of the North-South striking Wa (2.2Moz) - Konkera (3.3Moz) gold
bearing structure (Kineta North Project).
Quaggy Creek, Glencoe West (Australia) Nickel
In the IronRidge Indaba 2015 presentation, Quaggy magnetic soil sample results were compared to the infamous Nova Nickel discovery which led
to Sirius Minerals 100 bagging on the ASX and subsequently getting sold for $1.4billion. Complex geology and high capex puts this as a lower
priority but the potential is stunning and it won’t stay at the bottom of the pile forever!
The content of this research note is for information only and should not be taken as investment advice. Shares can go down as well as up and potential
investors should seek professional help before throwing any money at AIM especially after reading social media or bulletin boards. If you are unsure
about investments in the stock market or have the inability to accept responsibility for your own actions, put your money in a building society and save
yourself (and those around you) a ton of stress!