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Sorbie @14:31, Wed, 22 Sep 2021.
Yes, I did read that from Joy News. I did say that I had looked at ALL the available data.
However, it still does NOT detract from the potential of the licence which IRR has stated in the SI Broker note of July 2021 that there is considerable potential exploration upside.
First of all, lets examine some of the data from the Ghana Commission just in case people dont understand. This I got from other articles namely:
1] Free zones. No, IRR*s Eowyaa was NEVER in the free zone ie free of taxes.
2] The govt of Ghana has a 10% carried interest with 5% royalty. This is quite normal although it varies from country to country, the difference being some do not have carried interest especially in Western jurisdictions.
3] Yes, IRR does have a prospecting licence and like all deposits, the Scoping Studying and then further studies will then be submitted to the govt. Then, other licences to be applied for including MINING LICENCE as norm.
As I mentioned before, without looking at the information vs other similar spodumene deposits, the IRR data caused a lot of confusion eg not worth digging up etc. However, when shown that the Core Lithium deposit is even smaller but going into production at end 2022 with 2 Chinese off-takers including Ganfeng, it then gives a better perspective etc.
I am cognisant that N.Mather was the one that drove this co in the early days and is part of the DGR Global stable in that they hold a sizeable proportion of shares in this co. Mather has always stated that if you are not looking for a elephant, you wont find one. So, both Solgold and now IRR appear to fulfill his vision, objective etc. In the early days from recall, I did not see Mascolo, only Mather who spoke at all the Australian interviews & elsewhere.
Most co*s dont just sit on the small deposits of the initial discovery. Case-in-point? Havieron - Newcrest JV after the co drilled 9 holes. However, Newcrest is continuing to drill FURTHER & FURTHER OUT from the original STRIKE of 1,000m and finding more gold & copper. In the same way, it is STANDARD that investors LOOK to DISCOVERY MORE LITHIUM or whatever they are investigating ON STRIKE.
Hope that clarifies my position. I am not interested in just the current. As I said, I listened to what Mather said at a Investor Conference held by a Tier 1 US investment bank on IRR, being the daughter co of DGR. I did sit up.
Any intelligent person would ASK and QUESTION. No one is going to tell ie the academic unless one can find his finding. So, one has to TEST the theory out by looking at the STRIKE length and if mineralised. I am NOT sure if the whole 20KM OF EOWYAA has had heliborne but it is possible they may have explored to see and maybe trenching etc including geophysics which can be useful these days eg for Havieron and how they discovered it. PIEDMONT was in Eowyaa for 7/14 DAYS - thats a bit LONG to just look at the current drilling? Usually, they look FURTHE
MINERAL COMMISSION"S REPLY TO THE SPECULATION OF $150b
The attention of the Minerals Commission has been drawn to a statement and a video in the public domain on the discovery One Hundred and Fifty Billion Dollars’ worth of lithium in Ghana. While Lithium has been discovered in Ghana, the quantity and other information contained in the statement and video are false and misleading.
Barari DV Ghana Limited (Barari), a wholly-owned Ghanaian company which holds a prospecting licence for gold, lithium and other minerals, discovered lithium at Ewoyaa near Saltpond in the Mfantsiman Municipality of the Central Region. Barari operates through joint venture with Ironridge Resources Limited (Ironridge), an Australian incorporated company which is listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange in the UK.
The discovery made by Barari/Ironridge still requires further exploration before a feasibility study can be undertaken. Consequently, all activities of Barari/Ironridge at this stage are purely for exploration.
The Commission has not recommended the grant of a mining lease, nor has the Minister for Lands and Natural Resources granted a mining lease or authorization to Barari/Ironridge or any company whatsoever to mine or extract lithium in Ghana.
In view of the above, the general public is hereby informed as follows:
1. Ironridge has not been granted a mining lease to mine lithium in Ghana therefore the statement in the public domain that Ironridge has been granted a thirty-year mining lease, renewable for another thirty years, is false;
2. There is no tax holiday under the fiscal regime for mining in Ghana and no such waiver has been granted to Ironridge;
3. Ironridge has not submitted a feasibility study or report to the Commission which has defined or delineated lithium reserves in Ewoyaa to be worth US$150 billion; and
4. Ironridge is not registered as an entity or company operating in the Free Zones.
The Commission wishes to remind the media and the general public that the Minerals Commission is available to provide information on all mining activities or operations in Ghana and the public is advised to seek clarification or verify such information with the Commission before they are made public.
Martin Ayisi
Acting Chief Executive
Minerals Commission
Source: Minerals Commission
Ref: Sorbie @Tues, 21 Sep 2021 @22:32
Link given by Sorbie with thanks relating to Ironridge Resources Eowyaa Lithium project in Ghana on Joy News, Ghana.
Quote: "One valuing the spodumene deposit at $150 billion."
==
Article: "EWOYAA LITHIUM PROJECT"-Coring Magazine, 8 June 2021
"High resolution heliborne done 100m x 100m.
Variable STRIKE 150-600m.
Collectively extending OVER 1,500M of S T R I K E , o p e n in many directions.
14.5Mt @1.31% Li20."
