TIDMIRR
RNS Number : 9463S
IronRidge Resources Limited
19 November 2021
19 November 2021
Cape Coast Exploration License Granted
Lithium Portfolio Enhanced
Ghana, West Africa
IronRidge Resources Limited (AIM: IRR, "IronRidge" or the
"Company"), the African focussed minerals exploration company, is
pleased to announce that the Cape Coast application has been
granted as an exploration license. The newly granted license is
adjacent to the Mankessim exploration license which hosts the
Ewoyaa Lithium Project ("Ewoyaa" or "ELP"), where the Company has
defined an initial JORC 2012 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/9463S_1-2021-11-19.pdf
HIGHLIGHTS:
Ø Cape Coast exploration license now granted, providing the
Company access to 139.23km(2) of highly prospective lithium
tenure.
Ø Newly granted license further bolsters the Company's Cape
Coast Lithium Portfolio, which hosts the 14.5Mt at 1.31% Li(2) O
Ewoyaa Lithium resource (JORC) and the historic 1.48Mt at 1.66%
Li(2) O Egyasimanku Hill deposit (non-JORC).
Ø Original Cape Coast application for 264km(2) with 139.23km(2)
granted in line with mining regulations, bringing total Ghana Cape
Coast Lithium Portfolio to 560km(2) .
Ø Only 13km(2) of IronRidge's 560km(2) Cape Coast Lithium
Portfolio drill tested to date; significant exploration potential
within proven prospective pegmatite hosting terrain.
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 very pleased to have been granted this Cape Coast
exploration license, strengthening our existing portfolio in Ghana.
We will move aggressively to commence regional exploration on the
license to define additional pegmatite targets.
"The license is exceptionally well located, both geologically
and from an infrastructure perspective, and provides the Company
with access to an additional 139km(2) of highly prospective
geology, adjacent to the Company's Ewoyaa Lithium Project.
"We are confident the additional exploration tenure will help
generate targets to potentially increase resource scale and improve
overall Ewoyaa 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.
"The Company is ideally positioned to take advantage of the
increasing demand for lithium due to its role in the stored energy
transition and we look forward to keeping shareholders updated as
further results become available."
Cape Coast Exploration License
The newly granted Cape Coast exploration license covers
139.23km(2) of highly prospective geology adjacent to the Saltpond
and Mankessim licenses, the latter of which hosts the Ewoyaa
project. The enhanced portfolio consolidates tenure over
prospective Birimian schists and intrusives adjacent to the Cape
Coast batholith and within 5km to 22km trucking distance from the
Ewoyaa lithium resource, refer Figure 1.
The Cape Coast license occurs within the contact zone between
the Cape Coast batholith and Birimian metasediments and volcanics,
refer Figure 1 .
Limited previous exploration has been completed over the Cape
Coast license area, consisting of regional stream sediment
concentrate sampling and mapping by the Ghana Geological Survey
during the 1960s. This work has defined multiple pegmatites and
beryllium stream sediment anomalies over the Ewoyaa pegmatite swarm
and new target areas within the Cape Coast license, refer Figure 2
.
As beryllium appears to be associated with mineralised
pegmatites within our project area, the defined stream sediment
beryllium concentrate anomalies and mapped pegmatites provide an
initial targeting tool to help prioritise exploration in this area
of tropical weathering and thick vegetation and cover.
In parallel, the Company will extend its current airborne
geophysical survey over the new license area in addition to 100m x
100m soils geochemistry survey utilising our in-house lithium Laser
Induced Breakdown Spectroscopy ('LIBS') and portable X-ray
fluorescence analysers ("XRF"), refer Figure 2 .
Multiple untested targets remain within the combined Mankessim,
Mankessim South, Saltpond and Cape Coast licenses, with drilling
concentrated within the immediate Ewoyaa resource area to date.
Coincident lithium in soils, airborne geophysics, historic
beryllium stream sediment anomalies and mapping, define multiple
untested targets within the combined portfolio.
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
Canaccord Genuity Limited Tel: +44 (0) 20 7523 4500
Joint Company Broker
Raj Khatri
James Asensio
Harry Rees
Liberum Capital Limited Tel: +44 (0) 20 3100 2000
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 Wilkinson
Dominic BarrettoMatthew McHale
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 18
November 2021, IronRidge shareholders approved the change of name
to Atlantic Lithium Limited and the demerger of its suite of gold
assets into a separate entity, Ricca Resources Limited. 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 560km(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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