IronRidge announces additional drill results

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:
  • GRC0300: 50 m at 1.36% Li₂O from 77 m including 23 m at 1.68% Li₂O from 104 m.
  • GRC0288: 24 m at 1.3% Li₂O from 55 m including 11 m at 1.7% Li₂O from 63 m.
  • GRC0301A: 21 m at 1.29% Li₂O from 99 m including 11 m at 1.6% Li₂O from 101 m.
  • GRC0299: 17 m at 1.48% Li₂O from 69 m.
  • GRC0289: 26 m at 0.91% Li₂O from 90 m including 10 m at 1.25% Li₂O from 99 m.
  • GRC0302: 17 m at 1.36% Li₂O from 39 m including 10 m at 1.5% Li₂O from 40 m.
  • GRC0303: 25 m at 0.91% Li₂O from 99 m including 10 m at 1.57% Li₂O from 99 m.
  • GRC0301A: 16 m at 1.39% Li₂O from 140 m including 10 m at 1.56% Li₂O from 145 m.
  • GRC0291: 21 m at 1.05% Li₂O from 82 m.
  • GRC0303: 14 m at 1.31% Li₂O from 35 m including 7 m at 1.76% Li₂O from 42 m.
• New mineralised pegmatite intersections confirmed in drilling results at the Ewoyaa North target where mineralisation remains open to the north and south.
• Drilling ongoing; assay results reported herewith for an additional 3081 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 highly encouraged with the ongoing results received, which continue to confirm additional high grades in new exploration targets tested within the ELP area.

"The Board is delighted to have defined a new mineralised structure at the Ewoyaa North target, where broad pegmatite intersections, including 50 m at 1.36% Li₂O, have been reported, which remains open along strike and is within 210 m of the currently defined resource footprint.

"We are confident the additional exploration 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, 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.

"Earthworks are underway for the infill drill programme as well as planning for metallurgical test-work, mining and engineering studies in support of the pre-feasibilty study.

"The company is ideally positioned to take advantage of the increasing demand for lithium due to its role in the stored energy transition and looks forward to keeping shareholders up to date as further results become available."

Read the article online at: https://www.globalminingreview.com/exploration-development/25052021/ironridge-announces-additional-drill-results/