IronRidge Resources, the African focussed 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 mineral resource estimate of 14.5Mt at 1.31% Li2O, including 4.5Mt at 1.39% Li2O in Ghana, West Africa.
Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said: “We are very pleased with the ongoing results received, which have confirmed high-grades and mineralisation continuity over 400m of strike, with true mineralised pegmatite widths up to 25m which remains open at depth and along strike to the east.
“We have seen our highest grade, of over 4% Li2O, intersected to date at the ELP. Drilling is ongoing with approximately 10,000m of the expanded 16,500m completed 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 14.5Mt at 1.31% Li2O and within 110km of an operating deep-sea port.
“Targeting a plus 10-year mine life, it is estimated that every additional year of production will add c. US$40M in NPV per annum on a Scoping Study that has defined a Post-tax NPV8 of US$345M over an 8-year LOM.
“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.”
The Cape Coast Lithium portfolio covers some 684km2 and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category including 4.5Mt at 1.39% Li2O in the indicated category (reported in accordance with the JORC Code).
The Company entered into earn-in arrangements with Obotan Minerals Limited, Merlink Resources Limited, Barari Developments Limited and Joy Transporters Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium deposit, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements.
The tenure package is also prospective for tin, tantalum, niobium, caesium and gold, which occur as accessory minerals within the pegmatites and host formations.