viewIronRidge Resources Ltd

IronRidge discovers potential new bauxite source in Queensland

An initial 48 hole drilling program is underway to define a maiden resource by first quarter 2016.

Bauxite in the source of most new aluminium

IronRidge Resources (LON:IRR) has unearthed a high-grade Direct Shipping Ore bauxite deposit at its Monogorilby project in Queensland, Australia. 

Bauxite is processed to produce aluminium and IronRidge said its 16 sq km licence had the potential to become a new mineralised province with significant scale potential.

An initial 48 hole drilling program is underway to define a maiden resource by first quarter 2016.

Cuttings so far had indicated an average 5m thick bauxite mineralisation, with highest indications up to 7m.

The location of the deposit also indicated low stripping ratios.

Vincent Mascolo, chief executive, added the resource was also located less than 55km from a dormant rail system connected to the operational port of Bundaberg.

"Mineralisation is of high quality, with favourable gibbsite mineralogy.  The material has been found at surface level. Low stripping ratios are implied, and the available alumina to reactive silica ratios are excellent."

"The extent and thickness of DSO bauxite mineralisation discovered is significant. “

IronRidge added that bauxite prices are buoyant currently at US$$60/tonne.

Quick facts: IronRidge Resources Ltd

Price: 14 GBX

Market: AIM
Market Cap: £58.11 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of IronRidge Resources Ltd named herein, including the promotion by the Company of IronRidge Resources Ltd in any Content on the Site, the Company...


IronRidge Resources reports three significant discoveries in past three years

Proactive's mining analyst Ryan Long updates investors on IronRidge Resources' (LON:IRR) significant discoveries in the past three years. It is an AIM-listed exploration company, which has a portfolio of gold and lithium projects across Africa. Long points out the 'very good technical...

on 23/9/20

2 min read