TIDMIRR
RNS Number : 5173K
IronRidge Resources Limited
02 September 2021
2 September 2021
High-Grade Drill Intersections
New Mineralised Pegmatite Confirmed at Grasscutter
Mineralised Pegmatites Extended at Ewoyaa North
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to report additional broad and 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% 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/5173K_1-2021-9-2.pdf
HIGHLIGHTS:
Ø New high-grade lithium pegmatite intersections reported in
initial reverse circulation ("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 GRC0368: 49m at 1.21% Li(2) O from 122m
o GRC0362: 29m at 1.49% Li(2) O from 71m
o GRC0364: 26m at 1.57% Li(2) O from 126m
o GRC0365: 23m at 1.55% Li(2) O from 73m
o GRC0363: 23m at 1.41% Li(2) O from 62m
o GRC0366: 21m at 1.36% Li(2) O from 150m
o GRC0367: 18m at 1.5% Li(2) O from 53m
o GRC0359: 21m at 0.92% Li(2) O from 68m
o GRC0361: 12m at 1.44% Li(2) O from 47m
Ø Additional high-grade lithium pegmatite intersections reported
in ongoing reverse circulation ("RC") drilling results at the
Ewoyaa North and Anokyi Main targets adjacent to the ELP, including
highlights at a 0.4% Li(2) O cut-off and maximum 4m of internal
dilution of:
o GRC0351: 30m at 1.53% Li(2) O from 109m
o GRC0348: 30m at 1.3% Li(2) O from 81m
o GRC0356: 14m at 1.1% Li(2) O from 83m
o GRC0349: 14m at 0.88% Li(2) O from 77m
o GRC0334: 7m at 1.47% Li(2) O from 72m
o GRC0350: 6m at 1.63% Li(2) O from 123m
Ø RC resource extension drilling now completed for a total
25,612m in 205 holes; assay results reported herewith for an
additional 6,921m of the current programme.
Ø Infill resource drilling, metallurgical diamond core drilling
and planning for hydro monitoring drilling, mining and engineering
studies now commenced 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 are highly encouraged by the ongoing results received from
new targets adjacent to Ewoyaa, which continue to confirm high
grades in new exploration targets tested within the ELP area.
"We have defined a new mineralised structure at the Grasscutter
target, where broad pegmatite intersections, including 49m at 1.21%
Li(2) O, have been reported within 620m of the resource footprint.
The board is confident the additional exploration targets will
increase resource scale and improve project economics, where we
have defined Ghana's first lithium resource of 14.5Mt at 1.31%
Li(2) O, within 110km of an operating deep-sea port.
"We remain energised to be advancing the Project with our new
partner Piedmont Lithium, with infill resource, metallurgical and
hydrogeological drilling underway, and five drill rigs currently on
site. The Company reaffirms that it is ideally positioned to take
advantage of the increasing global demand for lithium."
Ongoing Drilling Results
New high-grade drilling results for 6,921m in 50 holes have been
received for the ongoing 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 ).
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 Matheson
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 3,584km(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.
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.
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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