Source - RNS
RNS Number : 0107I
IronRidge Resources Limited
14 June 2017
 

14 June 2017

 

Historic High-Grade Lithium Resource Located

Ultra-High Resolution Magnetics and Radiometrics

Helicopter Survey Commissioned

Project Update, Ghana West Africa

 

IronRidge Resources Limited (AIM: IRR, 'IronRidge' or the 'Company') is pleased to announce that it has discovered multiple, significant outcropping lithium pegmatites and inspected the historic Egyasimanku Hill Lithium resource (1.48Mt at 1.66% Li2O, non JORC compliant) within the Cape Coast Lithium Project area, Ghana, West Africa. 

 

Through an unconditional farm-in agreement with Obotan Minerals Ltd ('Obotan'), the Company secured exclusive rights to apply for exploration permits to an highly prospective reported historic (non JORC) lithium (spodumene) pegmatite resource of 1.48Mt at 1.66% Li2O.  The agreement was first announced on 6th September 2016 and became unconditional on 23rd May 2017. 

 

HIGHLIGHTS:

 

Ø Multiple pegmatites with visible, coarse crowded spodumene aggregates located on Egyasimanku Hill.

Ø Outcropping pegmatites characterised by coarse crystalline spodumene (a lithium rich pyroxene mineral and the preferred feedstock of hard-rock lithium mining projects).

Ø Three separate pegmatite outcrop and boulder float zones mapped over 480m, 350m and 320m strike lengths with 20m to 50m widths open to the south-west.

Ø Historic 1.48Mt at 1.66% Li2O (non JORC) Egyasimanku Hill Lithium resource defined by the Ghana Geological survey in 1962.

Ø Mapping and sampling ongoing; additional pegmatite targets identified in satellite imagery with very coarse grained and crowded spodumene pegmatites observed; significant potential to grow resource in both size and grade.

Ø High resolution magnetics and radiometrics helicopter geophysical survey commissioned.     

 

 

Reference to figures and tables relate to the version of this release on the Company's website (www.ironridgeresources.com.au) or visible in PDF format by clicking the link below:

 

http://www.rns-pdf.londonstockexchange.com/rns/0107I_-2017-6-14.pdf

  

 

Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:

 

"We are very excited to have located the historical Egyasimanku Hill resource which further vindicates our rigorous and exhaustive research criteria.

 

IronRidge is targeting the establishment of an integrated lithium business based on a range of high-grade resources throughout Southern Ghana.

 

We are very pleased with the development of our Ghana lithium project portfolio and look forward to keeping shareholders and investors updated as more news becomes available."

 

Project Update

Since announcing the unconditional agreement with Obotan on 23rd May 2017, IronRidge has moved quickly to define the likely location of the historic lithium resource on Egyasimanku Hill.  Ongoing line cutting at 50m spacing through the thick vegetation has provided access onto Egyasimanku Hill and encountered large pegmatite outcrops with coarsely crystalline visible spodumene in addition to historical trenching and panel sampling sites.

 

Multiple pegmatite outcrops and boulder float zones have identified three pegmatite targets over 480m, 350m and 320m strike lengths and over 20m to 50m widths that remain open to the south-west.  Additional pegmatite target zones have been identified in satellite imagery along similar trends within the poorly explored and thickly vegetated Egyasimanku Hill area.

 

An ultra-high resolution, 50m line spacing helicopter airborne magnetics and radiometrics survey has been commissioned over the Cape Coast Project area to help further outline existing targets and define new pegmatite targets.  The survey is expected to commence within the coming weeks on receipt of required permits.

 

Line cutting is continuing along the pegmatite target corridors identified within Egyasimanku Hill.  Ongoing mapping has identified additional pegmatite outcrops to the south-west of the identified pegmatite trends and lithium resource.

 

Access Rights to Egyasimanku Hill

Through the Joint Venture Agreement with Obotan Minerals, the Company has secured prospecting access rights with the first right to apply for the historic Egyasimanku Hill lithium resource.  The deposit was drilled by the Ghana Geological Survey during 1962 and a resource estimate of 1.48Mt at 1.66% Li2O reported (non JORC).

 

The Egyasimanku Hill Lithium deposit occurs within the Yenku Forest Reserve, a designated forested area set aside for the local population.  Access rights for minerals prospecting and exploration has been granted by the Forestry Commission of Ghana.

 

The Board is very pleased with the progress that the Company has made in 2017 and looks forward to keeping shareholders updated as further news becomes available.

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.



