25 May IronRidge Resources reports new high-grade drill intercepts at Ewoyaa Lithium Project
LSE-listed IronRidge Resources has reported additional broad and high-grade lithium pegmatite drill intersections at new targets adjacent to its Ewoyaa Lithium Project (ELP) in Ghana.
The mineral exploration firm has already defined a JORC-compliant mineral resource estimate of 14.5 million tonnes (Mt) at 1.31% Li2O in the inferred and indicated category, including 4.5 Mt at 1.39% Li2O in the indicated category.
But the latest drill results have confirmed additional high grades in new exploration targets tested within the ELP area, Ironridge’s CEO Vincent Mascolo said in an update to the market.
“The board is delighted to have defined a new mineralised structure at the Ewoyaa North target, where broad pegmatite intersections, including 50 metres at 1.36% Li2O, have been reported, which remains open along strike and is within 210 metres of the currently defined resource footprint,” he said.
“We are confident the additional exploration targets will increase resource scale and improve project economics. 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 an infill drill programme along with planning for metallurgical test-work, mining and engineering studies in support of a pre-feasibilty study.
Mascolo added that the company is ‘ideally positioned’ to take advantage of a rising wave of demand for lithium due to its role in the ‘stored energy transition’.