[2] "Exceptional Lithium Scoping Study Results, Ghana."- IRR RNS, 19 Jan 2021
"Few have hard rock lithium projects worldwide can boast the proximity to existing operating infrastructure, lithium grades and a single DMS-only process route that seperates Ewoyaa from its peers."
"LOM revenues US$1.55 billion {Life of Mine}.
Every additional yr of production will add c US$40m in NPV per annum.
S T R I K E LENGTH E X C E E D I N G ----2 0 K M --- OF C O N T IN U O U S STRUCTURE."
Comment:
The video I saw on the $150 billion is from Ghana TV and their title reflect this relating to Saltpond, Ghana. From the various articles I have seen, it appears that this is from an academic [?] from recall.
Looking at the strike, one can understand from just logical process thinking that if 1,500m strike of EWOYAA can produce a scoping study of 14.5Mt @1.3% Li2 with LIFE OF MINE REVENUES OF US$1.55 BILLION, then simple school maths will ask, how much can 20km come to ?
Answer?= US$20.66 Billion. If the scoping study uses US$650/t for spodumene and the Pilbara Minerals of Australia*s auction of 14 Sep 2021 as reported to the Australian Stock Exchange achieved US$2,400/t for SC5 grade & US$2,500/t for SC6 grade, then the selling price [$650/t vs US$2,500 SC6 [IRR spodumene is SC6 of a higher grade] , that is nearly 4 TIMES more roughly for easy cals. So, that is potentially US$20.66billion x 4= US$82.64 Billion.
FOR THE AVOIDANCE OF DOUBT: The infomation as above ie "Strike Length exceeding 20km of C O N T I N O U S S T R U C T U R E" comes from Ironridge Resources themselves.
Yes, there is a difference between 20km strike and 20km strike length of CONTINUOUS STRUCTURE", the operative word being "continuous." IRR has also said there is considerable exploration upside - no wonder given that 1,500m of CURRENT STRIKE VS 20KM OF CONTINUOUS STRUCTURE STRIKE LENGTH is of interest.
I have not read how this academic produced US$150billion for the Saltpond lithium project so one can to check roughly whether it is even possible IF [imperative] the whole strike length of 20km is lithium mineralised in the same manner? Always good to check.
FOR THE AVOIDANCE OF DOUBT - there is an Irish explorer listed in London. They have done a potential SENSITIVE STUDY wherein they show the potential of the total strike of gold at 45km and the chance of success vs current declared gold JORC. So, this is not something unheard of given it is classified "POTENTIAL."
What Ironr
As far as I am aware this is not a private group and anyone can join this group on Telegram.
https://t.me/ironridge
https://youtu.be/GYhYOZmq0Qo
It was interesting to read some of the locals thoughts on Joy News listed below the short video report. One valuing the spodumene deposits at $150 billion.
Sorbie,
Given you are part of this 329 member group of Ironridge Investors, I am wondering if your group has seen the Ghana TV video on lithium pertaining to IRR and how much is it in US$?
I await a reply from any of the said group. I am careful and therefore I have checked almost 3-4 other sources as well on this matter.
VSA Capital- Ironridge Resources
Sep 2, 2021 audio between VSA Andrew Monk, broker & Renken, VSA Geo:
"Great co, we love it, way cheap.
Good drill assays.
Extension, In-fill.
New target-good here.
Assay 20-30, 1.3-1.6% lithium.
<50m. Looking very smart.
>25,000 metres. Commence.
RESOURCE DEFINITION - metallurgy."
[Comment: So, await resource definition?].
VSA 14 Sep 2021 - Ironridge Resources
Audio interview between A.Monk & Renken:
"Keep coming up with good...
More drilling results
TENS OF METRES [couldnt catch grade]
60m-100m , outcrop , depth. [Kindly check, think it means open to depth?]
Expansion.
5 rigs - infill.
For HIGHER COMPLIANCE Feasibility Study. LOOKING GOOD."
Link: https://twitter.com/VSACapital
==
Tweet by Zinnwald: 3 hrs ago, 21.9.21
"Lithium production must QUADRUPLE to 2M TONNES B Y 2 0 3 0 - FROM 345 kt currently to meet the predicted 35% surge in EV sales. Its the biggest challenge and opportunity facing the lithium industry, says Fastmarkets."
Tweet 2 by Zinnwald:
"According to Mining.com , SURGING DEMAND for lithium and raw material SUPPLY SHORTAGE has led to the HIGHEST lithium prices since 2018. Battery grade lithium carbonate prices increased by over 20% in the first half of Sep." [Comment: Note that IRR does not produce lithium carbonate but just SPODUMENE lithium whose price increases are even more phenomenal going by Pilbara*s auction on 14.9.21 via an RNS to the Oz Stock Exchange at US$2,400/t for SC5 & US$2,500 for SC6. Previous auction was only US$1k+]
Link: https://twitter.com/ZinnwaldLithium [Industry news]
Comment: Helpful to know the SUPPLY VS DEMAND needs. Thank you Sorbie for the invitation to your 329 member group for IRR which is appeciated but I do not join private groups as I dont have the time. Ah, so that*s where everyone has gone to given I was wondering why everyone had disappeared to.
NEWS - I am sure your input would be appreciated on the Ironridge Resources Group on Telegram. I am one of 329 members. Lots of good research shared on there.