Ghana may be known for its rich gold resources but AIM-listed IronRidge Resources is making good progress with its Ewoyaa lithium project in the West African country.
Last week, the company reported multiple high-grade lithium pegmatite drill intersections at new targets adjacent to Ewoyaa where the company has defined a JORC compliant 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.
Commenting on the latest progress, company CEO Vincent Mascolo said, “We are very pleased with the initial results received, which have confirmed the high-grades and mineralisation continuity seen in the first pegmatites drill tested.
“High-grade mineralisation has been confirmed over a combined 440 m of strike, with true widths between 10 m to 12 m which remains open at depth and along strike to the east. Drilling is progressing well with approximately 7 800 m in 70 holes of the planned 12 500 m RC programme completed to date, with the remaining drilling estimated to be completed in April 2021.
“Drilling is ongoing with coarse grained spodumene observed in multiple drill holes within several of the new pegmatite targets tested to date. We are confident the additional 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 and within 110 km of an operating deep-sea port.”
An industry-leading asset
According to Mascolo, the drilling programme is a key part of IronRidge’s work towards expanding the resource base on what it considers to be an industry-leading asset. The company is now evaluating options to fast track the project to production.
The ongoing developments make IronRidge well positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition. This is certainly a project to watch in the coming months.