IronRidge Resources Limited (LON:IRR) said it has completed the acquisition of CAPRI Metals SARL, giving it full ownership of a “highly prospective gold exploration portfolio” in Côte d'Ivoire.
The Africa-focused mineral explorer said the acquisition completes its purchase of the Vavoua portfolio, which comprises three licenses and grants IronRidge exclusive rights to a tenure package adjacent to the 2.15mln ounce Abujar deposit.
The company said magnetics extension had confirmed a strike extension of over 40 kilometres of a “major shear zone” which hosts Abujar into the central portion of the Vavoua portfolio.
IronRidge said it will acquire the portfolio in return for the issue of 572,656 shares in the company at a price of 22p each, a 131% premium to its closing price on Tuesday.
"The Vavoua portfolio, which is in line with the Company's vision and growth strategy in Africa, represents a highly prospective ground holding with high-priority geophysical targets”, IronRidge chief executive Vincent Mascolo said in a statement.
"The grant of the tenure and acquisition completes our strategic plan in the area, providing valuable synergies with the IronRidge team and its growth strategy of creating and sustaining shareholder value through the discovery of the next generation of mining projects”, he added.