IRR.L Share News (IRR)

(Sharecast News) - Africa-focussed minerals exploration company IronRidge Resources reported additional "very positive" metallurgical test results from the Ewoyaa Lithium Project within the Cape Coast Lithium Portfolio in Ghana on Wednesday.
The AIM-traded firm said additional test work had been completed to improve lithium recoveries in coarse-grained type P1 and finer-grained type P2 pegmatites.

Larger scale gravity processing of P1 mineralisation, inclusive of middlings fraction, confirmed up to 74% recovery of over 6% spodumene concentrates.

Mass yields of up to 22% were considered to be high by peer comparison, and supported an economic case for a lower throughput and lower capital intensity starter project.

Gravity processing of P2 mineralisation, inclusive of middlings fraction, delivered 51% recovery of 5.5% spodumene concentrates for blending.

IronRidge said further project enhancements were available, by the processing of fines generated by crushing.

The board also noted that an opportunity to recover feldspar byproducts for the local and European ceramics industry had been identified.

"We are very pleased to have refined recoveries and mass yields, which we believe are high by peer comparison, without loss of concentrate grade achieved through further larger scale test work at Ewoyaa," said the company's metallurgical consultant Noel O'Brien.

"All of this was achieved whilst maintaining a simple gravity only process flow sheet design philosophy."

O'Brien said the Ewoyaa project could be further enhanced by later-stage flotation to capture lithium losses in fines generated during crushing, although that represented a "relatively small" volume of the lithium credits in the project.

"Additionally, test work has defined a potential valuable by-product stream in high quality feldspar concentrate with low contaminants, which could be suitable for the local and European ceramics industry."

Chief executive officer and managing director Vincent Mascolo said the company was "very pleased" with the recovery improvements achieved through the re-crushing of middlings, while maintaining concentrate grade.

"We will continue to explore all avenues available to us for any project enhancements to maximise value for all shareholders.

"The recognition of further lithium recoveries from fines generated by crushing, as well as the favourable composition of our feldspar tailings waste stream for potential sale into the ceramics industry, represent valuable project enhancements."

At 1143 GMT, shares in IronRidge Resources were down 1.41% at 14p.