 

 

For any further information please contact:

 

IronRidge Resources Limited


Vincent Mascolo (Chief Executive Officer)

Tel: +61 7 3303 0610

Nicholas Mather (Executive Chairman)

Tel: +61 7 3303 0610



SP Angel Corporate Finance LLP

Tel: +44 (0)20 3470 0470

Nominated Adviser and Broker


Jeff Keating

Caroline Rowe

 

Yellow Jersey PR Limited

Charles Goodwin

Harriet Jackson

 

 

 

 Tel: +44 (0) 7544 275882

 

 

Competent Person Statement:

Information in this report relating to the exploration results is based on data reviewed by Mr Nicholas Mather (B.Sc. Hons Geol.), the Executive Chairman of the Company.  Mr Mather is a Fellow of the Australasian Institute of Mining and Metallurgy who has in excess of 25 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Mather consents to the inclusion of the information in the form and context in which it appears.

 

Notes to Editors:

IronRidge Resources is an AIM listed mineral exploration company with frontier assets in both Australia and West Africa, with two province scale projects in Gabon, and promising and advanced titanium and bauxite projects in Queensland Australia.  IronRidge's corporate strategy is to create and sustain shareholder value through the discovery of world-class and globally demanded commodities.

 

Australia

Monogorilby is prospective for province scale titanium and bauxite with an initial maiden resource of 54.9MT of premium DSO bauxite Monogorilby is located in central Queensland, within a short trucking distance of the rail system leading north to the Port of Bundaberg.  It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

 

May Queen is located in Central Queensland within IRRs wholly owned Monogorilby license package and is highly prospective for gold.  Historic drilling completed during the 1980s intersected multiple high-grade gold intervals including 2m @ 73.4 g/t Au (including 1m at 145g/t), 4m @ 38.8g/t Au (at end of hole) and 3m @ 18.9g/t Au, over an approximate 100m strike hosting numerous parallel vein systems, open to the north-west and south-east.

 

Wholly owned Quaggy contains highly anomalous platinum, palladium, nickel, cobalt and copper exploration targets and is located in Central Queensland within a short trucking distance of the dormant rail system to the Port of Bundaberg.  It is also located within close proximity of the active Queensland Rail network heading south towards the Port of Brisbane.

 

Gabon

Tchibanga is located in south-western Gabon, in the Nyanga Province, within 10-60km of the Atlantic coastline.  This project comprises two exploration licenses, Tchibanga and Tchibanga Nord, which cover a combined area of 3,396km2 and include over 90km of prospective lithologies and the historic Mont Pele iron occurrence.

 

Belinga Sud is Located in the north east of Gabon in the Ogooue-Ivindo Province, approximately 400km east of the capital city of Libreville.  IRR's licence lies between the main Belinga Iron Ore Deposit, believed to be one of the world's largest untapped reserves of iron ore with an estimated 1bt of iron ore at a grade >60% Fe, and the route of the Trans Gabonese railway, which currently carries manganese ore and timber from Franceville to the Port of Owendo in Libreville.

 

Chad

The Company entered into an agreement with Tekton Minerals Pte Ltd of Singapore concerning its portfolio covering 1,000km2 of highly prospective gold and other mineral projects in Chad, Central Africa.  IronRidge acquired 100% of Tekton including its projects and team to advance the Dorothe, Echbara, Am Ouchar, Nabagay and Ade licenses, which host multiple, large scale gold projects. Initial trenching results at Dorothe, including 14.12g/t Au over 4m, 34.1g/t over 2m and 63.2g/t over 1m, have defined significant gold mineralised quartz veining over a confirmed 1km strike at an average of 2m and up to 5m true width across multiple stacked vein zones over a 250m wide zone with new hard-rock artisanal workings potentially extending strike to >3km.

 

Ghana

The Company entered into conditional joint venture arrangements with Obotan Minerals Limited, Merlink Resources Limited and Barari Developments Limited of Ghana, West Africa, securing the first access rights to acquire the historical Egyasimanku Hill spodumene rich lithium resource, estimated to be in the order of 1.48Mt at 1.67% Li2O and surrounding tenements.  The portfolio covers some 314km2 with a further identified 20km strike of pegmatite vein swarms, tenure package is also highly prospective for tin, tantalum, niobium and gold which occur as accessory minerals within the pegmatites and host formations.

 

Ivory Coast

The Company entered into conditional joint venture arrangements in Ivory Coast, West Africa; securing access rights to highly prospective gold mineralised structures and pegmatite occurrences covering a combined 3,110km2 and 400km2 area respectively.  The projects are well located within access of an extensive bitumen road network and along strike from multi-million ounce gold projects and mines.

 

Corporate

IronRidge made its AIM debut in February 2015, successfully securing strategic alliances with three international companies; Assore Limited of South Africa, Sumitomo Corporation of Japan and DGR Global Limited of Australia.  Assore is a high- grade iron, chrome and manganese mining specialist.  Sumitomo Corporation is a global resources, mining marketing and trading conglomerate.  DGR Global is a project generation and exploration specialist.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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