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IronRidge Resources report additional drill results

Published by
Global Mining Review,


IronRidge Resources Ltd, an African focused minerals exploration company, has reported additional high-grade lithium pegmatite drill intersections, including multiple drill intersections over 2% lithium oxide, 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

  • Additional 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:
    • GRC0269A: 18 m at 2.24% Li2O from 39 m, including 14 m at 2.68% Li2O from 42 m (including 1 m at 4.1% from 52 m) and 7 m at 2.34% Li2O from 62 m (including 1 m at 4.24% from 64 m).
    • GRC0235: 18 m at 1.75% Li2O from 42 m.
    • GRC0236: 17 m at 1.5% Li2O from 88 m, including 5 m at 2.11% Li2O from 96 m.
    • GRC0251: 16 m at 1.34% Li2O from 41 m.
    • GRC0233: 14 m at 1.51% Li2O from 43 m.
    • GRC0277: 9 m at 2.16% Li2O from 36 m.
    • GRC0269A: 8 m at 2.16% Li2O from 62 m.
    • GRC0278: 8 m at 1.95% Li2O from 43 m.
    • GRC0260: 13 m at 1.16% Li2O from 19 m.
    • GRC0275: 7 m at 1.94% Li2O from 78 m.
    • GRC0267: 5 m at 2.46% Li2O from 58 m.
    • GRC0244: 5 m at 2.41% Li2O from 32 m.
  • Multiple drill intersections over 2% Li2O within new targets tested, in particular a flat-lying sill structure at the Anokyi South target with a true width between 5 m to 12 m over a 230 m by 130 m area, which remains open at depth and to the north-west.
  • Highest reported grade to date at the ELP of 4.24% Li2O over 1 m in hole GRC0269A from 64 m depth.
  • Drilling ongoing; assay results reported herewith for an additional 6181 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.
  • 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 excited to have defined a new mineralised structure at the Anokyi South target where a flat-lying 5 – 12 m thick pegmatite sill with consistent grades over 2% Li2O has been intersected in multiple holes and remains open down dip and along strike to the north-west.

"We have surpassed our previous highest grade intersected to date with over 4.2% Li2O over 1 m in hole GRC0269A and can report multiple drill intersections over 2% Li2O at new targets tested.

"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.

"Given the resurgence in the electric vehicles and stored energy space, spodumene concentrate pricing is increasing and forecast to climb significantly which bodes well for improved economics for the Ewoyaa Lithium Project.

"The project is well leveraged to spodumene concentrate (SC6) pricing; it is estimated that every US$25/t SC6 price rise results in an additional US$60 million to the post-tax NPV over an 8-year mine life and an additional US$75 million to the post-tax NPV over a 10-year mine life.

"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 results become available."

Read the article online at: https://www.globalminingreview.com/exploration-development/20042021/ironridge-resources-report-additional-drill-results/

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This article has been tagged under the following:

African mining news Lithium mining news