IronRidge Resources provides Ewoyaa Lithium project drilling update

Highlights

• Drilling progressing well; approximately 4200m in 40 reverse circulation (RC) holes completed to date.
• Visible coarse spodumene mineralisation observed in 36 holes to date with maximum reported pegmatite intervals up to 36 m and approximating true width.
• Spodumene mineralisation observed in majority of pegmatite targets tested to date, showing good continuity up to 300 m along strike and down dip and average pegmatite widths between 10 m – 15 m.
• Three of the seven pegmatite target zones drill tested to date; drilling ongoing with assays pending.
• 12 500 m RC drilling programme designed to add resource tonnes within the immediate Ewoyaa 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: "Seeing multiple drill holes with coarse visible spodumene within each of the new pegmatite targets tested to date confirms the growth potential of the project.

"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 is widely considered to be an industry-leading asset. We are now evaluating options to fast track the project to production to take advantage of the increasing demand for lithium and its role in the future growth of stored energy initiatives.

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

Drilling progress

Drilling is progressing well with approximately 4200 m in 40 holes completed to date of the planned 12 500 m RC programme estimated to be completed in or around early April 2021.

Of the 40 holes drilled to date, 36 holes have intersected spodumene mineralisation with pegmatite intervals up to 36 m long down hole and approximating true width of the dipping pegmatite dyke. Average pegmatite widths are between 10 – 15 m true width from drilling completed to date, with pegmatites occurring over 300 m strike. Three significant new pegmatite discoveries have been confirmed in drilling to date with coarse spodumene mineralisation observed in most drill holes.

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/24022021/ironridge-resources-provides-ewoyaa-lithium-project-drilling-update/