TIDMIRR
RNS Number : 6822L
IronRidge Resources Limited
14 September 2021
14 September 2021
Best Drill Intersection to Date for Resource Expansion
Programme
High-Grade Lithium Pegmatite Drill Intersections
Grasscutter and Ewoyaa North Pegmatites
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to report final high-grade lithium pegmatite drill
intersections at new targets adjacent to the Ewoyaa Lithium Project
("Ewoyaa" or "ELP"), where the Company has defined a JORC compliant
mineral resource estimate of 14.5Mt at 1.31% Lithium Oxide ("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/6822L_1-2021-9-14.pdf
HIGHLIGHTS:
Ø Highest metal content intersection (lithium grade multiplied
by meters) reported to date in the resource expansion programme of
53m at 1.34% Li(2) O from 80m in hole GRC0392.
Ø Additional high-grade lithium pegmatite intersections reported
in reverse circulation ("RC") drilling results at the Ewoyaa North
target adjacent to the ELP, including highlights at a 0.4% Li(2) O
cut-off and maximum 4m of internal dilution of:
o GRC0392: 53m at 1.34% Li(2) O from 80m
o GRC0393: 32m at 1.34% Li(2) O from 87m
o GRC0393: 19m at 1.17% Li(2) O from 56m
o GRC0392: 13m at 0.93% Li(2) O from 25m
o GRC0391: 12m at 0.93% Li(2) O from 84m
o GRC0390: 11m at 1.01% Li(2) O from 66m
Ø Additional high-grade lithium pegmatite intersections reported
in RC drilling results at the Grasscutter target adjacent to the
ELP, including highlights at a 0.4% Li(2) O cut-off and maximum 4m
of internal dilution of:
o GRC0374: 28m at 1.35% Li(2) O from 97m
o GRC0377: 19m at 1.37% Li(2) O from 76m
o GRC0397: 15m at 1.6% Li(2) O from 136m
o GRC0369: 12m at 1.44% Li(2) O from 70m
o GRC0372: 11m at 1.29% Li(2) O from 105m
o GRC0398: 11m at 1.29% Li(2) O from 78m
o GRC0399: 11m at 1.24% Li(2) O from 78m
o GRC0377: 6m at 2.12% Li(2) O from 102m
o GRC0384: 13m at 0.97% Li(2) O from 147m
o GRC0384: 8m at 1.56% Li(2) O from 135m
o GRC0370: 9m at 1.37% Li(2) O from 129m
o GRC0385: 10m at 1.17% Li(2) O from 158m
o GRC0388: 10m at 1.11% Li(2) O from 58m
o GRC0401: 7m at 1.44% Li(2) O from 161m
Ø All assay results now reported for the resource expansion
drilling programme with the remaining 5,443m of drilling reported
herewith.
Ø 25,612m resource expansion programme now completed with infill
resource drilling and metallurgical diamond core drilling now
underway with five drill rigs on site.
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.
Ø Increasing lithium demand due to its role in the stored energy
transition.
Commenting on the Company's latest progress, Vincent Mascolo,
Chief Executive Officer of IronRidge, said:
"We have returned our best drill intersection to date with the
highest metal content observed (lithium grade multiplied by meters)
for the resource expansion programme at the Ewoyaa North
target.
"The resource expansion drilling programme has now been
completed and we will maintain momentum with five drill rigs
currently active on site for the resource infill programme.
"The board remains confident the additional exploration 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, within 110km of an operating deep-sea
port.
"Infill resource, metallurgical and hydro monitoring drilling is
well underway in addition to metallurgical test-work in support of
planned Feasibilty Studies.
"The Company is ideally positioned to take advantage of the
increasing demand for lithium due to its role in the stored energy
transition and looks forward to keeping shareholders up to date as
the Ewoyaa Project progresses."
Resource Expansion Drilling Results
New high-grade drilling results for 5,443m in 41 holes have been
received for the final resource expansion drill programme. Multiple
high-grade drill intersections have been returned, with highlights
reported in Table 1 and Figure 1 at a 0.4% Li(2) O cut-off and
maximum 4m of internal dilution (refer Appendix 1 for all reported
intersections). Cross sections for highlight holes over the new
Grasscutter target are shown in Figure 2 and Figure 3 .
All sampling was completed at 1m sampling intervals at the drill
site and submitted for analysis at Intertek laboratory with sample
preparation completed in Ghana and sample analysis in Perth,
Western Australia. All results passed internal and laboratory QA/QC
protocols, providing confidence in the reported results.
The drilling programme was designed to test multiple new
spodumene-bearing pegmatites identified through the Company's
recent and ongoing auger drill programme; to add resource tonnes
within the immediate ELP mine corridor area (refer Figure 4 ). The
programme will also advance the regional exploration pipeline by
drill testing the Ndasiman, Amoanda and Hweda targets within the
Saltpond and Apam West licenses respectively (refer Figure 5 ).
As part of this drilling programme, at total of 1,936m in 12
holes of regional RC exploration drilling was completed at the
Ndasiman, Amoanda and Hweda targets. Although no significant
lithium bearing intervals greater than 0.4% Li(2) O were returned
at the targets, very significant pegmatite widths between 40m to
80m true width were intersected at Ndasiman and up to 30m true
width at Amoanda with review ongoing.
The original planned 12,500m RC drilling programme was increased
to 16,500m to test strike extensions of drilled pegmatites and
further increased to 25,000m to include the recently defined
Grasscutter and Ewoyaa North targets.
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 2 8072 0640
Vincent Mascolo (Chief Executive Officer)
Amanda Harsas (Company Secretary)
www.ironridgeresources.com.au
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
Tel: +44 (0) 20 3100 2000
Liberum Capital Limited
Joint Company Broker
Scott Mathieson
Edward Thomas
Kane Collings
SI Capital Limited Tel: +44 (0) 1483 413
Joint 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:
About IronRidge
www.ironridgeresources.com.au
IronRidge Resources is an AIM-listed, Africa focused minerals
exploration company with a significant lithium pegmatite discovery
in Ghana, extensive gold portfolios in Côte d'Ivoire and a
potential new gold province discovery in Chad. As announced on 1
June 2021, IronRidge intends to demerge its suite of gold assets
into a separate listed entity. As announced on 31 August 2021,
Piedmont Lithium to fully fund the Ewoyaa lithium project in
Ghana.
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.
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 3,982km2 and 774km2 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.
Chad
The Company's Tekton Minerals Pte Ltd of Singapore holds an
extensive 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.
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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