Ewoyaa Continues to Deliver High Grade Li Results

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 ("Li₂O") in the inferred and indicated category, including 4.5Mt at 1.39% Li₂O 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% Li₂O 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% Li₂O cut-off and maximum 4m of internal dilution of:

o  GRC0392: 53m at 1.34% Li₂O from 80m

o  GRC0393: 32m at 1.34% Li₂O from 87m

o  GRC0393: 19m at 1.17% Li₂O from 56m

o  GRC0392: 13m at 0.93% Li₂O from 25m

o  GRC0391: 12m at 0.93% Li₂O from 84m

o  GRC0390: 11m at 1.01% Li₂O 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% Li₂O cut-off and maximum 4m of internal dilution of:

o  GRC0374: 28m at 1.35% Li₂O from 97m

o  GRC0377: 19m at 1.37% Li₂O from 76m

o  GRC0397: 15m at 1.6% Li₂O from 136m

o  GRC0369: 12m at 1.44% Li₂O from 70m

o  GRC0372: 11m at 1.29% Li₂O from 105m

o  GRC0398: 11m at 1.29% Li₂O from 78m

o  GRC0399: 11m at 1.24% Li₂O from 78m

o  GRC0377: 6m at 2.12% Li₂O from 102m

o  GRC0384: 13m at 0.97% Li₂O from 147m

o  GRC0384: 8m at 1.56% Li₂O from 135m

o  GRC0370: 9m at 1.37% Li₂O from 129m

o  GRC0385: 10m at 1.17% Li₂O from 158m

o  GRC0388: 10m at 1.11% Li₂O from 58m

o  GRC0401: 7m at 1.44% Li₂O 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% Li₂O, 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% Li₂O 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% Li₂O 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 Vincent Mascolo (Chief Executive Officer) Amanda Harsas (Company Secretary) www.ironridgeresources.com.au	Tel: [phone]
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: [phone]
Liberum Capital Limited Joint Company Broker Scott Mathieson Edward Thomas Kane Collings	Tel: [phone]
SI Capital Limited Joint Company Broker Nick Emerson Jon Levinson	Tel: [phone] Tel: [phone]
Yellow Jersey PR Limited Henry Wilkinson Matthew McHale Dominic Barretto	Tel: [phone]

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 684km² and includes the newly discovered Ewoyaa Lithium Project with a maiden Mineral Resource estimate of 14.5Mt at 1.31% Li₂O in the inferred and indicated category including 4.5Mt at 1.39% Li₂O 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% Li₂O 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 746km² 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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