TIDMIRR
RNS Number : 6314L
IronRidge Resources Limited
14 January 2021
14 January 2021
Drilling Commenced at Ewoyaa
Visible Spodumene Intercepted in First Hole
Lithium Pegmatite Project
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to announce the commencement of drilling 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/6314L_1-2021-1-14.pdf
HIGHLIGHTS:
Ø Drilling contractor GeoDrill Limited ("GeoDrill") mobilised to
site and drilling commenced.
Ø First RC drill hole ( GRC0199) intersects visible spodumene on
a new pegmatite target within 500m of the current resource.
Ø 12,500m reverse circulation ("RC") drilling programme designed
to add resource tonnes within the immediate Ewoyaa resource
area.
Ø Approximately 10,000m of RC drilling designed to test seven
new high-priority pegmatite targets, including outcropping
spodumene pegmatite within the immediate Ewoyaa Lithium Project
area to add potential resource tonnes.
Ø Approximately 2,500m of exploration RC drilling planned to
test an additional three exploration targets; Ndasiman, Amoanda and
Hweda within the Saltpond and Apam West licenses (refer RNS of 30
June 2020 and 7 Aug 2018).
Ø 6km of new access roads and 85 drill pads prepared within the
Ewoyaa project area.
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:
"We are delighted to report that drilling has commenced at the
Ewoyaa Lithium Project, where we have defined Ghana's first lithium
JORC compliant resource of 14.5Mt at 1.31% Li(2) O in the inferred
and indicated category within 110km of an operating deep-sea
port.
"Our first RC drill hole of the season has intersected 13m of
visible spodumene mineralisation on a new pegmatite target within
500m of the current resource and from a depth of 34m down hole.
"The approximate 12,500m RC programme is designed to rapidly
test seven new high-priority pegmatite targets within the immediate
Ewoyaa resource area u ncovered by the recently completed auger
drilling programme, as well as test three exploration targets
within the Saltpond and Apam West licenses.
"The single largest new pegmatite defined within the ELP
corridor is 460m long and up to 30m apparent width with outcropping
spodumene observed and the potential to add significant resource
tonnes within the immediate project area.
"Over 6km of drill access and 85 drill pads have already been
cleared and ready for drilling.
"Additionally, we will drill test the Ndasiman, Amoanda and
Hweda exploration targets with approximately 2,500m of RC drilling,
respectively 9km, 8km and 27km as the crow flies from Ewoyaa. The
exploration targets occur within the adjoining exploration licenses
and form part of our ongoing pipeline of project development within
the highly prospective 684km(2) lithium portfolio.
"Despite the challenges faced in the past year, IronRidge has
made significant progress in driving its lithium assets and the
Ewoyaa Lithium Project forward.
"The Company is well positioned to take advantage of the
increasing demand for lithium and its role in the future of stored
energy transition.
"We look forward to keeping shareholders up to date as results
become available."
Drilling Commenced - Visible Spodumene Intersected
Drilling has commenced at Ewoyaa with GeoDrill collaring the
first hole of the 12,500m RC programme planned to be completed in
or around early April 2021 (refer Figure 1 ).
Figure 1: Geodrill RC rig collaring the first hole GRC0199 of
the 2021 season.
The first hole GRC0199, has intersected visible spodumene
mineralisation between 34m to 47m down hole within the first of
seven new pegmatite targets to be tested and within 500m of the
current resource footprint, with assays pending. (refer Figure 2
and Figure 4 ).
Figure 2: GeoDrill RC rig collaring the first hole GRC0199 of
the 2021 season.
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 3 ).
Figure 3: Summary of new target areas being tested and their
location relative to the current resource footprint.
Seven new pegmatite targets will be drill tested as part of this
programme and occur within 500m to 1.5km of the current resource
footprint (refer Figure 4 ).
The newly defined pegmatite targets have similar strike and
widths to the Ewoyaa North-East deposit which hosts 2.5Mt of
mineralisation (JORC compliant, refer RNS of 28 January 2020 and
Figure 4 ).
Figure 4: Planned drilling with hole GRC0199 location and
completed access over newly defined spodumene bearing pegmatites
within close proximity to the current resource footprint.
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.
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 Tel: +61 7 3303 0610
Vincent Mascolo (Chief Executive Officer)
Karl Schlobohm (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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