IronRidge Resources, the African focused minerals exploration company, is pleased to report additional high-grade lithium pegmatite drill intersections, including multiple drill intersections over 2% lithium oxide, at new targets adjacent to the Ewoyaa Lithium Project, where the Company has defined a JORC (2012) 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 in Ghana, West Africa.
Commenting on the Company’s latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:
“We are excited to have defined a new mineralised structure at the Anokyi South target where a flat-lying 5-12m thick pegmatite sill with consistent grades over 2% Li2O has been intersected in multiple holes and remains open down dip and along strike to the north-west.
“We have surpassed our previous highest grade intersected to date with over 4.2% Li2O over 1m in hole GRC0269A and can report multiple drill intersections over 2% Li2O at new targets tested.
“Targeting a plus 10-year mine life, it is estimated that every additional year of production will add c. US$40 million in NPV per annum on a Scoping Study that has defined a Post-tax NPV8 of US$345 million over an 8-year life of mine.
“Given the resurgence in the EV and stored energy space, spodumene concentrate pricing is increasing and forecast to climb significantly which bodes well for improved economics for the Ewoyaa Lithium Project.
“The project is well leveraged to spodumene concentrate pricing; it is estimated that every US$25/t SC6 price rise results in an additional US$60 million to the post-tax NPV over an 8-year mine life and an additional US$75 million to the post-tax NPV over a 10-year mine life.
“The Company is well positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition; we look forward to keeping shareholders up to date as results become available.”