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IronRidge Resources announces drill results

Published by
Global Mining Review,


IronRidge Resources Ltd, an African focused minerals exploration company, has reported multiple high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa Lithium Project (ELP), where the company has defined a JORC (2012) compliant mineral resource estimate of 14.5 million t at 1.31% lithium oxide (Li2O) in the inferred and indicated category, including 4.5 million t at 1.39% Li2O in the indicated category in Ghana, West Africa.

Highlights

  • Multiple high-grade lithium pegmatite intersections reported in initial reverse circulation (RC) drilling results from new targets tested adjacent to the ELP, including highlights at a 0.4% Li2O cut-off and maximum 4 m of internal dilution of:
    • GRC0219: 34 m at 1.54% Li2O from 32 m, including 13 m at 1.8% Li2O from 51 m and 1 m at 4% Li2O from 62 m.
    • GRC0221: 36 m at 1.44% Li2O from 83 m, including 10 m at 1.8% Li2O from 87 m.
    • GRC0223: 31 m at 1.59% Li2O from 31 m.
    • GRC0217: 14 m at 1.59% Li2O from 33 m.
    • GRC0220: 7 m at 1.73% Li2O from 101 m.
    • GRC0220: 12 m at 1.74% Li2O from 118 m.
    • GRC0220: 9 m at 1.44% Li2O from 131 m.
  • Highest reported grade to date at the ELP of 4% Li2O over 1 m in hole GRC0219 from 62 m depth.
  • Drilling ongoing; assay results reported herewith for an additional 1455 m of the current programme designed to add resource tonnes within the immediate ELP resource area and test new exploration targets within the adjacent Saltpond license.
  • Additional 4000 m of drilling planned to test strike extensions where mineralisation remains open and test new targets; for a total 16 500 m planned RC programme.
  • Ideal infrastructure support: projects located within 110 km of the operating Takoradi deep-sea port, within 100 km of the capital Accra and adjacent to the sealed Takoradi-Accra highway and high-power transmission lines.
  • Highly supportive government; long mining history, strong diversification drive and pro-renewable and stored energy space initiatives.
  • Increasing lithium demand due to its role in the stored energy transition.

Vincent Mascolo, CEO of IronRidge, said: "We are very pleased with the ongoing results received, which have confirmed high-grades and mineralisation continuity over 400 m of strike, with true mineralised pegmatite widths up to 25 m which remains open at depth and along strike to the east.

"We have seen our highest grade, of over 4% Li2O, intersected to date at the ELP. Drilling is ongoing with approximately 10 000 m of the expanded 16 500 m completed to date.

"We are confident the additional targets will increase resource scale and improve project economics, where we have defined Ghana's first lithium JORC compliant resource of 14.5 million t at 1.31% Li2O and within 110 km of an operating deep-sea port.

"Targeting a plus 10-year mine life, it is estimated that every additional year of production will add approximately US$40 million in NPV per annum on a scoping study that has defined a Post-tax NPV8 of US$345 million over an 8-year life of mine.

"This drilling programme is a key part of our work towards expanding the resource base on what we consider to be an industry-leading asset. We are now evaluating options to fast track the project to production.

"The company is well positioned to take advantage of the increasing demand for lithium due to its role in the stored energy transition.

"We look forward to keeping shareholders up to date as assay results become available."

Read the article online at: https://www.globalminingreview.com/exploration-development/13042021/ironridge-resources-announces-drill-results/

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This article has been tagged under the following:

African mining news Lithium mining news