TIDMIRR
RNS Number : 1602Q
IronRidge Resources Limited
24 February 2021
24 February 2021
Drilling Update
Visible Spodumene in Multiple Holes
Lithium Pegmatite Project
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to provide an update on drilling activities at the Ewoyaa
Lithium Project ("Ewoyaa" or "ELP"), where it has defined a JORC
compliant mineral resource estimate of 14.5Mt at 1.31% Li(2) O in
the inferred and indicated category, including 4.5Mt at 1.39% Li(2)
O in the indicated category in Ghana, West Africa.
Figures and Tables referred to in this release can be viewed in
the PDF version available via this link:
http://www.rns-pdf.londonstockexchange.com/rns/1602Q_1-2021-2-24.pdf
HIGHLIGHTS:
Ø Drilling progressing well; approximately 4,200m in 40 reverse
circulation ("RC") holes completed to date.
Ø Visible coarse spodumene mineralisation observed in 36 holes
to date with maximum reported pegmatite intervals up to 36m and
approximating true width.
Ø Spodumene mineralisation observed in majority of pegmatite
targets tested to date, showing good continuity up to 300m along
strike and down dip and average pegmatite widths between 10m to
15m.
Ø Three of the seven pegmatite target zones drill tested to
date; drilling ongoing with assays pending.
Ø 12,500m RC drilling programme designed to add resource tonnes
within the immediate Ewoyaa resource area and test new exploration
targets within the adjacent Saltpond license.
Ø Ideal infrastructure support: projects located within 110km of
the operating Takoradi deep-sea port, within 100km of the capital
Accra and adjacent to the sealed Takoradi - Accra highway and
high-power transmission lines.
Ø Highly supportive government; long mining history, strong
diversification drive and pro-renewable and stored energy space
initiatives.
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"Seeing multiple drill holes with coarse visible spodumene
within each of the new pegmatite targets tested to date confirms
the growth potential of the project.
"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% Li(2) O
and within 110km of an operating deep-sea port.
"This drilling programme is a key part of our work towards
expanding the resource base on what is widely considered to be an
industry-leading asset. We are now evaluating options to fast track
the project to production to take advantage of the increasing
demand for lithium and its role in the future growth of stored
energy initiatives.
"We look forward to keeping shareholders up to date as assay
results become available."
Drilling Progressing Well - Visible Spodumene Intersected in
Multiple Holes
Drilling is progressing well with approximately 4,200m in 40
holes completed to date of the planned 12,500m RC programme
estimated to be completed in or around early April 2021 (refer
Figure 1 ).
Of the 40 holes drilled to date, 36 holes have intersected
spodumene mineralisation with pegmatite intervals up to 36m long
down hole and approximating true width of the dipping pegmatite
dyke. Average pegmatite widths are between 10m to 15m true width
from drilling completed to date, with pegmatites occurring over
300m strike. Three significant new pegmatite discoveries have been
confirmed in drilling to date with coarse spodumene mineralisation
observed in most drill holes (refer Figure 2 and Figure 3 ).
The drilling programme is designed to test multiple new
spodumene bearing pegmatites identified through the Company's
recent auger drill programme; to add resource tonnes within the
immediate ELP area, as well as advance the regional exploration
pipeline by drill testing the Ndasiman, Amoanda and Hweda targets
within the Saltpond and Apam West licenses respectively (refer
Figure 4 ).
Competent Person Statement
Information in this announcement relating to the exploration
results is based on data reviewed by Mr Lennard Kolff (MEcon.
Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is
a Member of the Australian Institute of Geoscientists who has in
excess of 20 years' experience in mineral exploration and is a
Qualified Person under the AIM Rules. Mr Kolff consents to the
inclusion of the information in the form and context in which it
appears.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For any further information please contact:
IronRidge Resources Limited Tel: +61 7 3303 0610
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +4 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
SI Capital Limited Tel: +44 (0) 1483 413
Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry WilkinsonMatthew McHale
Dominic Barretto
Notes to Editors:
IronRidge Resources is an AIM-listed, Africa focussed minerals
exploration company with a lithium pegmatite discovery in Ghana,
extensive grassroots gold portfolio in Côte d'Ivoire and a
potential new gold province discovery in Chad. The Company holds
legacy iron ore assets in Gabon and a bauxite resource in
Australia. IronRidge's strategy is to create and sustain
shareholder value through the discovery and development of
significant and globally demanded commodities.
Côte d'Ivoire
The Company entered into conditional earn-in arrangements in
Côte d'Ivoire, West Africa; securing access rights to highly
prospective gold mineralised structures and pegmatite occurrences
covering a combined 3,584km(2) and 1,172km(2) 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. The Company's most advanced project is the
Zaranou gold project which includes high-grade gold drilling
intersections along 8km strike including 6m at 6.44g/t gold from
132m, 6m at 15.11g/t gold from 26m, 4m at 5.16g/t gold from 110m
and 22m at 3.39g/t gold from 8m within a broader 47km long gold
anomalous structure.
Ghana
The Cape Coast Lithium portfolio covers some 684km(2) and
includes the newly discovered Ewoyaa Lithium Project with a maiden
Mineral Resource estimate of 14.5Mt at 1.31% Li(2) O in the
inferred and indicated category including 4.5Mt at 1.39% Li(2) O 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% Li(2) O 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.
Chad
The Company entered into an agreement with Tekton Minerals Pte
Ltd of Singapore concerning its portfolio covering 746km(2) 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
Kalaka licenses, which host multiple, large scale gold projects.
Trenching results at Dorothe, including 84m at 1.66g/t Au
(including 6m at 5.49g/t & 8m at 6.23g/t), 4m at 18.77g/t Au
(including 2m at 36.2g/t), 32m at 2.02g/t Au (including 18m at
3.22g/t), 24m at 2.53g/t Au (including 6m at 4.1g/t (including 2m
at 6.2g/t) and 2m at 6.14g/t), 14.12g/t Au over 4m, 34.1g/t over 2m
and 63.2g/t over 1m, have defined significant gold mineralised
quartz veining zones over a 3km by 1km area including the steep
dipping 'Main Vein' and shallow dipping 'Sheeted Vein' zones.
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.
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 3,396km(2) 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.
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.
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