IronRidge Resources Ltd, an African focused minerals exploration company, has announced that it has now completed the acquisition (the acquisition) of 100% of the share capital of Joy Transporters Ltd, providing IronRidge full ownership of the highly prospective Saltpond license and Cape Coast application in Ghana (the Saltpond and Cape Coast portfolio) (refer RNS of 12 March 2020).
The Saltpond and Cape Coast portfolio, which is in line with the company's vision and growth strategy in Africa, represents a highly prospective ground holding with high priority pegmatite targets adjacent to the company's Ewoyaa Lithium Project with a JORC 2012 compliant maiden mineral resource estimate of 14.5 million t at 1.31% lithium oxide (Li2O).
- The acquisition of Joy Transporters is in return for the issue of 2 360 035 shares in IronRidge.
- Former shareholders of Joy Transporters further endorse the IronRidge vision through the lock in of their IronRidge shares for 12 months.
- 12 500 m reverse circulation (RC) drilling programme currently underway to grow the resource, including exploration drilling of two pegmatite targets within the Saltpond license.
- Long-lead baseline environmental, social studies and monitoring ongoing.
- Ideal infrastructure support; projects located 110 km from the operating Takoradi deep-sea port, within 1 km of the sealed bitumen Takoradi – Accra highway and adjacent to high-power transmission lines.
- Highly supportive government with a long mining history, strong diversification drive and pro renewable and stored energy space initiatives.
- IronRidge team to advance the licenses and future growth strategies with simplified operations and structure for future growth.
Vincent Mascolo, CEO of IronRidge, said: "We are delighted to have completed this significant acquisition, providing IronRidge full ownership of the highly prospective Saltpond license and Cape Coast application in Ghana. This extensive tenure package is adjacent to the company's flagship Ewoyaa Lithium Project where, in January 2021, we announced results of a scoping study supporting a business case for a 2 million tpy production operation, producing an average 295 000 tpy of 6% Li2O spodumene concentrate, with life of mine revenues exceeding US$1.55 billion.
"The acquisition is part of the company's strategic plan in the region, providing valuable synergies with IronRidge's existing portfolio and team, as well as its growth strategy of creating and sustaining shareholder value through the discovery of fundamentally robust lithium projects at a time when demand for lithium is increasing significantly.
"The exploration RC drilling programme currently underway is progressing well and we look forward to keeping shareholders updated with our progress."
Read the article online at: https://www.globalminingreview.com/finance-business/04022021/ironridge-resources-completes-acquisition-of-joy-transporters-ltd/