IronRidge Resources Limited (AIM: IRR) Lithium Project Update, Ghana, West Africa

Broad Spodumene Rich Lithium Pegmatites in Trenching

Aeromagnetic Survey Completed  

IronRidge Resources Limited (AIM: IRR, ‘IronRidge’ or the ‘Company’) is pleased to announce that ongoing trenching and mapping at the Barari license, Ewoyaa and Abunko Projects, continues to intersect wide spodumene dominant lithium pegmatites within the Cape Coast Lithium Project area, Ghana, West Africa. The Company is working towards a maiden drill programme later this year.

The ultra-high resolution helicopter borne magnetics and radiometrics survey has now been completed with 3,804 line kilometres flown over the Barari and Apam license areas. Preliminary data from the survey indicates a strong correlation between mapped lithium pegmatites to date and radiometrics response. Multiple additional pegmatite targets are evident within the preliminary data.   

HIGHLIGHTS:

Ø Ongoing trenching at the Ewoyaa and Abunko targets continues to intersect broad, visible lithium spodumene bearing pegmatite intervals over 75m, 65m, 34m and 33m in new trenching.

Ø Mapping and trenching results define multiple 250m long by up to 70m wide visible spodumene bearing lithium pegmatites within a broader 1.4km long pegmatite corridor at the Ewoyaa East prospect.

Ø Previously reported due diligence trenching and rock chip sampling over this target returned results of 100m @ 1.57% Li2O (including 40m @ 1.93% Li2O and 15m @ 2.18% Li2O), 10m @ 2.41% Li2O, 25m @ 2.29% Li2O and 25m @ 2.14% Li2O.

Ø New area of spodumene pegmatites mapped and trenched within the adjacent Abunko Prospect with 27m and 15m widths of visible spodumene bearing pegmatites intersected in trenching to date.

Ø Ultra-high resolution helicopter borne magnetics and radiometrics survey completed with 3,804 line kilometers flown over the Barari and Apam licenses.

Ø Project well located within 100km of Accra and 5km of coast, well serviced by Takoradi-Accra highway and high-tension powerlines running through the license areas; all within stable, pro-mining jurisdiction of Ghana.

Ø Company targeting maiden drilling programme during late 2017.          

Reference to figures and tables relate to the version of this release on the Company’s website (www.ironridgeresources.com.au) or visible in PDF format by clicking the link below:

http://www.rns-pdf.londonstockexchange.com/rns/5432M_-2017-7-31.pdf 

Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:

 “We are excited with the rapid exploration progress and positive results we are generating on our lithium projects in Ghana.

 “IronRidge has defined a blueprint for rapid and successful identification which we intend to apply to other areas.

“With the demand for lithium and the renewable and stored energy space continuing to grow at an unprecedented pace, IronRidge is ideally positioned to take advantage of the current and expanding global initiatives.

 “We are very pleased with the rapid development of our Ghana lithium project portfolio and look forward to keeping shareholders and investors updated as more news becomes available.”

 Mapping and Trenching Update

Ongoing mapping and trenching at the Ewoyaa and Abunko prospects located within the Barari license continues to intersect wide spodumene bearing lithium pegmatite intervals. Visual and assay results to date from mapping and trenching have defined a 1.4km long pegmatite target corridor with multiple 250m long and up to 70m wide visible spodumene bearing pegmatites within the Ewoyaa Prospect.

Previously reported trenching and bulk surface rock chip sampling by IronRidge returned high-grade lithium results including 100m at 1.57% Li2O (including 40m @ 1.93% Li2O and 15m @ 2.18% Li2O), 10m @ 2.41% Li2O, 25m @ 2.29% Li2O and 25m @ 2.14% Li2O) at the Ewoyaa Prospect. This combined with the ongoing visual confirmation of coarse spodumene crystals in new trenching and outcrops provides confidence in a high-grade lithium pegmatite target.

Step out line cutting and mapping has discovered a new spodumene bearing pegmatite field at the Abunko Prospect 1km to the east of the Ewoyaa target. Initial trenching has returned 27m and 15m pegmatite intersections with coarse, visible spodumene crystals evident. Field teams will continue to map and trench the three pegmatite targets defined within the Abunko Prospect with spodumene bearing pegmatite outcrops mapped over 100m to 300m strike lengths and 20m to 50m widths.  

The Company will continue trenching at the Ewoyaa target as a priority to confirm continuity and width between the current trench intersections prior to drill testing planned for late 2017.

Helicopter Geophysical Survey Update

The ultra-high resolution helicopter borne magnetics and radiometrics survey announced on 14th June 2017 has now been completed with 3,804 line kilometres flown over the Barari and Apam licenses. The survey area was flown by geophysical contractor New Resolution Geophysics (NRG) from South Africa.

Now that the survey has been completed, final processed deliverables are expected from Western Australia based geophysical consulting firm Southern Geoscience Consultants (SGC) within 4 to 5 weeks.

The Board is very pleased with the progress that the Company has made in 2017 and looks forward to keeping shareholders updated as further news becomes available.

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