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IronRidge encouraged by latest iron ore discovery in Gabon

IronRidge Resources (LON:IRR) has discovered high-grade Canga type iron-ore mineralisation at its Tchibanga project in Gabon, West Africa.

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IronRidge has discovered high grade Canaga type mineralisation...

IronRidge Resources (LON:IRR) has discovered high-grade canga type iron-ore mineralisation at its Tchibanga project in Gabon, West Africa.

Canga is a surface enriched, secondary type mineralisation often found in tropical weathering environments and is commonly mined in Brazil.

It is typically upgraded through simple washing and screening to DSO (direct shipping ore) - the highest grade, premium iron product.

The firm said the mineralisation was found at average 45.2% iron and low contaminant levels, over a combined surface area of 1.95 sq km.

IronRidge has now kicked off a low-cost programme of GPR (ground penetrating radar) to give an estimate of depth ahead of any planned, more costly drilling work.

Additionally, it has applied to the Ministry of Mines for an exploration licence along the southern boundary of the project area where canga mineralisation has been mapped up to the licence boundary.

Chief executive at the firm 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."

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Price: 14 GBX

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