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IronRidge Resources - Drill rig begins turning on Queensland project

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The target area being drilled is around one-kilometre long and revealed signature to soil anomalies similar to those found by ASX-listed Sirius Resources at its Nova Project in Western Australia.

IronRidge Resources (LON:IRR) said this morning it has begun an initial drilling programme on its Quaggy nickel-copper project in Queensland, Australia.

Work will focus on geochemical and geophysical anomalies identified in earlier exploration work.

Geologists previously conducted detailed soil sampling over the prospect that identified copper, nickel, cobalt and platinum group metals.

The target area being drilled is around one-kilometre long and revealed signature to soil anomalies similar to those found by ASX-listed Sirius Resources at its Nova Project in Western Australia.

Nova is estimated to contain a JORC-compliant 10.2mln tonnes at 2.4% nickel, 1% copper and 0.08% cobalt.

IronRidge’s chief executive Vincent Mascolo said: "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."

The company, which listed on AIM in February, has two projects in Gabon as well as two in Australia.


Quick facts: IronRidge Resources Ltd

Price: 14 GBX

AIM:IRR
Market: AIM
Market Cap: £58.11 m
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