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IronRidge Resources Ltd.
Summary
| Project: | Monogorilby | |
|---|---|---|
| Deposit: | May Queen | |
| Location: | Australia | |
| Commodities: | Gold-Copper | |
| Date: | 11/4/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 4-11-2016: IronRidge Resources Ltd. announces an Exploration/Drilling Update report for its May Queen deposit at the Monogorilby project. Drilling results incl. 2m @ 13.5g/t Au. IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleas | |
| Resources: | (Resource, Inf.): 54.89Mt @ 37.5% Al2O3, 8.5% SiO2 | |
| CP/QP: | [Overall Report]: Not Stated (Not Stated) | |
| ABSTRACT: | IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleased to announce the intersection of significant gold and copper grades in drilling at its 100% owned May Queen high-grade gold prospect in Queensland, Australia. Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said: "The Company is very pleased to have confirmed the historical data and will consider a broader overview to develop regional and detailed programs to test the surrounding blind magnetic anomalies and regional zinc anomalism. This, combined with the copper and gold anomalism, suggests some potential for bulk tonnage porphyry mineralisation." The Company has completed 8 percussion reverse circulation drill holes for a total of 567m at the May Queen Prospect within the Company's wholly owned Monogorilby license package, Central Queensland Australia. Drilling has intersected multiple high-grade gold intervals (see table 1) confirming the 100m long zone of historic intersections, along the interpreted contact between intrusive gabbros and feldspar porphyry dykes. The contact is open along strike and at depth, providing opportunities for additional mineralisation within the target area. Gold mineralisation occurs along the contact zone and in close proximity to the porphyry dykes. In detail, the gold lies within quartz chalcedony veinlets within a few metres of the porphyry contacts. Sulphide contents are generally less than 1% and there is a broad correlation with tellurium in the analyses. This is typical of the epithermal gold occurrences that appear in this district. The largest of these occurrences are at the 2 Moz Cracow mine. Copper - gold (potential 'skarn' type mineralisation associated with copper-gold porphyries) was intersected in the north-east of the prospect (1m @ 1.3% Cu & 0.62g/t Au) where surface copper oxide staining had been recognised in reconnaissance mapping. | |
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