IronRidge Resources completes sale of Australian gold asset

AIM-listed explorer IronRidge Resources has sharpened its focus on its core African portfolio with the sale of the May Queen gold project in Queensland, Australia.

The non-core asset will be taken over by Australasian Gold in return for 4.5 million shares of the Australia-focused gold explorer. IronRidge will also invest A$100,000 to provide Australasian Gold with additional working capital.

In total, IronRidge will hold an initial 5.5 million shares in Australasian Gold – representing 32.3% of the enlarged capital on completion of the transaction. The company also maintains both top-up rights and the option of a future seat on the Australasian Gold board.

“We are pleased to be partnering with Australasian Gold on the divestment of our non-core May Queen gold project in Southeast Queensland, Australia,” said IronRidge CEO Vincent Mascolo.

“The divestment provides IronRidge with significant project upside through exploration success, to be led by Australasian Gold, while allowing the company to intensify capital focus and managerial momentum on our core suite of gold and lithium assets in Africa.”

IronRidge’s African portfolio is comprised of gold and lithium discoveries in Ghana, Côte d’Ivoire and Chad.