IronRidge Resources Limited (AIM: IRR, ‘IronRidge’ or the ‘Company’) is pleased to announce that it has discovered multiple, significant outcropping lithium pegmatites and inspected the historic Egyasimanku Hill Lithium resource (1.48Mt at 1.66% Li2O, non JORC compliant) within the Cape Coast Lithium Project area, Ghana, West Africa.
Through an unconditional farm-in agreement with Obotan Minerals Ltd (‘Obotan’), the Company secured exclusive rights to apply for exploration permits to an highly prospective reported historic (non JORC) lithium (spodumene) pegmatite resource of 1.48Mt at 1.66% Li2O. The agreement was first announced on 6th September 2016 and became unconditional on 23rd May 2017.
Ø Multiple pegmatites with visible, coarse crowded spodumene aggregates located on Egyasimanku Hill.
Ø Outcropping pegmatites characterised by coarse crystalline spodumene (a lithium rich pyroxene mineral and the preferred feedstock of hard-rock lithium mining projects).
Ø Three separate pegmatite outcrop and boulder float zones mapped over 480m, 350m and 320m strike lengths with 20m to 50m widths open to the south-west.
Ø Historic 1.48Mt at 1.66% Li2O (non JORC) Egyasimanku Hill Lithium resource defined by the Ghana Geological survey in 1962.
Ø Mapping and sampling ongoing; additional pegmatite targets identified in satellite imagery with very coarse grained and crowded spodumene pegmatites observed; significant potential to grow resource in both size and grade.
Ø High resolution magnetics and radiometrics helicopter geophysical survey commissioned.
Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
“We are very excited to have located the historical Egyasimanku Hill resource which further vindicates our rigorous and exhaustive research criteria.
IronRidge is targeting the establishment of an integrated lithium business based on a range of high-grade resources throughout Southern Ghana.
We are very pleased with the development of our Ghana lithium project portfolio and look forward to keeping shareholders and investors updated as more news becomes available.”
Since announcing the unconditional agreement with Obotan on 23rd May 2017, IronRidge has moved quickly to define the likely location of the historic lithium resource on Egyasimanku Hill. Ongoing line cutting at 50m spacing through the thick vegetation has provided access onto Egyasimanku Hill and encountered large pegmatite outcrops with coarsely crystalline visible spodumene in addition to historical trenching and panel sampling sites.
Multiple pegmatite outcrops and boulder float zones have identified three pegmatite targets over 480m, 350m and 320m strike lengths and over 20m to 50m widths that remain open to the south-west. Additional pegmatite target zones have been identified in satellite imagery along similar trends within the poorly explored and thickly vegetated Egyasimanku Hill area.
An ultra-high resolution, 50m line spacing helicopter airborne magnetics and radiometrics survey has been commissioned over the Cape Coast Project area to help further outline existing targets and define new pegmatite targets. The survey is expected to commence within the coming weeks on receipt of required permits.
Line cutting is continuing along the pegmatite target corridors identified within Egyasimanku Hill. Ongoing mapping has identified additional pegmatite outcrops to the south-west of the identified pegmatite trends and lithium resource.
Access Rights to Egyasimanku Hill
Through the Joint Venture Agreement with Obotan Minerals, the Company has secured prospecting access rights with the first right to apply for the historic Egyasimanku Hill lithium resource. The deposit was drilled by the Ghana Geological Survey during 1962 and a resource estimate of 1.48Mt at 1.66% Li2O reported (non JORC).
The Egyasimanku Hill Lithium deposit occurs within the Yenku Forest Reserve, a designated forested area set aside for the local population. Access rights for minerals prospecting and exploration has been granted by the Forestry Commission of Ghana.
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.
Market Abuse Regulation (MAR) Disclosure
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.