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 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.
- 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:
- GRC0199: 13 m at 1.86% Li2O from 34 m.
- GRC0204: 12 m at 1.74% Li2O from 75 m.
- GRC0206: 12 m at 1.63% Li2O from 79 m.
- GRC0201: 13 m at 1.44% Li2O from 34 m.
- GRC0202: 12 m at 1.5% Li2O from 70 m.
- GRC0200: 10 m at 1.71% Li2O from 75 m.
- Drilling ongoing; assay results reported herewith for 1350 m of the 12 500 m RC drilling programme designed to add resource tonnes within the immediate ELP resource area and test new exploration targets within the adjacent Saltpond license.
- 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.
Vincent Mascolo, CEO of IronRidge, said: "We are very pleased with the initial results received, which have confirmed the high-grades and mineralisation continuity seen in the first pegmatites drill tested.
"High-grade mineralisation has been confirmed over a combined 440 m of strike, with true widths between 10 m to 12 m which remains open at depth and along strike to the east.
"Drilling is progressing well with approximately 7800 m in 70 holes of the planned 12 500 m RC programme completed to date, with the remaining drilling estimated to be completed in April 2021.
"Drilling is ongoing with coarse grained spodumene observed in multiple drill holes within several of the new pegmatite targets tested 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.
"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.
"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.
"The company is well positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition.
"We look forward to keeping shareholders up to date as assay results become available."
Initial drilling results
Initial drilling results for 1350 m in 17 holes have been received for the first of seven pegmatite targets being drill tested. Multiple high-grade drill intersections have been returned and reported herewith at a 0.4% Li2O cut-off and maximum 4 m of internal dilution.
All sampling was completed at 1 m sampling intervals at the drill site and submitted for analysis at Intertek laboratory with sample preparation completed in Ghana and sample analysis in Perth, Western Australia. All results passed internal and laboratory QA/QC protocols, providing confidence in the reported results.
The drilling programme is designed to test multiple new spodumene-bearing pegmatites identified through the company's recent auger drill programme; to add resource tonnes within the immediate ELP area, as well as advance the regional exploration pipeline by drill testing the Ndasiman, Amoanda and Hweda targets within the Saltpond and Apam West licenses respectively.
Read the article online at: https://www.globalminingreview.com/exploration-development/16032021/ironridge-resources-announces-new-lithium-pegmatite-targets/