IronRidge finds high-grade resource at Ghana project
Source - SMW
IronRidge Resources 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 in Ghana. 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 through an unconditional farm-in agreement with Obotan Minerals.
The agreement was first announced on 6 September 2016 and became unconditional on 23 May.
- Multiple pegmatites with visible, coarse crowded spodumene aggregates located on Egyasimanku Hill.
- Outcropping pegmatites characterised by coarse crystalline spodumene (a lithium rich pyroxene mineral and the preferred feedstock of hard-rock lithium mining projects).
- 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.
- Historic 1.48Mt at 1.66% Li2O (non JORC) Egyasimanku Hill Lithium resource defined by the Ghana Geological survey in 1962.
- 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.
- High resolution magnetics and radiometrics helicopter geophysical survey commissioned.
Chief executive Vincent Mascolo 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."
At 9:39am: (LON:IRR) Ironridge Resources Limited Ord Npv Di share price was -1.25p at 36.75p